Choosing the Right Legal Form of Business: The Complete Guide to Becoming a Sole Proprietor, Partnership, LLC, or Corporation

Choosing the Right Legal Form of Business: The Complete Guide to Becoming a Sole Proprietor, Partnership, LLC, or Corporation

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by Pat Mitchell
     
 

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Choices. These are what more than 9 million small business owners in the United States face when starting a business each year, according to the U.S. Small Business Administration’s most recently released data. Structuring a company is one of the first decisions with long-term implications a business owner needs to make. Out of the 250,000 new businesses

Overview

Choices. These are what more than 9 million small business owners in the United States face when starting a business each year, according to the U.S. Small Business Administration’s most recently released data. Structuring a company is one of the first decisions with long-term implications a business owner needs to make. Out of the 250,000 new businesses started a year, more than half will fail in the first year due to underdeveloped planning and construction of that business, according to the U.S. Small Business Administration. The wrong legal form of business can lead to missing out on tax breaks, failing to comply with certain laws, or overpaying on taxes.

Choosing the Right Legal Form of Business introduces the four major forms of businesses and discusses which one is right for you. Even the most savvy business owner will learn how to pick which form of business is ideal for a particular situation, as this book guides readers through every step of the business creation process from financing, compensating for yourself, whether you need a lawyer, how to handle transition of ownership, and the extended process of naming your business. This comprehensive guide will walk you through each step of the business selection process, ensuring that your new business meets pertinent laws and regulations.

Product Details

ISBN-13:
2940149083930
Publisher:
Atlantic Publishing Group, Inc.
Publication date:
12/19/2013
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
288
Sales rank:
644,138
File size:
3 MB

