Thursday, August 28, 2008

Sole Proprietorship, LLC or INC ?

This can be a very complex question to answer. I know weeding through the legal terms and procedures was challenging for me, at first. There are definite advantages for each business entity. Choosing one over the other is certainly a personal choice, it just depends on what the needs are for your particular business.

I was talking to a friend of mine the other day who is in the process of starting a foundation for at-risk youth in Washington, DC. He shared an interesting gem with me. He said he's getting his business incorporated in Delaware. Turns out that Delaware is a very business friendly state. So much so, that it is home to some of the largest and most successful Fortune 500 companies in the world. I thought that was an interesting fact....something I will definitely keep in mind for the future.

Although it's best to consult your attorney or accountant before making your business law decision, there are lots of resources available if you want to research this on your own. I came across this helpful website the other day, it may provide some additional insight:

Good luck!

1 comment:

Michelle said...

Great point. I'm going through the process right now to get an LLC put together and it was right for me. Thanks for your blog. Have you heard of Startup Princess? They have a great site for women entrepreneurs that might be of interest, and they have a conference coming up in September that I'm going to attend to network with out business women. You should check it out: