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Think of yourself with a brand new food cart. You're ready to go out into the world and sell your delicious goods - simits, kestane, or ice-cream. Isn't that what life is about? Work hard, make money, provide for your loved ones, and try to have a little fun in between. People will line up to buy your delicious food and you'll enjoy a good life. But wait a second! How are you going to run your business? Will you keep things simple, maintaining business records in a little notepad in your back pocket? Or will you work as a corporation - with by-laws and formal records of meetings? Will you join forces with a partner? These are questions for anyone thinking of starting a business... whether it's a coffee shop, food truck, gas station, or painting company.

There are a number of ways to run a business. The most basic to work as a sole proprietorship. You're the owner and you're in total control. There is no corporation. There are no shareholders to answer to. It's the most basic way to run things. It's cheap. It's simple. But if something goes wrong and someone sues your business, they could come after you and everything you own.

Because of that, people think of other ways to operate. They don't want to lose their home if their company is sued, whether for accidents or other workplace hazards. https://www.communityabroad.com/turkish/post/1000000049488 One way to protect yourself against this is to do business as a corporation. In the simplest terms, think of a corporation as a legal entity that's separate from its owners. If the corporation gets sued, the owners are usually protected. There are different types of corporations (C-corporations, S-corporations, Close corporations, etc.). These can differ in the way taxes are handled. The corporation offers protection of one's assets - but it also introduces tax and recordkeeping issues.

Another way to operate is as a partnership, where two or more people share the responsibility of running the business. There are different types of partnerships, depending on how reward and risk are shared between the partners. There is also a structure known as a limited liablity company (LLC). This combines the good qualities of the corporation, such as protection of assets, while avoiding some of the corporation's tax issues. There are also tax aspects of employees to keep in mind. https://www.communityabroad.com/turkish/post/1000000049355

Obviously, there's much more to this complex subject than can be covered in five minutes. This is a quick sketch. If you're thinking about starting a business and need to make a decision about choosing a business structure, do some research. There's lots of good information out there. When you feel ready to begin, you could discuss these issues in detail with your attorney and accountant.

Whatever business model you choose, best of luck to you and your company for great success. Bol şanslar!

Good Luck - Kendinize İyi Bakın

Avukat Timur Akpınar

(718) 224-9824


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