BUSINESS RESOURCE GUIDE: PART I The basics of setting up a business with information and contacts specific to Massachusetts and Boston

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "BUSINESS RESOURCE GUIDE: PART I The basics of setting up a business with information and contacts specific to Massachusetts and Boston"

Transcription

1 BUSINESS RESOURCE GUIDE: PART I The basics of setting up a business with information and contacts specific to Massachusetts and Boston Whether you are a working as an artist or have plans to launch a creative venture, this guide provides useful information to get you started. CONTENTS: Choosing, registering and protecting the name of your business What is in a name? Choosing A Legal Structure for Your Businesses What are the options and which one is right for you? Business Registration, Certificates, Permits and Licenses Which do you need and where do you apply? Stay tuned for ARTMORPHEUS soon to be released Permitting Guide for Public Art and Creative Endeavors in Boston and Permitting Guide for Being a Vendor in Boston. CHOOSING A NAME FOR YOUR BUSINESS What s in a name? Your business name is one of your most important business assets and should be chosen carefully. The name you choose will become your brand identity. Being unique If you already have a name in mind, conduct an internet search to check for any reference associated with the name you are thinking of using or a very similar name. It can be challenging to find a unique name for a business so see if anyone else has claimed that domain name or if there are any references associated with that name whether there is another entity or person using that name Beyond finding a unique identity, there are three types of business names. This guide outlines the process for choosing a name and defines filing requirements. Also described is why and how to register a trademark or service mark. Three Types of Business Names Trade names identify a company, e.g., the "Coca Cola Company" or "Computer Services." Any type of business may call itself a company. Corporate names identify corporations. The words "Incorporated", "Corporation", or "Limited," or their abbreviations, must appear in a corporate name and may not appear in the name of an unincorporated company. Trademarks are any word, name, symbol, or device, or any combination of these, used by a person, (that is, an individual, a firm or partnership, a corporation, or any type of association) to identify his goods and distinguish those goods from those of others. Some examples of well-known trademarks include Kodak, Coca-Cola, GE, Lifesavers, and the banana lady on a bunch of Chiquita Bananas. Process for choosing a name: To begin with, you must choose a name not already being used by another business. Beyond conducting research on the internet, you can find lists of business names at the Corporations Division of the Secretary of State, at your local city or town hall, in the library and in relevant trade journals.

2 Do everything you can, within reason, to assure that your name will be unique. To search for corporate names that are already in use, use online or print business directories, located at a business library or from the libraries website. If you decide to incorporate your business, you must contact the Corporations Division of the Secretary of State. If you have decided on a name for your corporation but are not yet ready to incorporate you can reserve a name for 30 days. This registration will protect the business name from infringement while you prepare to incorporate and should be done before taking any other steps to do business in the state. A corporate name may not be reserved by a telephone request. The reservation of a name for 30 days becomes effective only upon written request to the Corporations Division and payment of a $30 fee. Secretary of State's Office Corporations Division McCormack Building One Ashburton Place, 17th Floor Boston, MA Phone: Website: Why and how to register Trademarks and Service Marks? Whether you are just starting out in business or have been in business for a number of years, you should consider protecting your right to any trademarks or service marks you own. The quality and goodwill symbolized by a distinctive mark can be a very valuable commodity to a business and one worthy of protection from infringement. Non-profit organizations also have an interest in protecting their distinctive marks from unwanted infringement. To see if a trademark is already registered with the federal government, do a trademark search at the Government Documents Department of the Boston Public Library. You can do this on the following website: Under the terms of the trademark law, Chapter 110B, there is no requirement that a trademark or service mark must be registered with the Commonwealth of Massachusetts. However, registration of a mark in Massachusetts can result in material advantages to the owner of a mark. How does one register a Mark with the Commonwealth of Massachusetts? A mark must be in use in Massachusetts before it may be registered. It may then be registered by completing the appropriate trademark or service mark registration application form. The fee for filing is $50.00 and the effective term of the registration is five years. The mark may be renewed every five years. These application forms, as well as any further information regarding trademarks or service marks, may be obtained by contacting: Secretary of State Trademarks Division One Ashburton Place, Room 1717 Boston, MA Phone: Link to application form: How does one register a Mark with the federal government? Commissioner of Patents and Trademarks U.S. Patent and Trademarks Office General Information Services Division Crystal Plaza 3, Room 2C02 Washington, DC Phone: Website: For information relative to copyrights call Federal Copyright Information at: or , or you can write to them at:

