Creating a Personal Business Plan Based on the Structure of Limited Liability Corporation Essay

Business Plan EssayI aspire to create a business that serves as a wellness vendor for corporations. The structure that fits my business the best is a limited liability corporation (LLC). In the video How to choose the Right Legal Structure for your Business the viewer is urged to consider four main criteria when deciding upon a legal structure. The first, and what I personally consider most important, is how much liability you desire to have. For example, if for some reason my company happens to go under, I do not wish to be held financially liable for all of the debt, and so an LLC would be best because it is considered to be a different legal entity from myself, so I would be solely responsible just for what I invested. Another key point posed by the video was how you want your earnings and profits to be taxed. An LLC has flexibility when it comes to taxation, as you can later elect to be treated as a C-corp or S-corp by filing paperwork, such as a 2553 form with the IRS, but it is recommended to start as an LLC and then upgrade to a C-corp or S-corp once enough savings have been generated. I would start out by being taxed the same as a sole proprietorship, so all my earnings would be taxed and I would pay a similar income tax rate on what my business makes as I would if I had earned that money from working at a company that was not my own. One set back, according to the unit notes, would be that my taxes for Medicare and FICA are generally higher however, due to the flexibility, an LLC would be best for my business because I can first be taxed the same as a sole proprietorship, but then once my company has enough savings I can choose to be taxed differently.Additionally, the ease of set up for an...

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