May 14 2016

Pros and Cons of Each Business Entity Type

Published by under Perth Business News

Now that you have already decided to start your own business, prepare your business plan, funds and become an entrepreneur, the next step you need to do is to decide the business structure you are going to use.

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The business structure you are going to choose will decide what kind of taxes and how much in taxes you will pay. It will also determine how your business will be registered, and how many individuals will be part of the business’ ownership group.

Choosing the right business structure is just as important as choosing the right product to sell, as this will play a huge part in the administrative side of your business. What are your options? There are several kinds of business structures but these have been categorized into two: the corporate and the non-corporate. The corporate structures are typically the different kinds of corporations which include the Business Corporation, also known as the C-corporation. Also among the corporate structures are the S-corporation and the Close Corporation.

On the other hand, non-corporate structures include Sole proprietorship, the different kinds of Partnerships (General Partnerships, Limited Liability Partnerships, Limited Partnerships) and the Limited Liability Company.

Each business structure has advantages and disadvantages. To learn more about the pros and cons of each structure, read this:

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Aug 18 2015

Quick quiz: Would you make a good entrepreneur?

Published by under Perth Business News

Just it is very difficult to become a millionaire, being a successful entrepreneur is not easy and requires some specific personal qualities. However, people are still arguing over whether entrepreneurship can be learned or if it is an innate quality.

Perth Business News

Are you a Good Entrepreneur or Not?

Many people believe that great entrepreneurs are naturally born. According to these people, great entrepreneurs like Rockefeller, or more recently Bill Gates and Steve Jobs are way better than average individuals: have keen business acumen, have greater ambition and are naturally dependent.

There is no doubt that the said tycoons are geniuses, but this does not necessarily mean that you need to be as intelligent as they are if you would like to become a successful businessman. On the other hand, there are also some individuals who started from being ordinary employees who work not just in the managerial levels but in the lower of the corporate ladder but still manage to become successful businessmen.

Therefore, anyone still got the chance to become a successful entrepreneur regardless of whether entrepreneurs are naturally born or made. What is important is, you should know that all great entrepreneurs share the same qualities.

Do you want to know if you have the qualities of a great entrepreneur? If you do, you should answer this quiz published by BBC Business to find out if you’d make a good entrepreneur:

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