W06: Legal Structure

 W06: Reflection - Legal Structure


This week I have spent hours researching, asking questions, and following the advice given on which business legal structure to use for my business as well as what tax forms need to be in place to legally run my businesses. 

 

As I am building a retail business into my already established volleyball club business, I have already gone through the process of obtaining a domain for my business as well as already opened and LLC (Limited Liability Company) and have obtained my EIN (Employer Identification Number).  It is my understanding that I do not need any additional licensing for either component of my businesses.  I learned a ton about the different legal structures out there and felt the LLC was the better option for me given that I have several coaches working for me and I think my club can continue to grow.  In addition, I prefer keeping my business expenses and personal expenses completely separate. 

 

In addition to the legal structure, I spent hours looking into what tax forms I need to complete.  I haven’t completed any tax forms for even my beach club so this was quite extensive. I completed a couple tax withholding forms and have placed a call in for my CPA.  I plan to have her walk me through all the details I will need to stay on top of my business.  The tax information is very overwhelming.  This class is definitely pushing me! 

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