3 Copyright Office Library of Congress 101 Independence Avenue S.E. Washington, D.C Website: CHOOSING A LEGAL STRUCTURE FOR YOUR BUSINESS When you start a business, you have a number of choices as to its structure. Which of these forms is right for your business depends on the type of business or organization you run, the number of owners it has, and its financial situation. Below is a list of possibilities with a brief description of each. Sole Proprietorships and Partnerships For many new businesses, the best initial ownership structure is either a sole proprietorship or -- if more than one owner is involved -- a partnership. What is a Sole Proprietorship? A sole proprietorship is a one-person business that is not registered with the state like a limited liability company (LLC) or corporation. You don't have to do anything special or file any papers to set up a sole proprietorship -- you create one just by going into business for yourself. Legally, a sole proprietorship is inseparable from its owner -- the business and the owner are one and the same. This means the owner of the business reports business income and losses on his or her personal tax return and is personally liable for any business-related obligations, such as debts or court judgments. What is a Partnership? Similarly, a partnership is simply a business owned by two or more people that hasn't filed papers to become a corporation or a limited liability company (LLC). You don't have to file any paperwork to form a partnership -- the arrangement begins as soon as you start a business with another person. As in a sole proprietorship, the partnership's owners pay taxes on their shares of the business income on their personal tax returns and they are each personally liable for the entire amount of any business debts and claims. Sole proprietorships and partnerships make sense in a business where personal liability isn't a big worry -- for example, a small service business in which you are unlikely to be sued and for which you won't be borrowing much money for inventory or other costs. It s advisable to consult an attorney for further guidance. Contact ARTMORPHEUS for a referral to legal services. Limited Partnerships Limited partnerships are costly and complicated to set up and run, and are not recommended for the average small business owner. Limited partnerships are usually created by one person or company (the "general partner"), who will solicit investments from others (the "limited partners"). The general partner controls the limited partnership's day-to-day operations and is personally liable for business debts (unless the general partner is a corporation or an LLC). Limited partners have minimal control over daily business decisions or operations and, in return, they are not personally liable for business debts or claims. Consult a limited partnership expert if you're interested in creating this type of business. Should you consider forming a Corporation or an LLC? Forming and operating an LLC or a corporation is a bit more complicated and costly, but well worth the trouble for some small businesses. The main benefit of an LLC or a corporation is that these structures limit the owners' personal liability for business debts and court judgments against the business.

4 What sets the corporation apart from all other types of businesses is that a corporation is an independent legal and tax entity, separate from the people who own, control and manage it. Because of this separate status, the owners of a corporation don't use their personal tax returns to pay tax on corporate profits -- the corporation itself pays these taxes. Owners pay personal income tax only on money they draw from the corporation in the form of salaries, bonuses, and the like. Like corporations, LLCs provide limited personal liability for business debts and claims. But when it comes to taxes, LLCs are more like partnerships: the owners of an LLC pay taxes on their shares of the business income on their personal tax returns. Corporations and LLCs make sense for business owners who either (1) run a risk of being sued by customers or of piling up a lot of business debts, or (2) have substantial personal assets they want to protect from business creditors. To learn more about forming an LLC or a corporation, contact ARTMORPHEUS for a referral to legal services. Nonprofit Corporations A nonprofit corporation is a corporation formed to carry out a charitable, educational, religious, literary, or scientific purpose. A nonprofit can raise much-needed funds by soliciting public and private grant money and donations from individuals and companies. The federal and state governments do not generally tax nonprofit corporations on money they take in that is related to their nonprofit purpose, because of the benefits they contribute to society. To learn more about nonprofit corporations, see Contact ARTMORPHEUS for further assistance including referrals to affordable legal services. Cooperatives Some people dream of forming a business of true equals -- an organization owned and operated democratically by its members. These grassroots business organizers often refer to their businesses as a "group," "collective," or "co-op" - - but these are often informal rather than legal labels. For example, a consumer co-op could be formed to run a food store, a bookstore, or any other retail business. Or a workers' co-op could be created to manufacture and sell arts and crafts. Most states do have specific laws dealing with the set-up of cooperatives, and in some states you can file paperwork with the secretary of state's office to have your cooperative formally recognized by the state. Check with your secretary of state's office for more information. No one choice suits every situation. Some of the most important factors to consider are: the potential risks and liabilities of your business the formalities and expenses involved in establishing and maintaining the various business structures your income tax situation, and your investment needs. Risks and Liabilities In large part, the best ownership structure for your business depends on the type of services or products it will provide. If your business will engage in risky activities -- you'll almost surely want to form a business entity that provides personal liability protection ("limited liability"), which shields your personal assets from business debts and claims, such as a corporation or a limited liability company (LLC). See the Pros and Cons Chart on the next page

