Have you been dreaming about starting your own business? Congratulations! But now what? There is a lot to think about when establishing your new business. One of the first steps for many entrepreneurs is setting up their business entity—whether you’re a rideshare driver, a real estate professional, or a graphic designer, setting up your business […]
Making Your Business Official
What is an S Corporation?
According to the IRS, S Corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S […]
Rethinking Your Business Entity Choice in Light of the TCJA
The Tax Cuts and Jobs Act (TCJA) made historic changes to the federal tax code. While all types of business entities have received a significant tax break, some have fared better than others. Depending on your business, it may be to your advantage to rethink your current business structure. Keep in mind, though, that there are […]
Advice from the Experts: What You Need to Know to Found an LLC
Compared to other business models, forming an LLC is generally the least intensive option; it’s affordable, there’s limited paperwork, and the barriers to entry are low. That being said, plenty of things can still go wrong. Before you dive into the LLC process, be aware of these common mistakes—and talk to a few experienced founders. […]
How to Set Up a Business Entity as a Freelancer
So you’ve decided that freelancing is the right career move for you. Bravo! You’ve become part of the growing number of people making a living in the gig economy. But where should you start? And what should you know about setting up your own business before you dive right in? Here’s how to set up […]
5 Reasons Why Federal Trademark Registrations are Important
Business owners and entrepreneurs have many things to consider when opening a business. From selecting a name and deciding on a location, to advertising and hiring the best employees, the to-do list can seem never ending. After investing significant time and money into your business, you will want to know that your investment is protected. […]
Are You Wasting Money Filing Patents?
I’ve been working with early stage companies and their intellectual property protection plans for years. But only recently did I read a clear document on the risks and rewards of patent strategy. Thanks to Russ Krajec, a patent attorney, for the quick improvement in my education, here are some important points to consider when thinking […]
5 Fundamentals of Limited Liability Corporations
A Limited Liability Company (“LLC”) is a hybrid business entity which contains elements of a partnership and a corporation. LLCs consist of members and managers. An LLC may provide tremendous benefits for its members, which include asset protection, intergenerational transfers, tax saving strategies, wealth preservation, flexible management structures, and clarity on the roles of all […]
Anatomy of a Corporation
Corporations are treated as separate entities under the law. They generally have the capacity to perform the same types of functions that individuals perform including entering into contracts and promulgating or defending lawsuits. The primary incentive for forming a corporation is to grant limited liability to its owners. One common misconception among the business community […]
How to Choose a Business Name for Your LLC
You have created a rock solid business plan and you are ready to form an LLC. But how do you go about choosing the right name for your business? When you form an LLC, choosing the right name is about creativity and good planning. For a small business owner, choosing a name that reflects the […]
