Legal Stuff..

This stuff is so important. Choosing what type of business structure you are going to use can affect you later on, especially if you hope to sell the business. You need to get an attorney now. In my last few businesses we have used DAK Law, talk to Richard Aaron (he is the "A" in DAK).

Types of Business Structure:

• Sole proprietor
• Partnership
• Limited Liability Corp LLC
  
• Corporation
  

At financialaid.com, a decision to be an LLC increased our tax burden when we sold the company. This cost us a huge amount of money, however, we would use the same structure again due to the ease of being an LLC. If you are profitable (we can only hope) money is passed through to you and only taxed once.

Also if you are raising capital for your business you will have to talk to CPA. Your attorney and CPA will help you decide what structure your business should be.

Cheers,
Mike