To Incorporate or not?
What Type of Business Structure Should You Set Up?
Here are a few of them:
- Sole Proprietor (most common)
- Corporation (Inc. or Ltd.)
- S Corporation
- Limited Liability Company (LLC)
As you can see there are many different ways you could set up your dog services company. The simplest to begin with would be the Sole Proprietor. This is how I first started and ran my business successfully for the first year or so until I grew large enough to then consider incorporating.
This is also the most common structure that most dog walkers use to set themselves up with. It is generally pretty inexpensive and the paper work is fairly quick. It is most often owned and operated by a single individual or a married couple.
The main thing about a Sole Proprietor to keep in mind is that the owner is personally liable for all his or her business debts and you have to look after your own personal income taxes.
It is always good to seek some advice perhaps from an accountant to see which would make most sense to you as well as to where you live as each country, state and province operates differently.
Good luck and if you want further information please download the Dog Walker Starter Kit.