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Business Type Options

    • 2 posts
    July 24, 2012 9:05 PM EDT

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    • 4 posts
    July 24, 2012 2:56 PM EDT

    I am looking at starting (another) business and I have some questions about business type. I am aware that there are multiple options for starting a business (sole proprietorship, LLC, corporation, etc.). My business concept cannot be done by me alone (unless I had a lot of time to turnaround for product delivery...).

    I would like a sole proprietorship for its simplicity of setting up (do a "DBA" and be done with it), and I would hire consultants/contractors to do the work. I know there are laws governing having contractors and consultants, and I am prepared to research and abide by them.

    Or, I could incorporate a business (again) and actually hire people to work for me. The biggest advantage to this is health insurance benefits - as a corporation, I could get a group policy, as a sole proprietorship, I can't. But I'm more responsible for these people (they are my actual employees).

    I know there are a lot of other things that I need to worry about, so feel free to comment with suggestions of any kind.

    The business concept is aerospace - just so no one feels the need to ask. I don't need to decide on anything until closer to the end of the year, and I am in the very preliminary stages of things. But, it's not to early to start thinking about these things.

    Thanks!