BUSINESS STRUCTURES AND TYPES
Choosing a structure When deciding on a structure for your business, it is imperative to choose the one that best suits your business needs, keeping in mind that there are advantages and disadvantages for each structure. It’s important to investigate each option carefully, as choosing your business structure is an important decision. Business structure you choose depends on following factors – The licenses you require to run your business. Taxation and succession benefits. Whether you’re considered an employee, or the owner of the business Personal liability in case of a law suit against the business. Control you have over the business. Ongoing costs and volume of paper work for your business. As your business grows and expands, you may decide to change your business structure, or to restructure your business. It is important to note that you can change your business structure throughout the life of your bus...