How to Start a Business - (Business Entity Selection)

Beginner 0(0 Ratings) 0 Students enrolled English
Created by Engr. Golam Sorwar
Last updated Tue, 20-Jun-2023
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Course overview

This is one of the most important courses you can take before starting a business.

Whether you are starting a new business or re-evaluating your current business circumstances, you may want or need a “business entity” that is separate from you in the eyes of the law.

The type of structure you choose for your business can be critical to the successful management and growth of your business and can also have important tax implications.

In this course, you will learn all about different entity types and the implications of doing business without one. You will gain a solid introduction to business entities and learn the nuances and differences among them.  You will be more readily informed to discuss your needs with business associates and professionals and be equipped to more confidently choose the structure for your business.

In this course you will gain a thorough understanding about important differences in doing business under different structures, including:

  • Sole-proprietorships

  • partnerships

  • limited-liability company (LLC)

  • corporation (c corp)

  • corporation with an “s” election (s corp)

This course will also introduce you to the advantages and disadvantages of the different entity types so you are more informed and empowered to readily select the entity which is correct for your situation.  

This course will cover:

  • an introduction to business structures

  • the concept of a “separate and distinct” entity

  • the security that can be provided from a separate business entity

  • the risks associated with piercing the corporate veil

  • the structures of different “ownership and management framework

You will also be given an extensive and thorough outline for the course and an easy to understand comparison table that shows the differences in Ownership, Liability, Management/Control, Taxes, Documents, and Capital Contributions associated with the different business structures.

In this course, you will learn:

  • how to create an entity

  • the role of the secretary of state in most states

  • where to go to learn about entities in your state

  • the importance of a trade name and how to create one

  • the importance of an Employer Identification Number (EIN) and how to get one

  • how to make an “S” election for an “S corp”

You will also be given a thorough reference of the documents needed to form a corporation and an LLC.

For many business situations, you can create and register a business entity on your own. If you understand the issues and the process you can decide whether it makes sense to consult with legal counsel for assistance. This course will prepare you to have the basic knowledge to communicate more effectively from an educated perspective and to make better decisions.

We are excited to offer this course to you and know, from our own experience, that the material in this course will be incredibly helpful and valuable to you.

We’re glad you’re here to learn this important information so let’s get started learning!

What will i learn?

  • Understand business entities
  • Select the appropriate business entity for an endeavor
  • Know the differences between the various business entities
  • Acquire insight into the requirements of different business entities
  • Gain knowledge into the risks and protections of different entity types
  • Avoid costly taxation issues that can arise from incorrect entity selection
  • Understand the importance of keeping separate concerns in business
  • Understand the corporate veil and avoid piercing it
  • Understand the nuances of a sole-proprietorship
  • Understand the nuances of a partnership
  • Understand the nuances of an LLC
  • Understand the nuances of a Corporation & an S-Corporation
  • Understand Ownership & Liability considerations
  • Understand Management & Control structures
  • Understand Taxes, Documents, and Capital Contributions
  • The desire to start and build a successful business.
  • An enthusiasm for learning and improving your life.
Curriculum for this course
1 Lessons 00:06:58 Hours
1 Lessons 00:06:58 Hours
  • Entrepreneurship definition, characteristics and entrepreneurial process.

Frequently asked question

Who this course is for?
1. For those new to business, this course will give you a solid foundation in business entities. 2. For those with business experience, this course can enhance your current business knowledge. 3. This course is perfect for both those new to business, and those with experience in business.
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Engr. Golam Sorwar

Engr. Golam Sorwar ( B.Sc. in Civil Engineering ) (Diploma in Civil Engineering )

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