5 Type of Entity Main Advantages Main Drawbacks Sole Proprietorship Simple and inexpensive to create and operate, owner reports profit or loss on personal tax return Owner personally liable for business debts General Partnership Owners (partners) personally liable for business debts Limited Partnership Regular Corporation S Corporation Professional Corporation Nonprofit Corporation Limited Liability Company Professional Limited Liability Company Limited Liability Partnership Simple and inexpensive to create and operate, owners (partners) report their share of profit or loss on their personal tax returns Limited partners have limited personal liability for business debts as long as they don't participate in management. General partners can raise cash without involving outside investors in management of business Owners have limited personal liability for business debts Fringe benefits can be deducted as business expense Owners can split corporate profit among owners and corporation, paying lower overall tax rate Owners have limited personal liability for business debts Owners report their share of corporate profit or loss on their personal tax returns Owners can use corporate loss to offset income from other sources Owners have no personal liability for malpractice of other owners Corporation doesn't pay income taxes Contributions to charitable corporation are taxdeductible Fringe benefits can be deducted as business expense * Fiscal sponsorship by an established NP organization can be a good alternative for small initiatives. Contact ARTMORPHEUS for more info. Owners have limited personal liability for business debts even if they participate in management. Profit and loss can be allocated differently than ownership interests. IRS rules now allow LLCs to choose between being taxed as partnership or corporation Same advantages as a regular limited liability company Gives state licensed professionals a way to enjoy those advantages Mostly of interest to partners in old line professions such as law, medicine and accounting. Owners (partners) aren't personally liable for the malpractice of other partners. Owners report their share of profit or loss on their personal tax returns General partners personally liable for business debts. More expensive to create than general partnership Suitable mainly for companies that invest in real estate More expensive to create than partnership or sole proprietorship Paperwork can seem burdensome to some owners.separate taxable entity More expensive to create than partnership or sole proprietorship More paperwork than for a limited liability company which offers similar advantages. Income must be allocated to owners according to their ownership interests Fringe benefits limited for owners who own more than 2% of shares More expensive to create than partnership or sole proprietorship Paperwork can seem burdensome to some owners. All owners must belong to the same profession Full tax advantages available only to groups organized for charitable, scientific, educational, literary or religious purposes. Property transferred to corporation stays there; if corporation ends, property must go to another nonprofit More expensive to create than partnership or sole proprietorship State laws for creating LLCs may not reflect latest federal tax changes Same as for a regular limited liability company. Members must all belong to the same profession Unlike a limited liability company or a professional limited liability company, owners (partners) remain personally liable for many types of obligations owed to business creditors, lenders and landlords. Not available in all states. Often limited to a short list of professions

