W06 Reflection: Legal Structure

Learning about legal structure this week was very interesting. I was amazed at the complexity of certain business structures, and that was just for my own state of Idaho. I'm sure other states may have even more complex rules and regulations for certain types of businesses. An online affiliate marketing business is pretty straightforward and uncomplicated, since I won't actually be selling and shipping products myself. For businesses that do sell a product or service, they would have to get set up for charging sales tax and then paying that sales tax to the state. All business owners have to pay income tax on their earnings, though the method can vary greatly depending on whether you are a sole proprietory, LLC, or corporation. I really appreciate the discussion boards to read the points of view of other students. Most of the time, I haven't thought of every idea and angle, so it's helpful to discuss our ideas and learn together. I can also see this type of learning as a benefit to having a business partner or board of directors.