Kent Voran from SCORE talks about What Type of Business Are You.

Business Structure Selection Guide

Mary and Kent discussed the different types of business structures, including sole proprietorship, partnership, limited liability companies, and corporations (C-Corp and S-Corp). Kent emphasized the importance of considering factors such as tax liability, personal liability exposure, operational setup, funding options, and future growth when choosing a business structure. He encouraged early planning and evaluation of business goals to make an informed decision.

Business Structure Pros and Cons

Kent explained the pros and cons of sole proprietorships and partnerships as business structures. He noted that sole proprietorships are easy and inexpensive to set up, with full control of business decisions and simple tax filing, bu ...