Page 74 - 597 Business Ideas You can Start from Home - doing what you LOVE! (Beginner Internet Marketing Series)

64 Your Idea, I nc.

Different Ways to Own a Business

Once you've got a handle on your intellectual property rights, you'll
have to consider the ownership form of your business. Again, I sug­
gest you contact a lawyer to discuss the options because I am not
equipped to go into detail, but I will give you some basic informa­
tion. (That can serve as my disclaimer once again!) The ways that
you can own a company are the following:

• Sole proprietorship
• Partnership
• Limited partnership
• Limited liability company (LLC)
• Corporation (for-profit)
• Nonprofit corporation (not-for-profit)
• Cooperative

Though you won't need to finalize this decision until Step 6 (on
your Resale License you will need to state the type of ownership
that you have), let's look at your options now so you can weigh
them. Don't panic; you can change this status later if you need to.

At first, it's simple: If you are going into business by yourself,
you can be a "sole proprietor." If you have a partner or partners,
you must look into the other options listed. According to the legal

website www.n% .com. the ownership categories are clearly defined

as follows.

Sole Proprietorship

A sole proprietorship is a one-person business that is not regis­
tered with a state agency, whereas a limited liability company (LLC)
or corporation has to be registered. You don't have to do anything
special or file any papers to set up a sole proprietorship-you create
one just by going into business for yourself. Legally, a sole propri­
etorship is inseparable from its owner-the business and the owner
are one and the same. The owner of the business reports business