Determining the type of legal structure for a new business can be daunting for entrepreneurs and small business owners. Corporations and limited liability companies (“LLCs”) are preferred business structures because, unlike sole proprietorships and partnerships, both offer liability protection. This means that the owner of a company cannot be held personally responsible for the … [Read more...] about S Corporation vs. LLC: Which Structure is Right for Your Business
Are You Truly Fit to be an Entrepreneur?
In just about any sport, toughness is measured both in physical strength and mental abilities. Some of the challenges include endurance, persistence, perseverance, practice, self-confidence … wait, are we talking sports or business? If you said both, you're right. There are plenty of books out there comparing sports to business, but as an entrepreneur, you're in your own … [Read more...] about Are You Truly Fit to be an Entrepreneur?
How to Change from Sole Proprietorship to Corporation
QUESTION on How to Change from Sole Proprietorship to Corporation Hi! I had recently formed a sole proprietorship which I want to restructure as a Corporation. I have determined that it would be more beneficial for myself and the business if I change the structure to a corporation but I have no idea what I'll have to do to get that done or where I'll have to go. Also, we … [Read more...] about How to Change from Sole Proprietorship to Corporation
How to Convert a Sole Proprietorship to an LLC
QUESTION ON How to Convert a Sole Proprietorship to an LLC I currently have a business structured as a sole proprietorship. I work full-time and my husband runs the business. How do I know when to convert from a sole proprietorship to a corporation or an LLC? We currently have two helpers that we are paying as independent contractors but we are getting more business and may … [Read more...] about How to Convert a Sole Proprietorship to an LLC
How to Limit Liability and Gain Tax Advantage for Corporations
QUESTION ON How to Limit Liability and Gain Tax Advantage For Corporations I have three small business operating as corporations and my objective is to find the best protection -- e.g. limit liability -- and gain tax advantage. My question, firstly is whether I can open up a parent holding company, a LLC, (can a holding company be an LLC?) which will then own the three … [Read more...] about How to Limit Liability and Gain Tax Advantage for Corporations