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Forming a business plan

Forming a business plan the characters you see below Sorry, we just need to make sure you’re not a robot.

By using our site, you agree to our cookie policy. Wikipedia, which means that many of our articles are co-written by multiple authors. To create this article, 10 people, some anonymous, worked to edit and improve it over time. This article has also been viewed 34,318 times. When you decide to start a business, you have many decisions to make. Arguably the most important decision you will make is which form of a business entity to establish. There are many entities to choose from and each will have its own advantages and disadvantages.

Evaluate each option forming a business plan a tax standpoint and assess any legal liability considerations when determining which will best fit your business. The Sole Proprietorship is a very common business structure because it is the easiest to form and to create. A sole proprietor is an individual that owns an unincorporated business by himself. All of the profits and losses of the sole proprietorship are treated as the income or losses of the individual owner for tax purposes, and must be reported on the owner’s income tax return. The main area of concern with regard to a sole proprietorship is with liability.

Business plan score

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A business plan details how your business will run. While this step is not required to operate a sole proprietorship, it will help you to plan your business. If you wish to conduct business under a name that is not your own, you must obtain a certificate to do so. You may file for a DBA at your local county clerk’s office building by filling out a form and paying a fee. As a sole proprietor, your business does not technically exist from a legal standpoint, and therefore you need not file any paperwork to get it started. Report your business profits and losses on your personal tax return.

To create an LLC, a business owner must file documents and pay fees in the state where it wishes to form. Note that not every state has the LLC as an available business structure. As with the sole proprietorship, the profits and losses of the business pass through to the members of the LLC, thus avoiding corporate taxes. Each member of the LLC will report the income and losses of the LLC on their individual tax return and be taxed at their individual tax rate. According to the federal government, the LLC does not exist separately from the individual members. For liability purposes, however, individual members of the LLC will generally not be personally liable for a lawsuit against the LLC. This is the main advantage over the sole proprietorship.

File organizational documents with your state. Not all states offer the LLC as a business entity, so be sure to check with your state’s Department of State before deciding on this structure. Then determine which documents you will be required to file. Generally the documents include Articles of Organization and some states may also require you to publish notice of your business formation in local newspapers.

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