Business Structure

Q.:  I recently started a limited liability company but have not purchased a company with it yet. I also haven’t set up any credit accounts or bank account for it. My goal is to establish good business credit, which may in part assist me in purchasing a business. Would undergoing a business name change for […]

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Post image for Basic Training: K is for Kamikaze Business Formation

You know . . . and I know . . . that faster is not always better, no matter how much the car companies try to push the “0 to 60 in 3.6 seconds” pitch. Think food, sex, rest, travel. You don’t necessarily want to rush these experiences. Quick, split-second decisions are not the best […]

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Post image for But What Does It Mean? ‘Piercing the Corporate Veil’

Yes, legalese is its own language. Like the Latin spoken at the Vatican, it’s truly understood only by a few. So for the rest of us, here’s a handy definition of a term relevant to all business owners (whether a corporation or an LLC): “piercing the corporate veil” It’s considered a privilege to be able […]

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Why bother? Yes, some companies can cover many of their potential business risks with insurance. But in my opinion, if you intend to go into business, you should intend to form a separate entity. Create a plan and a budget that encompasses those costs. The risks to your personal assets and to your business growth […]

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“Life is trouble; only death is not,” comments Zorba the Greek in the novel by Nikos Katzanzakis. I’ve heard many a business owner brag about the lack of complication that their sole proprietor status affords them. No messy ownership agreements, no separate filings or taxes, complete freedom and flexibility to do what you want when […]

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At some point in their business planning, most entrepreneurs wonder: “How can I protect myself if things go awry?” Even if they have few personal assets, they may want to avoid the possibility of seeing their name in the caption of a lawsuit, for how can you concentrate on business with that looming over your […]

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You’ve felt that glimmer of the Divine impulse – that insistent idea whispering in your ear saying: “start a business . . . start a business . . . .” You have experience in your field. You’ve done your homework on determining the right clients for you, where you’d want to locate the business, who […]

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Post image for How "Piercing the Corporate Veil" Pierces Your Pocketbook

Have you ever felt “forced” to do something you really don’t want to do? Attending a family function for your in-laws, contributing to a particular charity you don’t care about for a colleague, sitting through Wagner’s Ring Cycle (or a WWE wrestling match) for your significant other–all come to mind. Now imagine if you had […]

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Two (or more) people want to go into business together.  They’re holding hands (metaphorically speaking), ready to skip lightly down the path of shared entrepreneurship, when a legal questions arises:  what form of business should we choose? The short and obvious answer it:  it depends.  And the decision is a crucial one that should involve […]

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Post image for Why You Need to Form a Business Entity

Protect your assets by forming a business entity; it’s worth the cost. Some companies can cover many of their potential business risks with insurance, but in my opinion, if you’re going into business you should form a separate entity. The risks to your personal assets and to your business growth far outweigh any advantages of […]

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