WE'VE MOVED!

We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co

Business Type Options

pbhuterpbhuter subscriber Posts: 2
edited June 2016 in Selecting a Business
I am looking at starting (another) business and I have some questions about business type. I am aware that there are multiple options for starting a business (sole proprietorship, LLC, corporation, etc.). My business concept cannot be done by me alone (unless I had a lot of time to turnaround for product delivery...).
I would like a sole proprietorship for its simplicity of setting up (do a "DBA" and be done with it), and I would hire consultants/contractors to do the work. I know there are laws governing having contractors and consultants, and I am prepared to research and abide by them.
Or, I could incorporate a business (again) and actually hire people to work for me. The biggest advantage to this is health insurance benefits - as a corporation, I could get a group policy, as a sole proprietorship, I can't. But I'm more responsible for these people (they are my actual employees).
I know there are a lot of other things that I need to worry about, so feel free to comment with suggestions of any kind.
The business concept is aerospace - just so no one feels the need to ask. I don't need to decide on anything until closer to the end of the year, and I am in the very preliminary stages of things. But, it's not to early to start thinking about these things.
Thanks!

Comments

Sign In or Register to comment.