If I were to start a business, should I start my first business as a partnership or a sole proprietorship?

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Posted by Talia (MONEY FORUMS: 3, Answers: 0)
Asked on September 8, 2015 1:52 pm
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Depends on the type of business! If you are a freelancer or it's just you, a sole proprietorship may be a good start.
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Posted by Melanie Lockert (MONEY FORUMS: 0, Answers: 65)
Answered: November 11, 2015 6:54 pm
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Hi Talia, my view is that the business drives the nature of how you set it up. If there are multiple people involved then it may be a good idea to establish a partnership or other legal entity for the business. A sole proprietorship is the easiest thing to set up, and for many individuals striking out on their own the quickest, simplest way to get started. If you begin as a sole proprietorship you can always switch to another form of business at a later date if it becomes appropriate for tax, liability, or other reasons.

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Posted by Peter Neeves (MONEY FORUMS: 1, Answers: 59)
Answered: November 10, 2015 7:12 am