The would-be entrepreneur's handbook

The last day of a recession is the best day to start a business, the saying goes. So tackle the 10 steps in this guide now - and be ready to ride the rebound when it comes.

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Step 7: Make it official

...in the eyes of the law and the IRS by settling on a structure for your business. C-Corp and S-Corp designations are meant for companies that have multiple investors or that plan to go public; most businesses can opt for the less labor- and cost-intensive sole proprietorship or limited liability company (LLC). For more on how to set this up, talk to your lawyer or get The Small Business Start-Up Kit (nolo.com; $30 for the book and the CD.)

NEXT: Step 8: Chase the moola

Last updated January 12 2009: 5:30 AM ET

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