Starting a business can be a daunting but exciting step. Having the right business structure can be as important as having a great product.
You should consider some of the following factors when deciding how to set up your business:
- Who is responsible for making decisions
- Who owns the business
- The extent of your personal liability
- How much you want to expand your business in the future
- How easy it would be to leave the business
- How easy it would be to sell your business
- How your income is taxed
- How much you income you expect to make
At O’Connor Richardson we will listen to your needs and aims and help you decide which business structure is best suited to your needs. Most often our clients choose between one of the following:
- Sole proprietorships;
This is the simplest way of running a business.
This is where two persons operate a business as partnerships. This partnership has to be registered.
Corporations are the most used method to run a corporation. A corporation requires directors and shareholders. A company has to be incorporated, the Articles of Incorporation must be obtained from the property ministry.
We can walk you through which entity is the best for you to start or to grow your business. Once you have made your decision, we will make sure that your business is registered and ready to operate.
Changing your business structure
It is never too late to make changes to the structure of your business. If you think that change is needed, we can advise on the best next step for your business, and help you make it a reality.
Once your business is set up in a structure that fits your needs, we can continue to help you with ongoing changes and we can advise on the operation of your business. We take care of the legal matters, so you can focus on making your business great.