Many home-based businesses are either sole proprietor or a general partnership. These are simplified methods of developing a business and can often allow the greatest flexibility in startup and business termination.
With a sole proprietor business you are the single business owner paying all taxes at years end. You will likely be required to obtain a business license and applicable permits.
With a general partnership a partnership agreement is generally developed. The partnership is dissolved when one party wishes to end their stake in the business. This type of business is developed when either two friends wish to start a business together or two family members. There are also limited partnerships, corporations and limited liability companies that can be developed, but for the sake of this article we will key in on the simplest forms of business ownership.
With most online business that operates as a home-based business there is not the need for an in-home showroom or customer visitation. In fact, many municipalities and or covenant communities do not allow the sale of items through a more traditional home-based business where items are actually sold out...
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