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Types of Business Entities

Ron: I’m only your Tax accountant, but let me give you a piece of advice. If you’re planning to start a business, you’ll want to carefully consider what type of Business entity you want to do business under.

Marcela: Is that important? My parents ran a Mom-and-pop store for 40 years and they never had to think about stuff like that.

Ron: I don’t know about your parents’ business, but opening a store these days means having to think about the Tax implications and Liability issues.

Marcela: Liability issues?

Ron: Yes. What if somebody Sues you? Without proper Safeguards, a Lawsuit could Bankrupt you and your business.

Marcela: I’d never thought of that.

Ron: You’ll probably want to consider forming a Corporation or an LLC. You’ll be a Sole proprietor, right? You’re not Going into business with someone else, are you?

Marcela: I’ll have two Partners actually.

Ron: In that case, you’ll also want to think about things like the Transferring of interests and the Duration of the entity.

Marcela: Wow, starting a business is a lot more complicated than I thought.

Ron: My advice? Get a Lawyer, and the sooner the better!



Tourist is booming nowadays.
Red letter day перевод идиомы.

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  34. Значение идиомы set store by[set store by] {v. phr.}, {informal} To like or value; want tokeep. Used with a qualifying word between «set» and «store». Georgesets great store by that old tennis racket. Pat doesn’t set muchstore by Mike’s advice....
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  38. Значение идиомы give an ear to[give an ear to] or [lend an ear to] {v. phr.}, {literary} Tolisten to. Children should give an ear to their parents’ advice. The king lent an ear to the complaints of his people....
  39. Значение идиомы go about one’s business[go about one’s business] {v. phr.} To mind one’s own affairs. Fred kept bothering me with his questions all day, so I finally toldhim to go about his business and leave me alone....
  40. Значение идиомы mind one’s own business[mind one’s own business] {v. phr.} To not interfere in the affairsof others. He finally got tired of her criticism and told her tomind her own business....

Types of Business Entities