Entrepreneurs in Wisconsin who are currently thinking of starting a new business have plenty of planning to take care of, including filing paperwork with the state and federal governments, capitalizing the venture and figuring out the right organization for the business. It is essential to choose a business structure that will meet both current needs and will allow the business to grow with changes in the economy and with new challenges and opportunities.
The typical business organization uses one of four main types: sole proprietorship, partnership, corporation and limited liability corporation. Sole proprietorship is the easiest to set up and run. As the sole owner of the business, its founder will be responsible for all liabilities the business has, including debts and profits. The owner files the taxes on business earnings with personal taxes.