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Choosing the Right Business Type: Considerations for Startup Success
When starting ones own business, it is essential to consider various questions and address possible challenges. The decision-making process in such a situation should be based on useful and trustworthy information: future business owners need to think about funding, the main idea of their company, target audience, employees, and many other things. However, one of the most important choices is the type of business one prefers for their startup. They all have specific advantages and disadvantages, and some are more suitable and easier for a new business.
If I were to start my own business, I would most likely choose a C corporation. According to researchers, this type is more suitable for startups due to several reasons (U.S. Small Business Administration n.d.). First of all, corporations offer the strongest protection to its owners from personal liability, and although they are costly and require more extensive record-keeping, this is a valuable advantage (U.S. Small Business Administration n.d.). Further, this business type is more attractive to investors and, if operations are completed correctly, allows raising money. Another advantage is that corporations have a completely independent life separate from its shareholders (U.S. Small Business Administration n.d.). If one leaves, the overall business will remain relatively undisturbed.
In order for new business owners to avoid most mistakes and have support from more skillful professionals, they should use free resources with valuable information. For example, there are numerous credible websites like U.S. Small Business Administration or Coursera, where one can find explanations and pieces of advice on many challenging questions. Free training and courses are also sometimes available for those who are interested in business. Finally, internet blogs created by successful business owners can also provide valuable insights.
Reference
U.S. Small Business Administration. n.d. Choose a business structure. SBA. Web.
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