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. […]
LLC
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 […]
Basics of Business Structure: Choosing the Right Entity for Your Biz
So you’re starting your own business and contemplating which business structure to give it. One way to make this determination is to think about the relationship you want to have with your business partners, investors, employees, vendors and, perhaps most importantly, customers (or clients). Here are some basics to help you make that decision, depending […]
Types of Business Entities and How They Work
If you’re starting your own business, or even if you’ve been in business for a while, you may be wondering what your options are for structuring your company. There are a number of types of business entities, each of which works in different ways. Choosing the right one for your company may be the single […]
What Entity is Right for You and Your Business?
Starting your own business can be both challenging and rewarding. You want to make sure you get off on the right foot by choosing the type of entity that’s right for you and your business. To help you make the best possible choice, here are some factors to consider along with which business entity might […]
Sole Proprietor vs LLC: 7 Things You Need to Know
When you first make the decision to go into business for yourself, it’s an exciting moment. You’re probably not thinking about all the logistics and little business decisions you’ll have to make along the way. It’s a moment for celebration, not for practical planning—but very quickly, reality hits. As a business owner, you have responsibilities, […]
DBA vs. LLC: Which is Best for Your Small Business?
You’ll come across inevitable steps when forging your path to entrepreneurship – formulating an idea, writing a business plan, obtaining funds, etc. But one of the most crucial steps you will stumble upon is deciding what your company’s business type will be. Among small businesses, the most popular types of structures are DBAs (doing business […]
Unused LLCs and Corps
Why do you keep forming LLCs, partnerships or any kind of corporation when you’re not really ready to do business? Then, you have these legal entities, with stringent tax filing responsibilities – and you do nothing. Or you start them and operate the business for a while – but don’t file tax returns – because […]
3 More Important Ways to Build a Strong Financial Foundation for Your New Business
Your first month of business can be the most stressful and harried time as a business owner — you likely have a to-do list a mile long, and are losing sleep at night with all the items running through your head that you need to check off. One of the most important areas to concentrate […]
