Form a Company

Workshak’s post on limited liability partnerships (which pulls from Taxgirl’s post on ProBlogger) is right about one thing:  that limited liability partnerships (LLPs) are pass-through entities. What the post doesn’t address is that the LLP statutes in many states make the form less-than-ideal for many multiple-owner businesses.  For example, in some states, LLPs can be […]

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Post image for Why Corporate Housekeeping is Crucial

Lest my previous post be construed as just a plug to pay lawyer fees for no reason, here’s the primary reason that kind of corporate housekeeping is so important: You risk exposing your personal assets to creditors if you don’t do them. What? Wasn’t protecting your personal assets the whole point of forming an LLC […]

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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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Post image for Chasing Your Dreams–an Interview with Robert Tuchman

Ready to chase your dreams of being an entrepreneur? Yes, I mean you. Why not you? Listen in to this lively and informative interview of Robert Tuchman, author of YOUNG GUNS: The Fearless Entrepreneur’s Guide to Chasing Your Dreams and Breaking Out on Your Own. Robert talks about why the theme of “why not you?” […]

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Post image for Annual Corporate Housekeeping

Happy New Year. With the new year comes the sweeping out of the old, which is where your corporate housekeeping comes into play. Many entrepreneurs think their legal work is done once they’ve incorporated or formed a limited liability company. Not so. Most states’ statutes require you to compile a written record of your major […]

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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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Yes, they’re cumbersome, but don’t ignore the corporate formalities if you don’t want creditors poking into your personal assets. Congratulations! You’ve taken the important step of protecting your personal assets by forming a corporation or limited liability company. But just as giving birth is only the beginning of your responsibilities of caring for a baby, […]

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Every year, many business owners choose to incorporate their companies. They may make this decision at the outset, or may arrive at it later because their business is growing and they want to shield themselves from the risks that growing businesses face. Either way, the business owners want to limit the extent to which their […]

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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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