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- Are you starting your business for profit or to help a cause? If you’re just concerned with helping others and aren’t operating for profit, forming a nonprofit can grant you tax-exempt status—although there’s a lot of paperwork required.
- Will your company be owned and operated democratically by its members with no single owner? Known as a “Co-op”, this type of business is rare.
After you’ve answered these questions and have decided which type of business is best for your startup, the next steps are dependent on your state and local laws and ordinances, as you may need to fill out additional forms specific to your location and type of business. There are a number of books and resources for this. Many of them recommend using the Small Business Association as the starting point since they maintain local offices. Finally, check your local and state laws regarding running a business out of your home, as zoning laws can sometimes be an important factor in deciding which type of business you want to create, look into TikTok followers.
Sole proprietorships are the most common type of online business due to their simplicity and how easy they are to create. A sole proprietorship is a business owned and operated by a single person, and requires no registration. If you’re operating a one-person business, you’re automatically considered a sole proprietor by the government. However, depending on your products and location, you may need to register for local business permits with your city or state.
