The $5K Investment Challenge is right around the corner, and to give yourself a slight advantage, we have put together a small “cheat sheet” for you!
Right after verifying your chosen company name is not registered in your state and nationally, you have to choose your Legal Business Structure.
The SBA explains, “The business structure you choose influences everything from day-to-day operations to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits.”
It simply means your legal business structure affects how much you pay in taxes, the paperwork you file, how protected you are personally and with your business, and sometimes how you raise capital.
Available Legal Structures to choose from:
Sole proprietorship
Partnership
Limited liability company or LLC
Corporation or C-Corp
Corporation or S-Corp
Corporation or B-Corp
Nonprofit corporation
and more
When choosing a legal business structure, contact your business attorney and accountant. In no way is Girls L.E.A.P. providing legal or accounting advice. To learn more visit the Small Business Administration page or here.
Choosing your legal business structure before the first class on Monday, July 12, 2021, will be of great benefit and give you an advantage and a better understanding of which one will best suit your company.
