Forms of Organization

Once you've either hired your ships or gotten your sandwich, you'll have to decide on what form your organization will take. You will have to decide because there's no way NOT to decide. So evaluate your options and decide what form is best for what you want to do.

According to About.com,

While there are a variety of designations at the state level, for federal tax purposes there are only 6 forms of business organizations:

1. Sole Proprietor (1040 Schedule C).
2. Corporation (1120).
3. Partnership (1065).
4. S-Corporation (1120S).
5. Trust (1041).
6. Non-profit organization (990.)

I'm neither a lawyer nor accountant, nor do I play either on TV, but I know and have used each type of incumbent. We'll discuss each of them in turn and I'll give you my take on their pros and cons.

What do you think of this? The goal is to produce more skilled entrepreneurs.
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Entrepreneurship informs all of my professional activities. Entrepreneurial ideas are their life's blood. For my ideas on entrepreneurial real estate go to www.yourstopforrealestate.com/blog and for my ideas on writing and publishing, go to www.kearneymusicschoolmurders.blogspot.com.