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How should you set up your business?
December 1, 2021
Choosing a business entity is not like walking into a wine shop, grabbing a bottle you like the label of, paying the appropriate amount and walking out with it. It is much more complex, and the more you understand, the better choice you can make, as is true for wine.
The first thing to remember is that what is inside the bottle is not the final product. Once you choose a business structure, you need to set it up correctly for your company. In the same way that you can buy a great wine and ruin it by serving it wrong, you can choose the correct business entity and cause problems by failing to implement it correctly.
What do you want to do with your company?
The second issue is that what works for you may not be the same as what works for your friends. Back to the wine store. Your buddy has a
. He needs white wine as he is cooking fish. Does that mean you need a white wine too?
It depends on what you plan to do with it, and the same applies to selecting an entity. Are you happy like your friend to keep the company small and run it from your home? Or are you planning to grow fast, float it on the stock market, sell up and retire at 32?
Different business entities serve different people and different purposes. If you are unsure what you need, do not be afraid to ask for help. The consequences of making the wrong choice when
selecting a business structure
will be far worse than discovering your bottle of wine does not go with your dinner.