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Choosing the Right Legal Form of Business: The Complete Guide to Becoming a Sole Proprietor, Partnership, LLC, or Corporation 4.3 out of 5 based on 0 ratings. 9 reviews.
-Zenek More than 1 year ago
Being an independent designer, (and although this book had a plethora of tips), the third chapter was by and far the most important part of this book for me: sole proprietorship of your own company. This part did re-affirm what I already knew and experienced thus far and shed some helpful insight on what to prepare for in the future. This book threads the needle of helping business people of all types from independents like myself, to larger businesses with much more on their plates such as managing stock and the legal ramifications of expanding your enterprise and other important matters. It's very simple to follow, and contains only the most useful information. No filler here! I could understand if the book *might* seem too general as within 290 pages it covers a one-man venture to corporations, and everything in between. (Including partnerships & LLC's) However, when it covers YOUR intended form of business, it zeroes in like a missile! No matter what your business style might be, everyone essentially has to take care of critical items such as taxes, laying out your services, making a business plan, and keeping well within the laws of your state. As someone who works from home as an independent, I certainly learned a few things, as I believe there is enough data to help even corporate-owning big-wigs!
TimOuellette More than 1 year ago
Choosing the Right Legal Form of business: the Complete Guide to Becoming a Sole Proprietor, Partnership, LLC, or Corporation was timely and extremely helpful. Each section went into detail about a specific legal form, describing the advantages and disadvantages of each, as well as the steps necessary to secure the best legal form for one’s respective business. The information on tax considerations and legal implications will help the aspiring business owner to wisely choose the legal form based on type of business, number of partners, and the state in which the business is operating. I liked the fact that the author included a section on possible business structure change; this will come in handy for business owners who realize growth and need to change their legal structure accordingly. I thought this book was well researched and would highly recommend it.
Anonymous More than 1 year ago
Choosing the Right Legal Form of Business by P/K. Fontana, 2010, 288 pages, Atlantic Publishing Group, Inc., $24.95 A journey of a thousand miles is said to begin with a single step. In the path to establishing a business in tough times that first step can make all of the difference between success and failure. Before opening a business the would be entrepreneur must first carefully analyze their situation and the best method to achieve their goal. The choices made at the very beginning of an enterprise can have huge tax and civil liability consequences and determine the end game should the business fail. P.K. Fontana’s book guides readers through a careful examination of the various forms of business, sole proprietorship, partnership, limited liability company (LLC) or corporation. Each has its advantages and disadvantages which are outlined and examined in the right amount of detail. The often complicated legal aspects of business organization are well written for laypeople without over simplification. The book takes readers step by step through the various processes and requirements of setting up a business with or without the assistance of a lawyer. Even if a reader were to decide to employ a lawyer in the process the information in the book would still be of great value in starting out right. The book also covers how to change course if needed and if the worse happens how to best end the business with the least amount of pain.. Fontana’s book is a good business investment.
iwatson58 More than 1 year ago
As any small business owner knows we must make a decision for our company whether being a sole proprietor, being in partnership, or registering as an LLC or corporation is the best for us. It's easy on one hand because you are either a sole proprietor or you have a partner, however, deciding what the best route for registration of LLC or corporation is another story. Aside from consulting your accountant it is important to be well versed on the information yourself in order to make a better decision. We may trust our accountant but there is no need of being ignorant. This book gives concise informative content to give you a better understanding of the benefits of each option. Tax considerations can be overwhelming and the thought of changing the structure of the business can be challenging. However, after perusing this book I feel more comfortable in having a better understanding of each structure. Although all of this information can be found through a search on the Internet I feel that this book is a worthwhile investment because it saves a lot of time and effort by having all the information at hand. I highly recommend; it's great resource and guide.
felicianol More than 1 year ago
Starting your own business can be one of the biggest decisions you could ever make. Some people who have worked in small businesses have begun their own business. They may have been given help through contacts of the business owner(s) or by other means. However, there are those who have always dreamed of owning their own business, yet they do not even know where to begin. The process can be long, somewhat tedious, and you could always bring yourself into debt which can lead to a failing business. This is where "Choosing The Right And Legal Form Of Business" may be able to help. The information in the book is laid out in an easy to follow, step-by-step format. The book is easy to read making even some of the most difficult topics, such as changing your tax structure, easier to comprehend. The chapters of the book are split in the way that would seem most logical, from the most basic and common to the most complex and corporate. An example of this would be the types of business entities. They are divided into chapters and begins with sole proprietorships and ends with corporations. Each chapter is then divided into subcategories of the topic, again beginning with the basics and ending with the most complex. This is really good for those who will be using the book after reading it for future reference, since the organized layout can make looking up some information easier. Something else readers will appreciate is the way the author provides examples after many of the things that are discussed. For example, the chapter on corporations provides the reader with information of the different corporation types, as well as the different types of situations that may occur and how one might go about dealing with them. Every once in a while, the author will give web addresses that may be useful when, for example, checking to see if your trademark name is already registered and in use with the U.S. Patent and Trademark Office. The end of the book contains an appendix with web sites and addresses of states and SBA offices for future reference. With the many resources the book provides, it is easy to make a recommendation of this book to anyone, both already in a business of their own or just beginning. Everything is laid out in a way that is organized, and the information is easy to grasp making both reading and creating your own business a much more enjoyable experience.
