A lot of entrepreneurs wonder what state should be used to incorporate a new business. Is it their own state or maybe another state like Delaware or Nevada? There is no easy answer to that question, however, there are definite benefits for some businesses to incorporate in states other than where they conduct business.

Some existing businesses may also consider registering out of state due to compliance considerations that arise from multistate business activities or employees.

These two different situations result in what is called foreign qualification. Foreign qualification is simply the process of […]

According to IBISWorld, the food truck industry has 25,476 businesses in 2020. Growth in the industry from 2015 to 2020 averaged 8.7 percent. With the COVID-19 crisis a reality now, arguably, the food truck industry may be better suited than brick and mortar restaurants to navigate the challenges. With more people consuming take-out food and spending less time in sit-down establishments, food trucks may appeal to customers’ desires for getting good food fast and with less person-to-person contact.

In this article, I’ll share insight to get you headed down the right road on […]

When you’re starting a business there’s so much to know, it can be overwhelming.  Let us take some of the complexity out of the startup process by answering the top FAQs entrepreneurs have about small business licenses and permits.

Is a business license the same as a permit?

Although most businesses likely need various licenses and permits to operate legally, a business license and a permit are different. A business license from the city in which your company operates, confirms your business has complied with the city’s rules and regulations for legal operation.

Other business […]

When deciding between an LLC vs. partnership as your company’s business structure, you’ll have many considerations to address. There are ramifications legally, administratively, and financially when choosing a business entity type. Rushing to a decision can have consequences—BIG consequences—so it’s critical to review your options carefully and seek professional guidance such as from an attorney and accountant or tax advisor.

Comparing the LLC vs. Partnership Business Structures

An LLC (limited liability company) may be owned by just one person (“single-member LLC”) or by multiple owners (“multi-member LLC”). By the nature of its name, a […]

When you’re starting a small business that has more than one owner, you and your partner(s) may have concerns about your personal liability risks. If this is the case, it would be wise to compare LLP vs. LLC business structures.

Limited liability partnerships (LLP) and limited liability companies (LLC) combine some aspects of general partnerships and corporations. As sorts of hybrid entity types, they provide a level of liability peace of mind for their owners while preserving some of the simplicity of operating as a general partnership. Although they have some things in […]

For many, the “American Dream” is all about entrepreneurship. Business ownership is a way to declare personal independence and even though the COVID-19 pandemic has dampened the economy temporarily, it hasn’t quieted America’s entrepreneurial spirit. As a matter of fact, new businesses are starting despite the economic slowdown as evidenced by the recent number of EIN or Federal Tax ID applications for new businesses filed since mid-March (more than 500,000).

But startups are not where all the entrepreneurial action is. Current business owners have been busy, trying to keep their businesses running at […]

You have much to think about and many questions to answer when starting a business. One of the most fundamental considerations is what type of business structure is right for you. Often, brand new small businesses choose to operate as a sole proprietorship or general partnership. Would either be a good fit for you? You might be wondering, sole proprietorship vs. partnership—what’s the difference?

In this article, I’ll share information about the similarities and differences between the two business structures and some thoughts about other business entity types to consider. This information should […]

Are you considering starting a business as a solo owner, or will you co-own the business with your spouse? Then, you may be wondering if operating as a sole proprietorship or a limited liability company (LLC) will be the better choice.

What are the advantages and disadvantages of a sole proprietorship vs. LLC business structure? In this article, I’ll highlight the potential pros and cons of each to help you in your research efforts.

Keep in mind that there are legal, financial, and tax-related implications when choosing a business structure. Therefore, I encourage you […]