When starting a small business, one of the first decisions you have to make as an entrepreneur is to decide which legal structure to adopt. The choice of legal structure can have a significant impact on the operation and management of your business, as well as your liability. One of the biggest implications when making this decision is taxes. In this chapter, we will discuss the different legal structures that small businesses can choose and look at the advantages and disadvantages of each.

Has your dream of being the owner of a successful business turned into a bit of a nightmare? You probably started your business with the same dream that all entrepreneurs have. To gain financial and time freedom that you could never get as an employee working a job. You may have envisioned being able to go on extended vacations while the business ran successfully without you. You may have imagined being able to break away from work to see your kids’ soccer games, being home for dinner with your family most nights, and escaping to a beach house or mountain getaway whenever you wanted.

“The path to success is to take massive, determined action.”~ Tony Robbins