Friday, August 12, 2011
I'm in the planning stages of starting an online retail business, what structure should I go with?
I've been looking at incorporating or going LLC, but I don't know which is better. I know sole proprietor is the easiest, but I don't know if it will fit in with my plan. I plan to use my savings to start the business, which isn't a whole lot, and then I was hoping to "snowball" my money and keep it going back into the business (aka not paying myself) for the first couple months until I'm making enough to start paying myself, but I don't want to have to pay personal income taxes on the money if its just going back into the business...I'm wondering which structure would be best for this. I hope this makes sense, thank you in advance.
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