6 Formalities and Expenses Sole proprietorships and partnerships are easy to set up and you don't have to follow any special operating rules. If you're starting your business on a shoestring, it might make the sense to form the simplest type of business -- a sole proprietorship (for one owner businesses) or a partnership (for businesses with more than one owner). LLCs and corporations are almost always more expensive to create and more difficult to maintain. To form an LLC or corporation, you must file a document with the state and pay a fee, which ranges from about $40 to $800, depending on the state where you form your business. In addition, owners of corporations and LLCs must elect officers (usually, a president, vice president, and secretary) to run the company. They also have to keep records of important business decisions and follow other formalities. Unless yours will be a particularly risky business, the limited personal liability provided by an LLC or a corporation may not be worth the cost and paperwork required to create and run one. However, if you determine that an LLC or a Corporation is the right structure for your enterprise in Massachusetts, you will need to file appropriate documents with the Secretary of State s Office for the Commonwealth of Massachusetts. To form an LLC or Corporation in Massachusetts, you will need to file with the Secretary of State. Income Tax Implications Owners of sole proprietorships, partnerships, and LLCs all pay taxes on business profits in the same way. These three business types are "pass-through" tax entities, which means that all of the profits and losses pass through the business to the owners, who report their share of the profits (or deduct their share of the losses) on their personal income tax returns. Therefore, sole proprietors, partners, and LLC owners can count on about the same amount of tax complexity, paperwork, and costs. Owners of these unincorporated businesses must pay income taxes on all net profits of the business, regardless of how much they actually take out of the business each year. Even if all of the profits are kept in the business checking account to meet upcoming business expenses, the owners must report their share of these profits as income on their tax returns. In contrast, the owners of a corporation do not report their shares of corporate profits on their personal tax returns. The owners pay taxes only on profits they actually receive in the form of salaries, bonuses, and dividends. The corporation itself pays taxes, at special corporate tax rates, on any profits that are left in the company from year to year (called "retained earnings"). Corporations also have to pay taxes on dividends paid out to shareholders, but this rarely affects small corporations, which seldom pay dividends. This separate level of taxation adds a layer of complexity to filing and paying taxes, but it can be a benefit to some businesses. Owners of a corporation don't have to pay personal income taxes on profits they don't receive. And, because corporations enjoy a lower tax rate than most individuals for the first $50,000 to $75,000 of corporate income, a corporation and its owners may actual have a lower combined tax bill than the owners of an unincorporated business that earns the same amount of profit. Need Investors? Unlike other business forms, the corporate structure allows a business to sell ownership shares in the company through its stock offerings. This makes it easier to attract investment capital and to hire and retain key employees by issuing employee stock options. But for businesses that don't need to issue stock options and will never "go public," forming a corporation probably isn't worth the added expense. If it's limited liability that you want, an LLC provides the same protection as a

7 corporation, but the simplicity and flexibility of LLCs offer a clear advantage over corporations. You can read about choosing between a corporation and an LLC on html Changing Your Mind Your initial choice of a business structure isn't set in stone. You can start out as sole proprietorship or partnership and later, if your business grows or the risk of personal liability increases, you can convert your business to an LLC or a corporation. After learning the basics of each business structure and considering the factors discussed above, you may still find that you need help deciding which structure is best for your business. A good small business or tax lawyer can help you choose the right one, given your tax picture and the possible risks of your particular situation. BUSINESS REGISTRATION, CERTIFICATES, PERMITS AND LICENSES Do you know what the zoning code allows you to do with/in your space? If you are located in Boston, to find out and comply with the City of Boston s Zoning and Permitting Regulations, visit the City of Boston Inspectional Services Department (ISD). Depending on the type of business you want to start, you may need to work with both the Building Division and the Division of Health Inspections. ISD s Building Division is responsible for overseeing the city's zoning ordinances, which determine the types of activities allowed in any given building. Before you commit to a space or spend any money on rent or remodeling, you should visit the Building Division to ensure that the building you wish to locate in is zoned for your type of business. If it is not, you must complete a Legal Occupancy/Use Application, have the building owner approve it, and return the signed application to ISD. Next, you will submit a floor plan and other documentation as requested by ISD. If you intend to remodel, you may also need a Building Permit. You may also need a variety of other permits, depending on the type of business you plan to open. Permits may include Electrical and Fire Systems, Gas Fitting, Plumbing and Sprinklers, and Occupancy. HOT TIP The Inspectional Services Department provides a free zoning clinic for homeowners and small businesses who have questions regarding the zoning approval process, every Tuesday from 9:00 a.m.-12 noon at Plans and Zoning, (Counter 2), 1010 Massachusetts Avenue, 5 th floor. What happens if your application is refused or denied? If your business does not conform with the city s building or zoning codes, your application will be refused by the Building Division. If your application is denied, you can apply for an appeal at ISD. ISD will send your appeal to the Zoning Board of Appeals (ZBA) at City Hall and then the ZBA will notify you/the business owner and all of the abutters of a hearing date. Hearings take place at the Zoning Board of Appeals, City Hall, Room 801. ISD has developed the Guide to the City of Boston Zoning Board of Appeal Process to both assist you throughout the permitting process and to explain how Boston's zoning code and the appeals process work to protect Boston s neighborhoods. The guide is available at the ISD website both as a web page and as a downloadable PDF. (From ISD home click Plans and Zoning. ) On the Zoning Board of Appeals page you will also find information about zoning clinics, permits, and additional information. ISD Division of Health is responsible for overseeing the city's health and sanitation issues involving food and cleanliness. You must visit the Division of Health Inspections if your business is one of the following: food service, retail food, hospital, nursing home, caterer, day care, after school program, funeral home, massage practitioner, massage establishment, mobile food, children's recreational camp, baths/health club, or swimming pool.