chantallia More than 1 year ago
Are you planning to start your own business or need help to make your business grow? Then, you should definitely read Choosing the Right Legal Form of Business: The Complete Guide to Becoming A Sole Proprietor, Partnership, LLC, or Corporation. This excellent book written by PK Fontana will provide you with many valuable resources to guide you along the way to a successful business operation. In very precise terms, the author lays out in 9 chapters important and relevant information regarding legal structures in business, such as taxes, liability, paperwork and much more that can work to your best advantage in your business. While the author does not rule out hiring a lawyer, she states that it is not necessary to have one to start your business. She suggests that if you do your homework and learn as much as possible about the legal and formal elements of various types of business entities, you can cut your costs and time spent at an attorney's office, to a great extent. The author urges you to be informed about sole proprietorships and corporations. It is also important to choose the right legal form of business to meet your needs, and to plan and prepare carefully. In pointing out that you should be clear on your decision of a location at an early stage, she hints that home based businesses are the trend these days, and that there are many advantages here, including low overheads. In Chapter 1 there is an interesting quiz where you can answer questions about yourself before considering starting a business. You can them review your assessment objectively to aid you in your decision. Throughout the book there are case studies as an added bonus to this very informative book. The case studies provide added incentive and complement the author's advice. Chapter 4 gives valuable advice on partnerships. In succeeding chapters you will learn all about LLCs including ownership operations, management structure and foreign LLCs.There is valuable advice on changing a Partnership to an LLC, converting a Partnership to a Corporation and vice versa. The final chapter most appropriately gives advice on a Business Exit Plan which is necessary for any business. The book is written in a friendly and familiar style. The author's style is also persuasive. Instructions are easily understood, there is no complexity of language. Written with expert knowledge and tact, Choosing the Right Legal Form of Business: The Complete Guide to Becoming A Sole Proprietor, Partnership, LLC, or Corporation is definitely a book you would want to read if you are considering starting your own business. PK Fontana is a master at there trade and writes with purpose and persuasion. On a scale of 1-5, I rate this book a 5.
Anonymous More than 1 year ago
This is a comprehensive guide to the differences between business structures for someone who is beginning their own company. Starting with the business plan all the way through the possibility of dissolving a business, the reader will find all the tips they need to make it a success. Whether a sole proprietorship, a partnership, an LLC, or a corporation this guide will provide all the information needed from start to finish. There are step by step guides to everything from the business plan, choosing a name, legal and tax issues and pros and cons of the different structures. Also included are the implications of operating business in another state and changing the business structure from one type to another. I would give this publication 4 out 5 stars. The information is well written, easy to understand and gave the reader all the necessary steps to get a business started, including bringing up possibilities that may have been overlooked.
JG37 More than 1 year ago
CHOOSING THE RIGHT LEGAL FORM OF BUSINESS: THE COMPLETE GUIDE TO BECOMING A SOLE PROPRIETOR, PARTNERHSHIP, LLC, OR CORPORATION ***** = Five Stars Are you thinking about fulfilling your lifelong dream by going into business? Are you trying to figure out what the best set-up would be for your new venture? Does all of the information "out there" seem to be overwhelming? Before you seek out any professional advice, it would be a good idea to review your options by reading, Choosing the Right Legal Form of Business: The Complete Guide to Becoming a Sole Proprietor, Partnership, LLC, or Corporation by PK Fontana. It can indeed help you figure it all out. The book is strong in explaining the major business set-ups that are available to you. Just what are the differences, advantages, and disadvantages to setting up your business as a sole proprietorship, partnership, corporation, or another legal entity? The book highlights much of what you need to know to begin to make that important decision. Some interesting information includes the following (1) a focus on alternative business and marketing plans (2) a discussion of EIN numbers (3) case studies of real situations (4) helpful comparison charts (5) general tips (6) direction on how to convert from one business model to another (7) common versus preferred stock (8) a chart of tax rates and (9) attention to dissolution and liquidity. Also important to know is the fact that a lawyer will cost you $100 to $350 per hour. In today's precarious economic times, it's nice to know that there are some worthwhile financial and business books out there who offer solid advice in an easy-to-understand manner
therockAK More than 1 year ago
Review by: Aleksandra Kisilenko Many Americans want to start small businesses, but unable to do that because of lack of information. The book "Choosing the Right Legal Form of Business: The Complete Guide to Becoming a Sole Proprietor, Partnership, LLC, or Corporation" will help you to learn and gather all necessary laws and regulations for that process. It is a great book for explaining all the basics in starting and developing a business. This book deserves a five out of five star rating because of tons interesting features. One part that I was interested in was the structure for starting a partnership. I liked the bulletin points of what to think about in a business. I particularly enjoyed the encouragement to think of how to deal with different problems that might show up while running a small business. I also like the comparison of ideas for different business solutions. It is very important this book contains real examples and ideas from successful small business owners and legal experts. I would recommend this book to anyone who wants to start a small business and does not want it to fail, like a half of the small businesses in United States. I am sure that after reading this book, anyone trying to start a small business will be successful and prosperous.