Tip #5: Determine a Formal Business Structure
Depending on the route you decide to take, and the specifications laid out by your franchise company, the structure you select for your business can affect tax treatment as it pertains to your business and personal taxes. Defining a formal business structure is an important part of separating your personal assets from your business, and while it can be complicated to make these kinds of decisions, doing so will better serve you as an individual and business owner over time.
We hope that you’ve enjoyed our 5-part series on tips for buying a franchise! Feel free to contact our corporate office for more information on purchasing your own All American Pet Resorts franchise!