8 Currently, ISD Health Inspection information is contained in a section of the website called Mayor s Food Court. Here you will find a selection of application forms for businesses as well as additional information. ( click Mayor's Food Court, then ISD Forms.) Note some forms can be submitted online; others must be printed and delivered to ISD. For additional information, contact the ISD health inspections division directly at Boston Inspectional Services Department (ISD) 1010 Massachusetts Avenue Boston, MA Phone: Website: Know which licenses and permits you need to obtain for your type of business? For Boston, see For Massachusetts, see Is your business registered with the town in which it is located? if you are conducting business under a name other than your own (file a d/b/a or doing business as certificate.). In Boston, register with the City Clerk If your business is in Boston, does it own tangible assets? Boston requires businesses to register tangible assets by filing a Form of List with the Assessing Dept. Do you have a Federal Tax Identification Number? (also called an Employer Identification Number). This is recommended even if you are a sole-proprietor. You will need a Federal Tax ID to open a business bank account. You can do this online by going to and completing Form SS-4. Have you registered for State income and business taxes? Most businesses are required to pay some amount of Income Tax to Massachusetts. The Department of Revenue (DOR) oversees taxation for the State of Massachusetts. The specifics of income tax, including forms and deadlines, depend on how your business is structured. See The Commonwealth of Massachusetts Department of Revenue requires that Corporations, Partnerships, Limited partnerships and other Organizations with one or more employees, as well as, any business that will need to collect state sales tax. Obtain a State Tax ID number. You can use your Federal Tax ID numbers if you have been assigned one or your Social Security Number if your business is a sole proprietorship. You can apply online at Businesses that will sell taxable items in Massachusetts are required to apply for a Sales and Use Tax Registration Certificate; certain businesses may also be required to pay Trustee and/or Excise Taxes. After you have completed the registration process, the Department of Revenue will determine the requirements you will need to meet regarding tax filling frequency and will send you the appropriate monthly, quarterly, and/or annual returns. It is your responsibility to inform yourself and to comply with the state tax filing requirements. DOR has compiled a useful online reference, Guide to Massachusetts Tax and Employer Obligations, which provides specific information on a variety of state tax issues. This guide is available on the DOR website along with many other helpful tax related publications. DOR also offers a free Small Business Workshop designed to walk you through the tax issues. This workshop is cosponsored by the IRS and also covers important federal tax issues. Registration is accepted online or by phone. Register for a workshop at

