Choose a tax entity that is right for you
Sole proprietorship – You get all the profits of the business, but also all its expenses, debts and risk.

Partnership – Share ownership with one or more people.

LLC – Protects members from personal liability. All profits flow to personal income and is subject to self-employment taxes.

S-Corp– Special type of corporation that allows for profits and losses to pass through to the shareholders

Corporation-offer the greatest protection from personal liability, they’re also generally more expensive to establish.

Read More: https://sydthecpa.com/2022/01/....25/essential-tax-tip

 

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Essential Tax Tips for New Business Owners | Syd The CPA

The new year always brings an entrepreneurial spirit. ⁠⁠Before you start a business, there are some important things to consider.

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