The Structure
Because I have already started a business, I have understood the structures of various businesses. I would want to start off my business as a sole prop. That is, me owning the company as a whole, with the me being the legal entity of the business. I am not separated from the business, I essentially am the business. So if the business were to get sued, I would get sued. This structure is simple and there aren't too many fees related to this business structure.
Later, I would want to organize the company as an LLC with me as president. This organization will create itself as the business entity. There won't be too many troubles with registering the company. It will be a lot easier to establish this organization rather than a corporation.
The Government's Pay
Taxes. That is something that is inevitable with living with this country, but that is another discussion. As of right now, the company is organized as an Sole Prop. And because it is, I will be in charge of paying taxes for myself as well as the business. The business will be taxed based upon its income. Another main tax that is paid is a Sales and Use tax. That will be for any product that I sell that should be taxed.
The Build
This week we find a host, a website builder and someone to use for purchases. I find that this exercise, which is us putting our knowledge to the test, very helpful. If we "theoretically" go over the knowledge, we only learn so much. But because we are doing the steps to build a website, I find that this is a great way to be able to get some sort of site up and running. mpnv.co is the website. I hope to get more helpful sites on the website up.
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