Where are you with your Small Business?.
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One of the first steps in setting up your business is to register your name. But before doing so, you must decide if you're going to be a sole proprietorship, a partnership, a corporation, or a society. Each has important implications for liability, taxation, and succession planning.
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A major difference between a corporation and a sole proprietorship or partnership is that in a corporation, no individual person is responsible or liable for debts (unless specifically outlined in a contract or legal document for your business). Also if any members of your business leave or are replaced, it won’t affect the business as a whole and operations can continue, uninterrupted.
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