You must tend to the Business Legalities when starting your own home based business.
It’s very important for every entrepreneur to get their business set up legally from the start. It’s not difficult to create a home based businesses but there are a few steps you will want to follow to be sure you have everything filed legally with your local and state governments as well as the IRS.
Here is a basic description of each:
One advantage to forming a LLC structure over sole proprietorshipis the personal liability protection. It is very easy and cost effective to create you own corporation online these days. If you can afford the fees, you can hire a lawyer to set up your corporation for you. If you cannot afford the lawyer fees, you can consult with a lawyer and do the set up yourself. Many software programs today make it easier than ever to incorporate your own business.
Everyone’s business is different. I know plenty of Virtual Assistant who are quite happy with the sole proprietor structure, and a few who have corporations.
I cannot advise you as to which legal structure is right for you and encourage you to seek professional advice for your situation. I have paid for legal consultations in the past and then did the work setting up my business legal structure and bookkeeping myself. Never hesitate to get expert help for your business legalities.