Startup and Launch

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Startup and Launch

Are you considering launching a new business? If so our startup and launch articles are an ideal resource for you to dig into and educate yourself. Our blog posts cover everything from selecting the best type of business entity to knowing what state you should incorporate in. Don’t make unnecessary mistakes! Let our startup experts get you headed in the right direction.

Professional Corporation Vs. Professional LLC

A professional corporation and a professional LLC are business entities that licensed professionals may wish, or be required, to form.

Generally, professions that form professional LLCs or professional corporations include:

  • Attorneys and law firms
  • Accountants and CPAs
  • Physicians
  • Engineers
  • Architects
  • Psychologists
  • Chiropractors
  • Dentists
  • Veterinarians
  • Social workers
  • Real estate agents

In this article, I’ll explain some of the characteristics of the professional LLC (PLLC) and professional corporation (PC) business structures, show how they are similar, and show how they differ from each other. I’ll also discuss some of the potential pros and cons […]

2021-06-17T14:26:19-07:00June 17th, 2021|Categories: Startup and Launch|

Fathers Know Best: Entrepreneurial Dads Share Their Business Wisdom

Some people are lucky enough to grow up in an entrepreneurial family. I am one of the lucky ones. I learned so much from working with my grandfather at his small businesses when I was younger. I mean, what could be better than working at an ice cream store?

Inspired by that, my husband Phil and I make sure we share the lessons and joys of entrepreneurship with our children. With that in mind, and in honor of Father’s Day, we talked to several entrepreneurial fathers to find out what they learned from […]

2021-06-14T06:59:53-07:00June 14th, 2021|Categories: Startup and Launch|

As a Business Owner, Can I Have Multiple LLCs?

Once entrepreneurs taste what it’s like to be their own boss and carve their own career path, some decide to pursue starting multiple businesses. Depending on the situation, owning multiple Limited Liability Companies (LLCs) might make sense. Which leads to the question, how many LLCs can someone have?

The short answer is there are no particular limits on how many LLCs someone may form, provided they meet all of the eligibility criteria to be an LLC member and comply with all of the federal, state, and local government rules and regulations for operating […]

2021-06-01T01:09:09-07:00May 27th, 2021|Categories: Startup and Launch|

What is a Business Statement of Purpose for an LLC or Corporation?

When starting a limited liability company or corporation, businesses in most states must provide a written statement of business purpose in their formation documents (articles of incorporation or articles of organization). The business purpose statement describes why, and for what legal purpose, will the LLC or corporation exist. This is not the same as a company’s mission or vision statement, which businesses often leverage when seeking financing, attracting customers, and rallying employee morale.

In most states’ articles of incorporation and articles of organization, the purpose statement is a brief explanation of what business […]

2021-04-13T08:20:30-07:00April 13th, 2021|Categories: Startup and Launch|

How Do I Legally Protect My Side Hustle?

Most everyone could do with a little more cash these days, and a side hustle is a great way to keep your “day job” or core business and still make extra income. But what happens when your side hustle gains traction, and you want to make sure it is legally protected? When does the Internal Revenue Service (IRS) need to know? What about your state’s Secretary of State or Department of Revenue? Here’s what to know to keep your side hustle on the right side of the law.

Is Your Side Hustle a […]

2021-03-10T10:03:27-08:00March 10th, 2021|Categories: Startup and Launch|

What is a DBA?

Whether that name is legally registered with the business’s home state or not, every business has a legal name. A DBA (or “Doing Business As” is a name that is different from the legal name of the company. A DBA is also referred to as the “trade name,” “assumed business name,” or a “fictitious business name.”

A DBA lets the public know the true owner of a business. DBA laws are consumer protection laws. They exist, so consumers have full transparency on which companies they are transacting business with. In other words, […]

2021-03-08T07:26:42-08:00March 8th, 2021|Categories: Startup and Launch|

Everything You Need to Know About Starting a Partnership

What is a Partnership?

A partnership is a formal legal entity where two or more parties agree to manage and operate a business and share its profits and losses. Like a sole proprietorship, each partner is responsible for the assets and liabilities of the company. However, in a partnership, the parties create a partnership agreement that dictates ownership, responsibilities, and decision-making authority. While there are no specific filing or registration formalities needed to start a partnership, partnerships must comply with the registration, filing, and tax requirements required of any business.

How Do I Know […]

2021-03-01T08:41:35-08:00March 1st, 2021|Categories: Startup and Launch|

The Best Business Entity for Professionals

In most states, professionals, such as attorneys, doctors, optometrists, certified public accountants, architects, psychologists, and psychiatrists, have fewer choices when it comes to selecting a legal structure for their businesses. Legal entities (such as corporations and Professional Corporations) and the rules that govern them vary state-by-state, so it’s crucial to understand what you need to do to protect your professional company.

What is the Difference Between a Corporation and a Professional Corporation?

Business owners choose to incorporate their companies primarily for the personal liability protection it offers the owners and shareholders. In a

2021-02-08T08:05:51-08:00February 8th, 2021|Categories: Startup and Launch|

What You Need to Know About Sole Proprietorships

By far, sole proprietorships are the most popular form of business ownership. Starting your entrepreneurial journey as a sole proprietorship is also the easiest route for a startup business owner to take as the paperwork and compliance requirements are minimal. However, there are risks inherent in this type of legal structure, too.

Here’s what you need to know about sole proprietorships.

What is a Sole Proprietorship?

By default, states consider a single-owner business (or a married couple who co-own a business) to be a sole proprietorship unless the owner or owners register the business […]

2021-02-08T07:39:49-08:00February 8th, 2021|Categories: Startup and Launch|

What Is a Pass-Through Entity?

A pass-through entity refers to a business that does not pay income tax of its own. Its income, losses, credits, and deductions “pass-through” to each business owner’s personal tax return, where its profits are taxed according to each owner’s individual income tax rate. Sole proprietorships, general partnerships, limited partnerships, limited liability partnerships, limited liability companies, and S Corporations are all pass-through entities. Corporations, and limited liability companies that elect to be taxed as a corporation, are not pass-through entities.

Many entrepreneurs choose pass-through business structures for various reasons, including their relative tax-filing ease […]

2021-01-25T07:12:54-08:00January 25th, 2021|Categories: Startup and Launch|
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