Professionals today are looking for the challenge and excitement of owning their own business. Entrepreneurs need to be aware of the business opportunities available to them today. Fresh ideas can be offered to the marketplace and new companies can be established by simply learning about the business options that exist and the advantages and disadvantages of each. Besides deciding what product or service to sell, selecting the structure within which the business will operate is the most important decision an entrepreneur will make. The business structure depends on many factors, such as the nature of business operation, the need for protection of personal assets from business debt, the intended division of earnings, need for capital, legal restrictions, number of owners and the planned life of your business venture.
Many entrepreneurs seek help with such factors.
For example, more than 600 small business development centers are operated by the SBA nationwide to provide training, counseling and research to entrepreneurs. What they learn from such resources is that a corporation is the most formal type of business structure. It is a separate legal entity owned by stockholders and provides many benefits to owners. Types of Corporations Anyone who operates a business may incorporate. Whether you're a one-person enterprise or a business giant, you can have the financial and tax benefits of operating a corporation.