Reflection: Legal Structures

 

I learned that sole proprietorship legal structure is easier to keep records for, because there's less to keep track of. There are also no corporate business taxes involved, because they are not a corporation. This structure is best for people who want to start small, but if they ever decide to expand their business or join their business with someone else they would have to consider a different legal structure, such as a partnership.

I have learned that it is important to keep track of taxes. When keeping records having an accountant will help to keep you accountable. Honesty goes a long way even though there are some laws that make things hard. With continuing to be honest you save yourself from having fraud. It is better to get someone paid to do the paperwork so that things turn out right. I think that sole proprietorship is the way for me currently until further notice.