(if you can’t see the video, go to this link on YouTube)
I have been lucky enough to have been locked away in my office for the last two days with Kyle Durand, my good friend and seriously fierce business adviser.
Kyle is an attorney and a lifelong entrepreneur, and has a special interest in streamlined and efficient business models. He has a post-doctorate in tax law, which makes it hard to find a question that he cannot answer.
We spent our time looking at the lifecycle of businesses from “idea as a glimmer in someone’s eye” to exiting a company. And we analyzed all the different structures, systems and protections business owners need to both reduce risk, reduce stress and maximize growth.
While I wish I could have captured video of many of our discussions, I wanted to take the opportunity of having Kyle here to answer a common question of many new business owners: what kind of business structure should I choose when I start my company? I also took advantage of a beautiful day and shot the video outside (with Kyle’s iPhone) so that if your eyes glazed over if we got too technical, you would still see some natural beauty (Red Mountain is in the background, in Mesa, Arizona)
The types Kyle discussed were:
- Sole Proprietor
- S Corp
- C Corp
(Apologies to my non-U.S. readers, as obviously these are U.S.-based structures.)
You can connect with Kyle over at Art of Business, or on Twitter at @kpdurand. If you jump on his newsletter list, he will send periodic tips for streamlining and protecting your business, as well as notices of when he does free calls to answer business set up and and tax questions.
One of the most powerful messages I took away from today is that if you take the time up front to choose the right structure for your fledgling business, it will save you a world of headaches in the future, and prepare you for faster and smoother growth.
I am going to be implementing a whole slew of process improvements in my business this year (including moving to a paperless office) and cannot wait to share what I am learning in future blog posts.
Have a great weekend!