All the pieces of your entrepreneurial dream are finally falling into place. You have a name for your business, a product or service that makes you super excited, and you’ve even started noodling designs and logos. Before you can go much further, however, you’re going to need funding. And in order to get funding, you will need to decide what type of structure is best for your business: a sole proprietorship DBA (doing business as); a C corporation or S corporation; a professional limited liability company (PLLC) or a limited liability company (LLC). Let’s take a look at [...]
Hope your New Year is off to a great start! As you’re looking to make 2017 a year of prosperity, have you set your sights on becoming a business owner? If so, you’re probably wondering whether buying an existing business or starting your own company will offer the best chances of success. Both have their advantages and challenges, so how do you choose? I wish there were an easy answer, but I’m afraid you’ll need to do some research and put some serious thought into your decision. As you explore your options, consider the following pros and cons [...]
We are excited to bring you another post in our monthly FAQ series! This month, our CEO Nellie Akalp is answering questions about one of the hottest entity types for small businesses - the LLC. What are the requirements of filing an LLC? What are the benefits? Read on to find out! Q: What are the benefits of forming an LLC? A: In an LLC, the owner’s personal assets are shielded from business liabilities just as they would be in a corporation. In addition, the IRS views the LLC as a “disregarded entity.” Thus, an LLC does not [...]
What Is The Series LLC (SLLC) Business Structure? The series LLC (or SLLC for short) allows multiple “series” within a master LLC to operate as separate entities (with their own names, bank accounts, and record keeping). Each series can conduct business independently in this way because series LLCs’ articles of formation explicitly allow them to have unrestricted segregation of membership interests, assets, liabilities, and operations. Different members and managers might run each series, and their rights and responsibilities might vary from series to series. Each individual series may secure contracts, own property, sue, and be sued without affecting [...]
With school back in session, students of all ages are learning new things—and discovering how much they don’t know in the process. Whether you’re an aspiring entrepreneur or long-time business owner, one thing is certain: like the kids who are back to school, you always have room to learn and grow. As I’ve learned and grown as a business owner, one of my favorite phrases has become, “You don’t know what you don’t know.” How true, right? It’s far too easy to fool ourselves into thinking we really know all there is to know. But the truth is [...]
Even though the agony of filing your income taxes is done for 2015, you might still be feeling the pain if your tax liability put a hurting on your bank account. And you might be wondering how to avoid a hit like that in the future. Maybe It’s Time To Change Your Business Legal Structure If you’re self-employed and operating as a sole proprietor, I suggest exploring if a change in legal structure might provide some tax relief for your business. Sole proprietors can rack up an exceptionally hefty tax bill because they’re required to pay self-employment (Social [...]
You may have been too busy to notice that things have changed in your business. Maybe you started out as a one-man or one-woman show, and now you’ve got a real team working for you. Or maybe you’ve shifted directions from where you first started out with your business.
You know that forming an LLC provides so many benefits to your company, from tax savings to personal asset protection. But maybe you’re still on the fence about taking that next step, because you’re unsure how forming an LLC will affect your business.
While both the LLC and the S Corp are both great choices for your small business structure, each has its own benefits and differences that you should be aware of. How They’re Similar The LLC and S Corp share many things in common.
Another tax time has come and gone. If you’re self-employed operating as a sole proprietor, tax time can be yet another reminder that you haven’t addressed your business structure yet. Maybe you started your business as a side project, and a sole proprietorship made sense. But is it best for your needs now? The end of tax time is a perfect time to reassess what’s next for your business and legal structure. Here are some things to consider.