Photo by Headway on Unsplash Giving your small business a leg up is hard, but essential for success. When you are just getting started in the business world, it can seem overwhelming to juggle everything that you need to keep your business afloat. It can seem like everyone around you knows what they are doing […]
LLC
Why Does My Small Business Need a Registered Agent?
Regardless of how large your business has grown, or if you’re just starting out, everyone needs a few talented human resources. A bookkeeper, someone familiar with taxes in your state, and a registered agent. What is a Registered Agent? A registered agent is an individual (or a company) that’s your official point of contact with […]
What’s the Difference Between an LLC and an LLP?
There’s only one letter difference, so how different can they be? When you’re deciding how to choose the right entity for your business, there are a few important acronyms to learn and differentiate. A Limited liability Company (LLC) is a legal entity under which you operate a business. With an LLC, you pick up the ownership share […]
3 Considerations When Hiring Your First Employees in an LLC
As an entrepreneur or small business owner, you’re always striving for growth and success. It’s part of the game for you. When you’re working, you’re always thinking ahead to the next big choice, or amazing strategy that will really set you apart from your competitors. As your business grows and you see an increase in […]
What an LLC Can Mean to Real Estate Agents
For a real estate agent, setting up an LLC is absolutely essential in forming your real estate business. The majority of real estate agents work as self-employed, independent contractors; even those agents who work for brokerages operate in a similar capacity, filing 1099 forms for their tax returns. Independent contractors usually have more freedom and a greater earning […]
Rideshare Driver? Cover Your Assets with an LLC
If you’re driving for Uber or Lyft, this might be the first time you’ve taken on the responsibilities of self-employment, including reporting business earnings on your income tax return. Ridesharing is a bit different than other businesses, and you have a few options for how you report that income—you can use a Schedule C, or […]
Which Business Entity is Right for You?
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 […]
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. […]
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 […]
Pros and Cons of Entity Formation for Independent Contractors
One of the first and most important decisions independent contractors make is how to structure their business. The IRS offers a number of different legal business structures independent contractors can form under. Each of these types of entity formation have specific pros and cons that independent contractors should consider. Sole Proprietorship Whether they’re an athlete or a […]
