What’s Next for You?

When you choose your business entity, consider the various ways you could show up, the reason you want to show up and all of the various obstacles that could stop or block you. The easiest form is sole proprietor, but unfortunately easy isn’t always good because nothing protects you from an irate individual who just hate their life and everyone else’s life. You could also operate your online business as a partnership, but if you do please consider writing out the terms of your business venture as though you were committing yourself to them. Trust me, business separations and/or divorces can be caused by various issues that could be emotionally driven, so you may want to cover your assets to ensure you don’t lose out should the least expected happen to you. You may also consider forming a limited liability company or corporation to protect your assets from personal liability. An online business may not carry the same risks as a bricks-and-mortar operation; however, to the extent you are selling physical products, there is still a possibility of injury or damage to your customers or their property, just as there would be for a traditional retail business. In the case of such injuries, you would want the business, not you personally, to be responsible for any liability.