For tax purposes, you must choose a business structure, either a
sole proprietorship, partnership, or a corporation. Each has its
own legal considerations and advantages or disadvantages,
depending on individual circumstances, so it is best to consult
a lawyer and an accountant before making a decision. A sole
proprietorship is the simplest of the business structures, it
means that you are in business for yourself, having no other
partners. It needs no legal forms to identify it. For tax
purposes, the paperwork is generally limited. You also have
unlimited liability as to your taxes and financial and legal
responsibilities. This means that if the school incurs any
debts, you are personally responsible for the entire amount of
the debts. If you did not have enough money to pay these debts,
your personal assets could be sold. The income tax rate for the
sole proprietorship depends on your level of income. The
partnership is somewhat similar to the sole proprietorship. It
has two or more people involved in the b