Limited Liability Company
Thanks for taking my quiz to help you figure out what type of business you need! I know that it can be confusing and overwhelming to read about the different types, but hopefully, this quiz answers many of them for you.
So, without further ado, let’s talk about your results.
Your results are: limited liability company (LLC)
Limited liability is your friend! Forming a limited liability company will separate you from your business in case anything bad happens. There are a few requirements to maintain that separation, but you’re organized and can handle it. Plus, it looks more legit to your customers and vendors.
One person or multiple people can own an LLC. It’s easy to operate — basically the same as a sole proprietorship or a partnership.
Don’t forget you’ll owe self-employment taxes whether you’re a single-member or multi-member LLC.
So… go out and create that LLC! Simply search your local or state government or follow the steps here.
Want other resources? Here are a few I’ve created to help guide you as you create your business entity:
6 Steps to Starting a Business
Get your business started in 6 simple steps with this ebook.
Learn to navigate tax terms, business structure, and understand your tax obligations as a small business owner.