From what I read there are two basic types of business recommended for a single person business (in the US):
- Sole Proprietorship
My wife is looking to start a business for blogging/selling things/online consulting (a varietal hodge-podge of things). I gather that the sole proprietorship is the "easier" of the two in terms of costs/paperwork/etc so I'm inclined to go the easier route if the difference to her business is transparent. Is a sole proprietorship the way to go with this? I'm trying to figure out which one is more amenable based upon factors such as:
- Tax advantages of one over the other
- Writing off certain losses/capital equipment purchases/etc
- Eligible for certain grants/loans
- Ability to write off start-up costs
- Yearly fees
- Financial separation and legal protection?
I'm basically trying to think of everything I can since we only get one shot at starting this thing, so if there are any other factors I should consider when making this decision feel free to comment and I'll add them.