Selecting the right type of entity for your situation, checking that your business name is available for registration and filing for a tax ID number and all mandatory business licenses and permits are the first three steps you must take to form your entity correctly.
- Forming a legal business entity can protect your home and other personal assets from lawsuits related to your business.
- Using a legal entity, such as a Limited Liability Company (LLC), may provide you to enjoy several important tax benefits.
- Having a business entity, separate from your personal identity, conveys a much higher level of professionalism.
