Everyone’s vision of retirement is different. Certainly the idea of retirement in 2020 is different than it was in 1950. Today’s retiree is more active, with many to-dos on the bucket list and the time and resources to pursue their vision.
To some that means starting a small business. Maybe it’s your hobby that you’ve longed to turn into a business, something that you’ve observed is in high demand in your market place or simply some consulting that you may be do for your former employer to earn a little extra money. Regardless of your reason, there are some things that all business owners need to consider before hanging out that shingle.
The first is your choice of entity. You can be a sole proprietor, call it Johnny’s Food Truck. A sole proprietorship means that you own it, all of the assets, revenue and liabilities belong to you personally and you file a schedule C along with your tax return to report the results from that sole proprietorship.
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