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Do I need to consult an expert?

It depends. To set up a sole proprietorship and start operating a business, there is often no need to seek a tax expert. The same goes for setting up a general partnership or a C corporation, though you might want to seek advice regarding state and local laws.

On the other hand, if you want to know more about the various differences among the various business entities, you may well want to seek out an expert, especially one familiar with your state and local requirements. And if you want to take on complex planning such as special allocations, expert advice is strongly recommended.

You might also want to look at a new IRS website on small businesses. It contains information about a variety of topics. Go to http://www.irs.gov/smallbiz/index.htm