It’s time to get another Forum Q&A going!! Let’s talk about business structure options for teaching studios. Despite having a music degree, I still know very, very little about setting up a business. I doesn’t seem right…I wish one of my college courses had covered this topic at some point. :/
Do you have a solo proprietorship, partnership, an LLC, or a corporation? What are the benefits of each option? Do you have a separate bank account set up to manage studio income and expenses? Do you hire an accountant to help with bookkeeping and taxes? What other business advice can you offer?
I hope you can help me out — and hopefully other readers will benefit too! Update: Here is my follow-up post.