I’m discussing the evolution of a business and the creation of business entities. Whether you’re just starting or need an idea to take flight, understanding the tax implications is essential. You can operate without a formal company, known as sole proprietorship, especially for service-based businesses. While LLCs and corporations have advantages, early on, operating under your name might save costs and paperwork. As your business grows, transitioning to an LLC or corporation becomes beneficial. Keep the tax perspective in mind while creating your business entity and watch your venture soar!
When to Move from a Sole Propreitorship to LLC to S Corp
