Establish your Entity
Forming your entity is one of the first steps you will need to take when starting your practice. It is a very important step and we advise all of our clients to do some research before making any decisions. The type of entity you decide to form will largely depend on the current and future goals of your organization.
Below are the three most commonly used entity structures, please click on these links to learn more about each of them.
Below are the three most commonly used entity structures, please click on these links to learn more about each of them.
Sole Proprietor Overview
Advantages of a Sole Proprietorship:
A sole proprietorship is when a person does business as himself. There is no legal separation between the entity and the person. For tax purposes, both use the person's social security number as identification and both file one tax return. Business expenses can still be deducted.
-There is no cost to operate as a sole proprietor.
-There are no legal requirements.
-There is no paperwork required by the State or Federal Goverment.
-There are no legal requirements.
-There is no paperwork required by the State or Federal Goverment.
