The entity you choose for your business affects everything contracted by your company. Your business entity will determine the amount of taxes you pay, what kind of records you keep, and how vulnerable your assets are to lawsuits. Among the different business entities, all companies should be one of the following legal structures: a sole proprietorship, partnership, corporation, or limited liability company (LLC).
When starting a business, you have to make a ton of decisions. Deciding what to name your company and hiring employees, what kind of products or services you should sell, and how to fund your operation, getting your business off the ground comes with a nearly endless number of decisions. Of all these decisions, perhaps none is more important or has a more significant impact on your success (or failure) than your choice of business entity structure.
Taking your clients out to dinner or to a sporting event can be a great way to get to know the people with whom you are doing business and help you develop a closer relationship. Plus, it can be a legitimate business expense (with some exceptions) that you can deduct from your company’s income taxes. The rules for deducting meal and entertainment expenses from your taxes have changed quite a bit over the last few years, and these changes can be pretty confusing.
Going into business with your spouse or romantic partner can be an amazing opportunity—but it can just as easily be an absolute nightmare if not handled properly. Regardless of how amazing your love life may be, there's no guarantee you'll be equally compatible in a working relationship. It can potentially wreck both your business and marriage if things don't work out. Make sure to clarify the potential problems, risks, and benefits before jumping into business together.
You don’t want to launch a nonprofit just to avoid the “business” aspects of running a business. You should form a nonprofit because you are passionate about its mission and want to benefit your community through your organization. That said, if your nonprofit is going to succeed, you’ll still need a head for business, and access to the proper legal, insurance, financial, and tax (LIFT) systems, which form the foundation of any successful company.
Starting a nonprofit organization can be a great way to give back to your community while working for a cause you are passionate about. That said, if you are starting a nonprofit simply to avoid some of the more unsavory aspects of running a business, you should seriously reconsider. When running a nonprofit, you’ll be working in service to your mission rather than in service to yourself or to the other owners of your business—and that’s because there are no “owners” of nonprofits!
When launching a new business, securing appropriate legal protection for your company's intellectual property (IP) is your top priority. Since you're just getting your company up and running, finding a much reasonable priced trademark registration service is the best. But with so many trademark services out there and with all types of DIY legal services you find online, you should approach web-based trademark registration services with extreme caution.
Establishing and running a successful small business is an extremely rewarding experience. For small business owners, deciding when and how to sell your business is arguably even more consequential, but if you're guided by the right factors that should be considered before putting up the proverbial for sale sign, you can smoothly transition ownership of the small business you spent your lifetime building —and you can begin the next chapter of your life.
There's nothing like a major change in the economic climate to make you rethink your job. A steady job is not necessarily a sure thing - if you're in a place of transition with your life and career, it could be the right time to take the leap and start working for yourself, building your own business, and becoming the boss you always wish you had. But it's always the best way to consult a trusted legal professional before making your final decision in starting your business as a solo(preneur).