9 Massachusetts Department of Revenue Customer Service Bureau Charles F. Hurley Building 19 Staniford Street Boston, MA Phone: or toll free in state at Website: Find Out Which Federal Income Tax Forms You Will Be Required to File for Your Business The federal income tax forms you will be required to file with the Internal Revenue Service depend on your type of business and its legal structure. The IRS business website, provides valuable information organized by business structure. The following Internal Revenue Service tax publications may be useful: * If you are a sole proprietor: #334 "Tax Guide for Small Businesses" * If your business is a corporation: #542 "Corporations" * If your business is a partnership: #541 "Partnerships" Information and publications are available at the IRS office and on its website: Internal Revenue Service J.F.K. Federal Building Government Center Boston, MA Phone: or Website: WILL YOU HAVE EMPLOYEES? If you operate in Massachusetts and will have employees, read the Massachusetts Guide to Tax and Employer Obligations, which outlines your responsibilities as an employer. This guide is available at under Business Information. You can find information about all your obligations as an employer at Employers need to: Register with Division of Unemployment Assistance In Massachusetts, see Acquire Workers' Compensation Insurance In Massachusetts, the Department of Industrial Accidents (DIA) enforces the workers' compensation law. Workers Compensation Insurance can be obtained through any insurance agent or broker that handles business insurance, through a direct writer of insurance, or through the Insurance Rating Bureau, Department of Industrial Accidents Website: Create a System for Collecting Federal Unemployment Insurance Tax If you will have employees, under the Federal Unemployment Tax Act (FUTA), you as the employer are responsible to pay Federal Unemployment Insurance Tax. You must complete IRS Form 940 and submit it to the IRS. For more information visit see Employment Taxes for Small Businesses. If you have any questions, contact the IRS at

10 Establish a Process for Collecting & Depositing Payroll Taxes If you will have employees, you are required to withhold federal payroll taxes from your employees paychecks. Payroll taxes include State and Federal Income Tax, and Social Security and Medicare (FICA) taxes. The IRS website provides information on this topic: visit and click Employment Taxes for Small Businesses. There are many useful topics in this section; IRS recommends you read Publication 15, Circular E, Employer's Tax Guide, which can be found under Employment Tax Publications. * Federal Corporate Income Tax: * Federal Tax Forms Only: * Federal Tax Information: STAY TUNED FOR PART II: i. Recordkeeping and Taxes What and when? ii. The Business Plan What is it, what are the advantages of creating one, and where can you get help with it? Funding What s out there? iii. Insurance - Which kind should you have? iv. Accountants & Legal Counsel - Why hire them? FOR MORE INFORMATION, CONTACT ARTMORPHEUS. Phone:

City of Boston Regulatory Requirements Checklist: Zoning, Permitting, Licensing, Business Registration & Taxes

City of Boston Regulatory Requirements Checklist: Zoning, Permitting, Licensing, Business Registration & Taxes City of Boston Thomas M. Menino, Mayor Department of Neighborhood Development Small Business Resource Guide Regulatory and Licensing Requirements Navigating the maze of regulations and requirements for

More information

Incorporation Guide Guide to Incorporating and Forming a Limited Liability Company

Incorporation Guide Guide to Incorporating and Forming a Limited Liability Company Incorporation Guide Guide to Incorporating and Forming a Limited Liability Company Toll-Free: 877-692-6772 Direct/Intl: 818-224-7639 Our Incorporation Guide is developed with the help of the small business

More information

NOLO. Nolo s Guide to Limited Liability Companies: Forming an LLC

NOLO. Nolo s Guide to Limited Liability Companies: Forming an LLC NOLO Nolo s Guide to Limited Liability Companies: Forming an LLC Table of Contents LLC Basics...3 Limited Personal Liability for LLC Owners...3 Exceptions to LLC Owners Limited Liability...4 LLC Management...4

More information

Business Organization\Tax Structure

Business Organization\Tax Structure Business Organization\Tax Structure Kansas Secretary of State s Office Business Services Division First Floor, Memorial Hall 120 S.W. 10th Avenue Topeka, KS 66612-1594 Phone: (785) 296-4564 Fax: (785)

More information

Sole Proprietorship. Forming a Sole Proprietorship. Sole Proprietor Taxes

Sole Proprietorship. Forming a Sole Proprietorship. Sole Proprietor Taxes Sole Proprietorship A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between

More information

Business Organization\Tax Structure

Business Organization\Tax Structure Business Organization\Tax Structure One of the first decisions a new business owner faces is choosing a structure for the business. Businesses range in size and complexity, from someone who is self-employed

More information

Forming Your Esports Organization

Forming Your Esports Organization Forming Your Esports Organization Richard K. Zepfel and Timothy J. Heggem Payne & Fears LLP Introduction In 2014 over 27 million people watched the League of Legends World Championships on Twitch and ESPN3.

