Understanding business types - which legal structure is right for you. So you've started a business and you have to get a business license and you don't know what to get? Well, you're going to want to watch this video to the very end because I'm going to go through each legal business structure so that you'll know exactly what will fit your situation.
I'm not an attorney and you should consult your own lawyer. I'm not giving you legal advice but I'm just going to explain what each one of these is and you can make your own decision in the end.
We don't want to get into this but we have to. Once you figure it out, you can move forward and that's what you need to do. Now keep in mind that you can change your legal structure down the road. It's not like you have a certain legal structure and you can never change it again. I've started off with one type and switched over to other types and I'll talk about that also in this video.
✅00:00 - LEGAL STRUCTURE
✅01:20 - BENEFITS IN COOPERATING YOUR BUSINESS
✅01:49 - SOLE PROPRIETORSHIP
✅03:33 - PARTNERSHIP
✅05:36 - CORPORATION
✅07:50 - LLC LIMITED LIABILITY CORPORATION
✅09:47 - WHAT'S BEST FOR YOU?
If you're running a business online, you need to get the right type of licensing. The only difference is you're selling online. It is a business so don't think that because you're selling stuff online, you don't need a business license.
Now, if you have any other questions about this video or anything to do in selling online, don't hesitate to leave them in the comments section below and I'd be happy to help you out.
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