Something big has been happening in the world of business, and that something goes by the name of the benefit corporation. Recently, Delaware became the 19th state to enact benefit corporation legislation.
I've built five companies in my startup career, four of which I started with close friends. It's quite common to build a company with a close friend: you get together, think of a cool idea, and decide to get started. Why not, right?
Ask why you need a formal business structure when you start a business and the answers are usually straightforward. For some, it's a need to separate personal assets from the business; for others, it's a desire to lower overall taxes or be viewed as a more credible business.
A name is the cornerstone of your business—it sets the stage for your branding and identity. Just imagine if Target still went by its original name: The Dayton Dry Goods Company. If you're about to start a business (or maybe are thinking about rebranding an existing business), you've probably been brainstorming for the perfect name.
It's common to think, "I'll wait until we grow some before I spend the money to form a corporation or LLC." But delay in selecting the right legal entity when starting a small business can wind up costing a lot of money in higher taxes, as well as creating a potential legal disaster for the entrepreneur's family.
Starting a business up with a partner is a great idea—not only does a business partner effectively halve the staggering amount of work that comes with forming a new company, but having a partner also means having someone to talk to and bounce ideas off of.
When a business venture involves forming a partnership, following a few simple tips prior to start-up will help protect everyone involved. Whether your partnership is for a long-term commitment or a short-lived union, these following 5 strategies can ensure a happy and successful legal partnership.
Partnerships consist of an association of two or more persons who assume co-ownership of a business for profit. While partnerships are relatively easy to set-up, there are some basic tips that if followed can lead to a long-lasting and rewarding partnership.
For a small business, the number of filings required in a given year can be overwhelming, taking much needed time away from growing your business into a success. This may seem like trivial paperwork, but it's actually pretty important.
If you're running multiple business projects, you've probably been stumped on what's the best way to structure all these ventures. Should you form one corporation to cover them all? Should you form an LLC for each one?