This form is not a corporation, partnership, or trust, but offers a combination of features that make it a popular choice for many businesses. The chief advantage is that an LLC provides corporate-like liability protection for the owners – plus partnership-like flexibility in capital and management structure. Members of the LLC can be actively involved in [...]
Read the rest of this entry »S-Corporation (Subchapter S Corporation)
This is the most popular form of corporation. Many small businesses are choosing it. The S-Corporation provides the legal protection of a corporation, but for tax purposes, its income or loss is passed on to the shareholders in proportion to their ownership. Your earnings are reported as personal income on a special IRS form, schedule K-1, so [...]
Read the rest of this entry »Corporation
A Corporation is a legally created entity, which unlike a sole proprietorship or partnership, has rights, duties, powers, responsibilities, and unlimited life in and of itself. A Corporation enjoys most of the rights and responsibilities that an individual possesses. It has shareholders who elect a board of Directors who in turn appoint Officers such as [...]
Read the rest of this entry »Organizing Your Business
A fter creating your business plan, your next step is selecting the business structure under which you will operate. As your idea begins to come together, your first thought may be what’s to decide? It’s going to be my business, so I’m the owner, right? That’s true enough, but as we’ve already pointed out, the [...]
Read the rest of this entry »Business Plan Description
Start with a detailed description of your business products, market, and services as well as a thorough description of what makes your business unique. Your plan could start off like this: Universal Widgets will sell and service the latest state-of-the-art widgets to the general public. Unlike other widget sellers in the area who cater to large businesses, [...]
Read the rest of this entry »Things to Look Out for in Starting Your Business
Variations of your business name can get you in trouble. What does your business name mean in, say, Spanish? What about spelling variations, synonyms, homonyms, or phonetic equivalents that might be embarrassing? Also, be careful about names that sound like a word used in current slang. Purely geographic names are best avoided. These are easy to forget [...]
Read the rest of this entry »Get It Right the First Time
You should choose your name carefully; you may have to change it if you do not. This looks like a simple process – until you start doing it. A good friend of mine decided to name his fledgling company “Computer Shack,” a name that he didn’t realize had once been used by a predecessor of [...]
Read the rest of this entry »Naming Your Business
Deciding on your business name is one of the most important things you will do in starting your new company. Your name represents the image of your business, and you want that image conveyed clearly and consistently to your customers. Selecting the right business name is like planting a seed in fertile soil and watching it [...]
Read the rest of this entry »The American Dream
Building a business of your own has always been the American dream. However, how do you get started? Is this the right time? Where do you get the money? There is so much to learn. It’s all just too daunting… In The American Dream, you will find step-by-step guides to take you through the seemingly [...]
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