Choosing a Business or Legal Entity
Once you have decided that you have a viable business that you wish to develop, one of the first decisions that should be made is to decide on the legal body or vehicle through which you intend to carry on the business. if you live in San diego, you must know San diego Business law. In this regard, there are the following options for small business:Sole trader – This is a person carrying on a business in his/her own name.
Partnership/Limited Partnership – This is where two or more persons are carrying on a business in common with the intention of making a profit.
Limited Company – This is where a group of persons with limited liability is formed for the purpose of the
business to be carried on in the name of the group.
Co-operative – These are associations, which tend to do business principally with their own members with the object of providing goods or services at minimal cost. While profit can be made by such an organisation (and distributed to the membership by way of dividend), it is not generally their main intention.
