Starting a Child Care Business - Chapter 6 Business Entity Structure

Starting a Child Care Business - Chapter 6 Business Entity Structure

Decide if you want to go into business by yourself or with someone else.  My advise is that you should be very careful when deciding to go into businesses with someone. If you really feel that this is the best option for you, make sure that you have your legal paperwork in place. Also, make sure that you and your partner or partners have the same business goals and philosophy.

There are several different types of business structures to consider, as described below.
Sole Proprietorships

A sole proprietorship is an unincorporated business that is owned by one individual, YOU! It is the easiest form of business structure to start and maintain. Without you, there is no business. All liabilities are your personal liabilities. You take all the risks of the business for all assets owned, whether used in the business or personally owned. You include the income and expenses of the business on your personal tax return. These days there is no reason why someone should go into business as a sole proprietorship. It is too risky and it is very simple to just start a partnership or corporation. More...

To purchase the book: A Practical Guide to Starting and Operating a Child Care Business, visit Networx LLC.