Can't Afford to Incorporate?

Here's a solution to use until your business takes off.

If limited liability is not a concern for your business, youcould begin as a sole proprietorship or partnership so thatmonetary losses in the early years of the company can shelter yourother income. These "passed-through" losses can offsetother income you may have. Then, when the business becomesprofitable, you can incorporate.

Excerpted from Start Your Own Business: The Only Start-Up GuideYou'll Ever Need

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