starting a new business. Need help
My GF is starting a small home-based business and there are a lot more things required than she originally thought. One of the things she is wondering about is how she should classify her business structure as. Either a sole proprietorship or incorporation. Is it more beneficial to start as a sole proprietorship and then incorporate as your company grows? She is a bit concerned about the unlimited liability of a sole proprietorship
(can insurance sort of offset this fear?). Also, if she incorporates she knows there is a higher upfront cost but figures all the paperwork for taxes wouldn’t be too difficult because sales won’t be anything huge at the beginning.
Anyway, starting your own business is quite the endeavor and thanks in advance for any advice and tips