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New business? How do you go about it?

November 27, 2009

When you start a business, you are choosing a business entity, whether you know it or not. Chris Branstad tells how to get it right the first time at IowaBiz.com.

You should get your tax pro involved. If you aren't sure what to do, but need to do something, do something that you can easilty undo. That means a sole proprietorship if you are a sole owner (a single-member LLC will do) or a partnership (including an LLC) if you are a co-owner. Don't go with a corporation -- S corporation or C corporation -- unless you really are sure of what you are doing. Once you incorporate, you may find yourself with taxable income for the privilege of undoing it.

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