When starting a new business, getting the structure right is extremely important, and can impact the long-term success of the business. A business can be a sole proprietorship, partnership, Limited Liability Company, or Corporation. Within each of these general types there are many subtypes (limited liability partnership, S-Corp, C-Corp, etc.), but before you can consider them, you need to first decide what structure works best for you. Generally, those who are best served as a partnership or sole proprietorship will know that as we did at Sterling Heights Photo Booth, as they are uniquely different from the others. With LLCs and Corporations, however, there are many similarities which can make it confusing as to which is right for you.
But when thinking about forming either a Corporation or LLC, what you want to think about is the ownership structure and future aspirations. With a Corporation, there are shares of ownership …
Auditors come in all shapes and sizes, for just about every facet of your business. Some will call themselves auditors, others consultants, and still others, simply, experts. But whatever their title or expertise, they are all ultimately trying to do one thing – make your business better by giving you an objective, third party review of your business and its potential shortfalls.
When starting out a new business, there will be a constant barrage of well-intentioned acquaintances giving you advice. Some of this advice will be great, some will be less-than-great; some will be extremely applicable to your business, some not so much, and some will be completely contradictory to what you were told the day before by someone else.