Task 5: Formalizing Your Business Workbook

Now that you have taken the initial steps, it is time to decide whether or not you want to formalize your business, in other words, register as a business. You can register as a limited liability corporation (LLC), Corporation, Partnership, or Sole Proprietorship.

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There are pros and cons to formalizing your business, and if you decide to not register your business you can hang back and continue your work as a sole proprietor, in which you will pay income taxes will not need to register anything or apply for a license unless certain foods or beverages are being sold.



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