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Choosing the right legal structure for your business is an important decision that will impact your taxes, liability, and financial obligations.
It’s extremely important to weigh up the pros and cons of each type of business structure before making a decision, taking into account your future plans for the business.
If you’re a solopreneur, being self-employed might be the best option for you as this will make you more tax efficient and requires less paperwork.
However, If you’re planning on starting a larger business with multiple owners, a limited company or partnership may be a better fit.
NEXT: Take our quiz to help you identify which type of business legal structure will work best for your pet business.