How to Start a Business in 10 Easy Steps: Step Three

After you have completed your market research, you have successfully identified your competitors and know what your demographic wants from your product then you are ready to begin the third step. The third step is fairly easy, but it requires some thought about what the future looks like for your company and where you see yourself. You need to figure out what the legal structure of your business is going to be.

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The type of legal structure you choose for you business will affect your taxes, how you pay them and how much you pay. There are several types of different legal structures to choose from, you should know the advantages and disadvantages to them all before you decide. The different types are as follows:

Sole Proprietorship

Partnership

Corporation

S Corporation

Limited Liability Corporation (LLC)

This step is definitely not difficult, but it is something that you need to think about before you begin moving forward with financing and other logistical things.

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