One of the major considerations in deciding whether to incorporate as an S-Corp, LLC, LLP, or other legal structure is the tax treatment of revenues. That makes knowledge of the current tax code important information when an entrepreneur is launching a venture. Knowing every in and out of the tax code is very difficult, especially because the small details of the tax code change somewhat regularly. Learn the large key points, such as double taxation, and work with a qualified accountant who can explain the details and answer questions in plain English.
Here’s a few anecdotes about mistakes that pop up when you try to go it alone: Entrepreneurs Must Consider New Tax Matters – NYTimes.com. We’ll have another article for you on legal structures after Memorial Day.
Happy Memorial Day and look for VentureStart’s new URL next month