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.
LLC's
What Every Entrepreneur Needs to Know About Liability
While it’s true that some businesses are inherently riskier than others, all business owners (including freelancers) should be familiar with potential liability issues and what they can do to minimize the risk.
After LLC Formation, What’s the Next Step?
After you form a limited liability company, the first thing you should do is draft an operating agreement. And if you’ve already formed a limited liability company or you’ve already formed any kind of entity, you want to draft the equivalent of an operating agreement, as an internal document among co-owners.
Retirement Plans for the Small Business Owner: The SIMPLE Plan
Since there are so many people setting up individual LLC’s or home based side businesses, you need to keep a close eye out this time of year for setting up one kind of retirement plan, a SIMPLE IRA. The deadlines are just around the corner in the next few weeks, so could this be the right type of retirement plan for you?
Protect Your Family & Your Business with the Right Legal Entity
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.
The Right Way to Go into Business with a Partner
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.
Lower Your Business Taxes with an LLC, or Too Good to be True?
Many entrepreneurs decide to form an LLC in order to protect their personal assets from seizure by a bank or lender, but there are several tax advantages that incentivize LLC formation as well.
Avoid Penalties and Fees: How to Keep Your Business in Compliance
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.
Running More Than One Business? How to Set Up Multiple Business Ventures
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?
Is It Time to Look at Your Business Structure?
Another tax time has come and gone. If you’re self-employed operating as a sole proprietor, tax time can be yet another reminder that you haven’t addressed your business structure yet. Maybe you started your business as a side project, and a sole proprietorship made sense. But is it best for your needs now?
