I have an online business and expanding. I also plan to buy a medical practice. I need to set up a company and need help on all these issues.
I will suggest you B2C company. These companies are best suitable for online business. Apart from the multiple advantages it provides two major benefits that you will get from establishing this type of company. First is digitalization of business and second is usage of a global network. Now by digitization of the business I mean a comprehensive usage of ICT (Information & Communication Technology) not only within a business organization, but now through a more and more seamless linking and cooperation of information and communication systems of all involved business partners. While by usage of global network I mean that global networks allow the exchange of information without any restrictions in time and independently from any geographical distances.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
First, clarify your goals that you want to achieve with your business, because these will help you to decide on the best company type. Here are some of the questions and parameters we usually assess when creating a venture:
1. How big the business will grow in terms of revenue, nr of employees, locations etc?
2. Now or in the future do we plan to raise capital or involve additional shareholders?
3. Do we plan to create an Employee Stock Option Plan?
4. Are there any legal, regulatory requirements that influence the company type we can chose? (e.g. for medical practice)
5. From an accounting, tax perspective, specific to our business model and projections, which company type would allow us to minimize taxes?
Some company types are just easier to handle. Also, if raising venture capital, then there are pretty good best practices already, so no need to reinvent the wheel.
Either way, apart from doing this self-assessment, I'd recommend finding a good and affordable lawyer and accountant before incorporation - ones who have a good track record in the state/country where the company will be registered. And definitely get their input too.
This really depends on:
1. Where are you?
2. Do you have partners?
3. Well you be looking to raise investment capital?
4. What are your goals to achieve through a corporate structure (ie. Tax optimization, liability protection, financing, etc)?
From the we can begin sketching out the appropriate options and narrowing a little.
There is a lot to this, let's get on a call and discuss in detail!
In short, it depends on your goals, how many partners you have, where the future of the business is going, and most importantly what is your risk and how are you planning to limit this.
This will lead to a more specific conversation around LLC, PLLC, S Corp, C Corp, etc and which is better for you.
