Three Different Ways to Set Up Your Small Business

If you’re reading this article, you’ve most likely taken the time to think through the Five Steps of Starting a Business, written your Business Plan, and are now ready to figure out how to set up your business. There are three different ways you can set up your business: sole proprietorship, Limited Liability Corporation (or LLC) and S-Corporation. Before determining which is the best option for you, let’s look into what each of these means.

Sole Proprietorship

This is easiest and most common way small home-based businesses start out. As a sole proprietorship there is no real separation between you as a person and your business. You can use your social security number for tax forms and you’ll even pay taxes on your personal income tax return. You will need to fill out a form for “Doing Business As” or a “Fictitious Name” to establish your business name legally. The one downside to a Sole Proprietorship is that since there is no distinction between your business and yourself, if someone were to sue your business, they would be suing you, which means that all of your personal assets can be taken from you if you are sued. So you are running a bit of a risk in this situation.

Limited Liability Corporation (LLC)

Even if you’re the sole owner and employee at your business, you can still select to organize your business as an LLC. The chief benefit of becoming an LLC is that it separates your personal assets from your business assets. So as mentioned before if your business were sued, your personal assets would not be affected. The other benefit of an LLC is that income is passed through the business so that you’re not taxed on both the business end and on your personal salary. However, with an LLC you will need to acquire a registered agent and there are yearly fees you will need to pay. There are different ways you can register as an LLC so it is best to consult an expert before determining what the best method would be for you in your area.

S-Corporation

The S-Corporation category is the one I find most confusing. To be categorized as an S-Corporation requires a lot of paperwork, and quite honestly is really only beneficial if you’re making a significant amount of money, at least from what I’ve seen. One of the big benefits of being a S-Corporation is that you are only taxed on the salary that you’re paid by your business and you aren’t responsible for self employment tax. You also have the ability to sell your business as part of a retirement strategy, write off start-up losses, and gain protection against liabilities. On the other hand, you are required to offer stock and acquire shareholders, which can be quite complicated and confusing. S-Corporations are also required to have directors and officers, regular meetings and maintain minutes form their meetings. So you can see how an S-Corporation requires quite a bit more work.

There are obviously pros and cons to any category you decide to file your business as and it really comes down to what you think will be best for you. Many small business owners start out as a sole proprietorship and as their business grows work their way up to a LLC. If you’re not sure what the best option is for you, you can always consult a professional or visit your state’s webpage for more guidance. Just be sure that however you decide to file you’re business is set up as a legal entity.

Home Internet Business Opportunities

One of the home internet business opportunities that people can pursue is website design. There are many businesses which are realizing the positive impact that the internet is bound to have to their business. This has made many business owners seek to get websites for their businesses. Most of them may not have the ability to create the website or even the time to do it. They decide to outsource such work to people who have the knowledge to do it and this is one of the ways you can benefit. You can set up your own website developing office at home to cater for the needs of such people.

Website promotion is another one of the home internet business opportunities that are known to be popular with people who work from home. Most clients and companies are willing to pay people who are good when it comes to marketing and putting their business on the map. You can take up this challenge by developing websites which have contact forms. You can then make use of the contact information to reach the clients and give them information about these companies and their products.

You can also try out website hosting when looking for home internet business opportunities likely to help you make good money from home. This will work well for you especially if you are accustomed to keeping your computer on for long periods of time. You can stay up and monitor traffic to the websites that you are hosting. This is an area worth exploring for a person who has the internet knowledge required. You simply get to do all your work online without having to leave the comfort of your own home.

If you are one of the people who enjoys writing articles whether short or long then you may consider taking it up as one of the home internet business opportunities. There are many organizations which set up websites. They usually want to fill up their websites with regular and up to date content for people who like going through their website. They are very willing to pay money to get relevant content on a regular basis. This is an area worth exploring if you love writing. There is no limit to the money you can make as a writer considering how many people needs the content.

There is no limit on the number of home internet business opportunities that an individual can take up from the comfort of their own home. All they need to have is a working computer and a good internet source. Research shows that there are more and more people who are turning to internet and computers to take care of their daily needs as far as web related services are concerned. Many people are turning to home online businesses as a source of business and income.

Taking an Online Course in Business to Grow Your Own Start-Up

Online education today has become hugely successful among student all over the world. The most lucrative aspect of this particular mode of education is its immense practicality; there is hardly any other way of earning a degree that is more cost-effective and economical at the same time. One of the most practical aspects of this mode of education is the fact that it can be pursued while supporting a full time job; thus, it is possible to learn and further your education to better your career prospects while at the same time funding this process with your career. For example, it is possible to pursue an online business course while at the same time working hard in an organisation learning the basics of the trade. Yet neither lucrative aspect of online education is the fact that these are highly practical; most of the courses include hands-on experience as part of the curriculum, and quite a few courses are highly vocational as well.

Curriculum in an Online Business Course

An online course in business comprises the following aspects:

  • Re-enactment of real life situations that equip the student to deal with teams within the organisation are a major part of the curriculum. Teamwork is highly essential in any organisation and learning to deal with a team as well as individually is mandatory to keep a business afloat and functioning smoothly.
  • Working as an intern in any organisation is part of the curriculum in a business degree taken online. This gives the person hands-on experience in the nuances of the trade, something that is especially useful if he or she is not actually holding a job already in the related field.
  • A start-up organisation needs a lot of looking after, and it is of the utmost importance that the person in charge of the business is well versed in the tricks of the trade. An advanced degree in an online business course serves the purpose of acquainting the people in charge of the business the nuances of making such an organisation work.

Among the variety of courses that are available in the online education realm, there are still some that are more vocational than the others, with an increased practical value. It ought to be kept in mind that while many of these courses are available in regular universities, a major percentage of them can be pursued strictly via the internet. The field of business, for example, is something that is taught in schools and universities everywhere, but the online courses are often more advanced and a lot more practical in their approach. Getting an online business degree doesn’t only add a feather to your qualification, it also allows you to implement your knowledge- theoretical as well as practical- in your own business when you finally commence with it.