More and more individuals are stepping out on their own and starting a home based business. Unfortunately, many make the wrong decisions or go about it the wrong way. In this article I’ll go over three easy steps that are a necessity when beginning your own home based business.
The first thing that you need to do is either incorporate, become a sole proprietorship or form and LLC (Limited Liability Corporation). Usually when you go into business for yourself you’ll form a sole proprietorship. This simply means your the only member of your company.
When forming an LLC you can also be the sole member or you can also have partners who have a stake in the company. Usually employees are hired as well on a small scale. Corporations on the other hand usually have a board of directors, stockholders and thousands of employees.
When your just starting out with your home based business you’ll want to go with either a Sole Proprietorship or and LLC. This can easily be done online at legalzoom.com. They’ll take care of everything.
Make sure to either have them apply for an EIN number or get one yourself. An EIN number is like a social...
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