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 or bookkeeping services to help with the accounts 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.