LLC, Corporation or Partnership? How to Choose the Right Business Structure

Heart of the Hustle: Turn Your Side Hustle into a Small Business

May 17 2023 • 31 mins

Ep 4. Dive into the pros and cons of different business formations. From sole proprietorship to partnerships, Coach Mo'Tivation breaks down the advantages and disadvantages of each structure and important questions to consider before making a decision.

But just when you think you have a clear understanding, Monique drops a bombshell story about a partnership gone wrong, leaving you wondering what happens next.

Whether you are just starting out or looking to scale up your hustle, this episode will give you the tools and tips you need to set up your business for success.

  • Grasp the essential nature of picking the right business structure for a thriving enterprise.

  • Evaluate the potential rewards and drawbacks of sole proprietorship and partnerships.

  • Uncover the advantages of establishing an LLC, such as personal asset security.

  • Delve into the unique characteristics of C Corporations and their funding possibilities.

  • Appreciate the value of a well-crafted operating agreement for efficient business management.

Free Resources: Sample Pitch Deck Operating Agreement for Single Member LLC DM Me @thegroomroommensspa • Instagram Thank you to our Sponsors: 1. Groom Room Men's Spa & Lounge 215 Tremont St, Rochester, NY Door #8 2. Textures Beauty Bar 2352 Lyell Ave, Rochester, NY 14606 (585) 426-8336

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Produced + Edited by JazzCast Pros

Music from #Uppbeat

Don’t forget to like, comment, and share this episode with your friends and network. Let me know what type of business formation you're leaning towards and if you have any questions. I’d love to hear from you. 😊

The key moments in this episode are: 00:00:01 - Introduction, 00:02:19 - Freelancing, 00:05:59 - Sole Proprietorship, 00:11:54 - Partnership, 00:16:42 - Lessons Learned, 00:17:50 - Business Partnership Structures, 00:19:20 - Limited Liability Companies (LLCs), 00:23:14 - C Corporations, 00:27:31 - Business Plan and Credit,

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