Structuring your small business to pay fewer taxes
By Sandra Tomas  [September 11th, 2009]

Proprietorship, corporation or partnership?

Each of these business structures differs in how your profits are taxed and how much liability you must shoulder. Read on to see which works best for you. It's all in how you structure your business.

The way you conduct business determines how your profits are taxed as well as the nature and magnitude of your benefits — both as an owner and an employee. Let's examine the various forms of doing business and illuminate the advantages and potential traps with each one.
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A debtor can voluntarily enter into bankruptcy proceedings, or proceedings can be initiated by the creditors. Proceedings that are initiated by the creditors are referred to as "involuntary bankruptcy."

Why does it matter in which state a corporation is established?
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A corporation is seen as a resident of its state of incorporation, and that state's corporate laws govern the corporation. Delaware is a popular state for incorporation because its corporate laws are especially well-developed and its courts well-versed in corporate law.

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There are two types of corporate bankruptcy proceedings: Chapter 7 and Chapter 11. Under Chapter 7 proceedings, a business's or individual's assets are liquidated to pay outstanding debts. Under Chapter 11 proceedings, a corporation's debts are restructured, and the corporation is allowed to continue in business.