These are the benefits of gratitude in the time of coronavirus.
GoDaddy’s CEO, Aman Bhutani, opened the event by sharing data that illustrates the impact microbusinesses make on local economies throughout America. These are businesses and ventures run with fewer than ten people. Often, they’re run by just one person, part-time. They’re side-hustles. Despite their size, these ventures make a startling impact on their communities.
The power of ventures on local economies
Measuring like-for-like locations impacted by the Great Recession, GoDaddy found that cities with more microbusinesses per 100 people recovered faster than cities with fewer everyday entrepreneurs.
Eureka! You have a unique idea for an endeavor that you’re passionate about or believe can meet the needs of many consumers. You have collected feedback and tested out this great idea. But before you can bring your idea to life, you need to know how to incorporate it into a business.
Having your big idea allows you to choose a business model and create a business plan that acts as the foundation for your new venture. Incorporation is a critical next step before launching a small business.
In this post, we’ll take a look at what it means to incorporate as a business entity.
We will also outline some of the most common entities for incorporation, including these formations:
- Sole proprietorship
- Limited liability company (LLC)
- Professional corporation
- Nonprofit corporation
What does it mean to incorporate a business?
How is incorporation defined?