As a business owner, the day will come when you inevitably will have to address the legal aspects of your business – and the sooner the better. And, fortunately, the process can be relatively painless and hassle-free. I talk to countless small business owners and freelancers who consider themselves too small to worry about incorporation. After all, you don't have mazes of cubicles…you may not even have any employees. However, incorporation can still be a smart idea even for the self-employed graphic designer or wedding planner and in this post we discuss the benefits of incorporating your small business.
Startup and Launch
If you’re thinking about starting a business, you’ll want to research which business entity type will be most advantageous to you. As you go through that process, you will discover that various documents and filings need to be submitted to the state to form a limited liability company (LLC) or corporation. Articles of incorporation and articles of organization are among them.
Articles of Incorporation
Have you decided to operate your business as a Limited Liability Company (LLC)? If you answered yes, you must comply with your state’s requirements for registering your company. Those responsibilities include filing an articles of organization (sometimes called a certificate of organization or certificate of formation) with the state government.
The articles of organization is a legal document containing important information about the business. The Secretary of State office must approve the document for the LLC to be recognized as a legal entity.
Why Articles of Organization are Important for an LLC
Filing articles of […]
If you’ve decided to establish your business as a corporation, you’ll need to fulfill your state’s requirements for registering your company. Among those requirements is filing an “articles of incorporation” (sometimes called “certificate of incorporation”) with the state government. Articles of incorporation is a legal document containing important information about the company, and it must be approved by the Secretary of State office.
Why Articles of Incorporation are Important
Filing Articles of incorporation registers the company as a corporation (C Corporation) with the state. It makes the business a separate legal and tax-paying […]
Congratulations! You have officially registered your Limited Liability Company or Corporation with the state. But now what? What happens next?
While forming an LLC or Corporation is a critical first step to operating a formal business entity, there’s more work to do to keep it legitimate and in compliance. The tasks and filings vary depending on a company’s growth objectives, type of business activities, and location.
In this article, I talk about what comes after incorporation and I’ll share some of the obligations that entrepreneurs must fulfill. However, keep in mind that your particular […]
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 […]
If you’re considering filing as an LLC (Limited Liability Company), it’s probably in part because this business structure provides business owners with liability protection and pass-through tax status, while minimizing the business formalities and paperwork you’re responsible for.
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 […]
Are you thinking about how to start a restaurant business? Without a doubt, it’s an industry that contributes immensely to our economy. According to statistics from the National Restaurant Association, there are over one million restaurant locations in the United States, and they collectively employ 15.6 million people. What I think is especially encouraging about the restaurant industry is that it has a track record of opening the door to entrepreneurship to people with humble beginnings who are willing to work hard and learn. Many people who start a restaurant […]