What is a business entity?
It is the type of arrangement you use to operate your business under.
What type of business entity should I use for my business?
Typically, you would set your business up as a Corporation or an LLC. Maria L. Avesian, attorney serving Macomb, Oakland, and Wayne counties has the expertise and knowledge to assist you with choosing the appropriate entity. She will also work with your Accountant to decide which option is best for your business.
Can I avoid personal liability?
Yes, either by setting up your business as a Corporation or LLC most types of personal liability can be avoided.
Do I need to get a separate tax number for my business?
This depends on how your business is set-up. Your attorney or accountant can handle this for you.
Can I protect my business name in the state of Michigan?
Yes, this something you do when you establish your business. When the business is initially set-up the availability of a specific name can be checked with the state of Michigan.
Do I need to set-up as either a Corporation or LLC if I am operating a business solely on my own?
This depends upon your particular situation, however, it is recommended in order to avoid personal liability.
Do I need to maintain a separate account for my business?
This depends upon the type of business entity you have chosen, however keeping a separate business account is generally recommended.