Forming an entity can have many benefits for a small business owner. Separating and Protecting personal assets is the one most commonly mentioned. However there are other benefits as well. Having a business entity can make it easier to take in other owners. It can also be beneficial to separate different aspects of a service or product provided by the business into separate companies. This can … [Read more...] about Is it Time to Form a Business Entity for your Small Business?
1. Can I go it alone & if not, what legal arrangements might I need? If you are not going to be a one-person operation, will you need a partner? An equal partner? How will you decide how work/finances are divided? If hiring employees, are you familiar with the laws about hiring, firing, overtime and other workplace issues? 2. Where will my work come from and will my plan get me in … [Read more...] about Ten Things to Consider Before Starting Your Own Business
There are three main considerations when deciding whether or not to change the form of your business. 1) Tax benefit; 2) liability protection; and 3) the time-cost analysis of changing your company’s legal status Tax Benefit: Oftentimes the tax benefit analysis is not a “legal question”, but rather an “accounting question”. If you are unsure of whether you might benefit … [Read more...] about Three Things to Consider When Deciding Whether to Incorporate