Ten Missteps That Can Put You Out of Business - And How to Avoid Them
by Barbara Weltman
Published August 14th, 2007
Getting started 1. Not setting up your business entity correctly. From a legal and tax standpoint, there are various ways in which you can set up your business, including as a sole proprietorship, partnership, limited liability company (LLC) (or for professionals, limited liability partnership, or LLP), S corporation or C corporation. The type of entity you select will affect: *Exposure to (or protection from) personal liability. Owners who are sole proprietors or general partners in a partnership have no protection from personal liability; if the business is sued, you risk losing not only the business but also your home and... Read more
