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Types of Business Structures

In: Business and Management

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Introduction
The following paper will identify the different types of business structures. The paper will demonstrate of how each type of business structure would benefit the business owner and some possible disadvantages to certain business structures. Each type of business structure can help the business partners by protecting them both legally and financially. Business founders want to get their business, up and running as soon as possible by starting a business without exploring the different types of business structures, a business owner loses the opportunity to protect themselves from certain tax issues and legal concerns, which can be avoided by structuring their business in certain ways. Starting your business
The beginning of starting businesses is financial. You have to know what the steps are in order to develop your own business. The official business link to the US government, http://www.sba.gov/starting-business, provides free training and counseling services such as preparing a business plan and getting financing. By researching some and skill building, using the resources available on the government business link, the new proprietor will be prepared to meet the challenges associated starting a new business venture.
Financial skills and management skills must be determined in a very realistic manner. A financial management section of the business plan should explain plans for funding the company and the initial amount of equity capital. Potential investors, or lenders, will want to see a monthly operating budget and expected return, a projected monthly sales volume, including any expected seasonal trends must also be calculated. how your business will operate on a day-to-day basis, covering personnel issues, insurance, rental agreements, equipment needs, and anything else relevant the specific business must also be determined. (Planning your…...

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