W06 Reflection: Legal Structure

This week's material was probably the least exciting out of anything we have learned so far but it was necessary. This week we learned about the different legal structure options available to different types of businesses depending on their wants and needs. The most common structures include sole proprietorship, LLC, and corporate just to name a few. Each structure comes with separate conveniences and benefits depending on how quick and easy you would like to start your business or how much credibility and protection your business requires or wants. 
Because this company deals with heavier risks and technicalities, the corporate structure seems most appropriate.

We also learned about and researched specific licenses and taxes that are required for the type of legal structure you use and the type of business you create. This is dependant not only on the type of legal structure you chose but also on the requirements for running your type of business or service and whether you have people working for you, as well as where your business is located geographically. 
There are specific licenses and taxes required in addition to the standard ones where our business is located and will be acquiring those as well in order to comply. 

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