18 | What Type of Business Structure Should I Choose For My Health & Wellness Business
Freelancing will only take you so far. If you want to build a truly sustainable business. One that have systems and teams in place and that IF needed, could operate on its own, generating money so that you can tour Europe, South America, the Bahamas or some other exotic location then establishing a proper business structure is a must.
A proper business structure is absolutely imperative to your health and wellness brand. The amount of paperwork necessary, the amount of taxes that you pay, and the overall responsibility that you have are all determined by your business structure.
To make it clear how thorough your business plan should be, I want to go over a few key things you must consider while creating a sound business structure for your health and wellness brand.
Choosing a Business Structure
There are four main types of business arrangements to select from, sole proprietor, a partnership, a corporation, or a limited liability company (LLC). So, before you choose one to operate your health and wellness business under, let’s go over each one to determine which one is a better fit…
Sole Proprietor: This is the most popular business structure and form of institution. Sole proprietorship gives you full control of the business which will also make you solely responsible for all financial obligations.