If you're wondering about the best business structure for your new company, side business or freelancing gigs, know that your choice in legal structure can have a significant impact on your business, determining everything from how you pay taxes, to how much paperwork you've got to contend with, to what happens if you get sued.
As the summer heats up, vacation season kicks into full swing. Employees with office jobs enjoy all those traditional perks like paid vacation days, while time-pressed, cost-conscious startups, small business owners, and contractors are left wondering how to get that much needed time off without jeopardizing their business and clients.
Do you know the difference between an S Corp and a C Corp? Have you ever wondered if you should form an LLC for your business or where you should incorporate? Or maybe you’re not sure if you need to create a non-profit for your activities? These are just a few of the frequently asked questions about incorporation.
The New Year is in full swing, but before you start kicking off all those new projects, have you given your legal situation some thought? With a full year behind you, it’s the perfect time to reflect and reboot so here are 5 tips to get your business legal ready in 2013: 1. Notify the state of any changes to your business (if necessary) If your business is structured as a corporation or LLC, you’re obligated to alert the state where you incorporated of any changes to the business. For example, if your business changed its address or official company name (even if you just dropped the .com from your official name), authorized more shares, or had any changes to your board or members, you’re required to file Articles of Amendment paperwork with your state. This form will take you just minutes to complete, and is important to making sure your business stays legit.
Ask any small business owner or self-employed person to name their least favorite tasks, and bookkeeping, money management, and paying taxes will all make the list. While these chores may not be popular, they’re absolutely critical.
Congratulations! You've come up with a great idea for a new company. That’s half the work in starting a business. The other half is the hard work and dedication it takes to actually run it. And while you have a list a mile long that you need to take care of before you can actually open your doors, don’t overlook these tasks that many entrepreneurs forget about. Taking care of them up front will make your business operate that much more smoothly in the long run.
For the small business owner, there’s typically little separation between business and personal. You bring your work home (or you may even work from home). You’ve probably invested your own money in the business, or skipped a pay check or two to keep the business going. However, too many small business owners make the mistake of using a personal bank account for their business. While it may seem like a silly formality to open a business account, using your personal account can affect your legal liability. If you’re still using your personal bank account for your business, here’s what you need to know to protect your personal assets.
Are you considering VC funding? Want to apply for a business loan? Did you know that your legal business structure impacts the type of capital and financing you can access for your business? Determining which kind of legal structure is right for your business will depend on what kind of financing you want to seek as listed in this post.
Many small businesses consider themselves 'too small' to worry about incorporation. However, whetherowever, you're a self-employed social media consultant or a landscaper, incorporating or forming an LLC (Limited Liability Company) must be on the top of your business strat-up checklist so you can protect your personal assets against liability and save on taxes!
The most important thing to remember is that you can’t build business credit over night. Business owners should think about their business credit from day one. Even if you’re self-funded now, you never know what challenges or growth opportunities will develop down the road. Having access to credit can only help you adapt to changing conditions and position yourself for success.