The word "business" is in our daily dialect for a long time already. Business is something we have been doing throughout our whole life without even realizing it. Starting your own business is the idea that is more popular nowadays. I have a dream of owning my own business, too. This "Law and Business" class provides me with an opportunity to understand or at least have a basic idea of what I want to do in the future. To be honest, I am even little worried about what I am going to do because during every class I find out one risk that I will be taking. So starting a business requires a risk, a huge risk. When I say risk, I mean there are some very important factors that need to be considered before deciding what kind of business you want to do. One of them is considering how personal assets are protected from liabilities of my business. Of course, it is important that you try to reduce the exposure to the liabilities (Bagley, 49). The business that I plan to create is a corporate law office which, by the way, will be sole proprietorship. Just imagine if someone came to my business and accidentally fell off from one of my chairs in the office and breaks her arm. If he or she decides to sue me, then I have an unlimited liability to suffer all the expenses. This is getting more complicated for me now because before starting or even planning to create my business, I have to stop and ask myself if I am putting enough money that I can afford all kinds of insurances. Of course, sole proprietorship is not the only form of entity I can choose from but sometimes it might be a better choice if I do not want to share my profits or losses. Tax strategies are the next very important factor that we have to consider when choosing from different forms of entities. Being sure that I do not get double layers of taxation on my earnings and that I can convert my earnings into long term capital gains which are taxed at a lower rate, some…

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