In This Environment

This is where you will look to for help if you feel you’re straying away from your original idea. It will also help you get the financial assistance you need from banking institutions because they will rely on your plan to help them Dominican Republic WhatsApp Number List decide how much to give you. Business Structure By the time you have your business plan ready, you should have figured out your business structure.

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This is very important because it will define how you pay taxes, employees, etc. The most common structure for a one owner business is a sole proprietor. But this may not be the best option. It is important to review the alternatives a sole proprietor has to legally register his/her business so that they are able to better deal with the liabilities any structure brings with it. Depending on what structure you choose, you will have to register your business with your state. Registering certain structures incurs fees.

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These are the five strategic decisions

For example, in Texas corporations, limited liability partnerships, and limited liability corporations each pay a $300 fee to register; check your state’s website for exact fees. A sole proprietor only pays $14 to register with the county clerk’s office. Once your business is registered you will have to apply for a sales tax permit with your state (check your state’s website).

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