Learn about business structure and choose the relevant one for your business.
It is important to understand and choose the most suitable business structure as it can affect you in various ways:
– number of owners in the business
– records and accounts you have to keep
– taxes you have to pay (personal versus corporate tax rates)
– your financial liability (personal versus limited liability)
– ways you can raise funds
– how management decisions are made in the business
– how easy it is to close the business
