Business Los Angeles Times
Operating as an LLC means that your personal assets are separate from your business assets. If your business goes bankrupt, your personal holdings won’t be affected. That said, it’s also one of the costlier types, requiring a fee paid to the state. Business model — Outline what your business does, who your business serves, and how your business is structured. You should include a description of what products and services you offer, and how they meet the needs of your customers. Whether you’re a math whiz, piano master, or Shakespeare aficionado, there’s someone out there who needs a little help in your area of expertise and is willing to pay for it.
- You can also learn to do this work, especially minor repairs, yourself.
- A sole proprietorship or sole trader is an unincorporated business with a single owner who pays personal income tax on business profits.