More information

A Guide to Incorporating Your Business

A Guide to Incorporating Your Business A Guide to Incorporating Your Business Forming a C or S Corporation Advantages of Incorporating Operating and Maintaining a Corporation Comparing C Corps., S Corps. and LLCs Table of Contents INTRODUCTION....................................................

More information

Incorporating Your Business

Incorporating Your Business A Guide To Incorporating Your Business How to Form a Corporation or LLC Reduce Your Taxes Protect Your Assets Minimize Your Liability Improve Financial Flexibility By Attorney Brian P.Y. Liu Founder of

More information

The Legal Aid Society Community Development Project 230 East 106th Street New York, NY 10029 212.426.3000

The Legal Aid Society Community Development Project 230 East 106th Street New York, NY 10029 212.426.3000 The information in this document is provided for informational purposes only and does not constitute legal advice. Please consult a qualified attorney prior to acting upon the information contained in

More information

Structuring Your Business

Structuring Your Business Structuring Your Business Overview of Guide This guide is designed to provide basic information on some of the legal and practical issues to consider when setting up a business and applies only to New

More information

BUSINESS ENTITY BASICS

BUSINESS ENTITY BASICS LEGAL SERVICES FOR ENTREPRENEURS 415-543-9444, Ext. 217 lse@lccr.com BUSINESS ENTITY BASICS Presented By Lisa Li, Wilmer Hale LLP DISCLAIMER The information contained in this presentation has been prepared

More information

GUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE

GUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE GUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE To make your business #CPAPOWERED, call today and let s get started. 2015 American Institute of CPAs. All rights reserved. 15607-312 One important

More information

GUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE. To make your business #CPAPOWERED, call today and let s get started.

GUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE. To make your business #CPAPOWERED, call today and let s get started. GUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE To make your business #CPAPOWERED, call today and let s get started. One important consideration when starting your business is determining the best

More information

Checklist for Starting a Small Business

Checklist for Starting a Small Business Checklist for Starting a Small Business Evaluate and Develop Your Business Idea [ ] Determine if the type of business suits you. [ ] Use a break-even analysis to determine if your idea can make money.

More information

Guide to. Starting a Business. City of Chicago Richard M. Daley. Department of Business Affairs and Licensing

Guide to. Starting a Business. City of Chicago Richard M. Daley. Department of Business Affairs and Licensing Guide to Starting a Business City of Chicago Richard M. Daley C H I C A G O Department of Business Affairs and Licensing Message from the Mayor As Mayor of the City of Chicago, I know that businesses are

More information

A Guide to LLCs. Forming a Limited Liability Company

A Guide to LLCs. Forming a Limited Liability Company A Guide to LLCs Forming a Limited Liability Company Advantages of Forming an LLC Real Estate Investments and LLCs Operating and Maintaining an LLC Comparing LLCs to Other Business Structures Table of Contents

More information

Step by Step Guide. Where Do I Start? What ownership structure choices do I have?

Step by Step Guide. Where Do I Start? What ownership structure choices do I have? DCEO Small Business Assistance Begin Here Step by Step Guide This guide will inform you of various legal requirements and direct you to additional resources. If you have any questions contact the Business

More information

M E M O R A N D U M LIMITED LIABILITY: KNOW THE LIMITS

M E M O R A N D U M LIMITED LIABILITY: KNOW THE LIMITS M E M O R A N D U M TO: The Members or Managers FROM: Terri L. Giampetroni Legal Strategies, P.C. You have chosen to do business through the use of a Michigan limited liability company. Your company provides

More information

online interactive questionnaire http://app1.sba.gov/survey/checklist/index.cgi

online interactive questionnaire http://app1.sba.gov/survey/checklist/index.cgi The Economic Development Office (EDO) is committed to assisting individuals who desire to start a small business in Dorchester County. The office strives to simplify the process of helping individuals

More information

Six Forms of Doing Business

Six Forms of Doing Business Excerpted from FastTrac NewVenture When identifying an appropriate legal form of business, most often entrepreneurs consider these factors control, taxes, liability, transferability of ownership, longevity

More information

How to Set Up Your Company to Minimize Taxes: Business Organization Basics

How to Set Up Your Company to Minimize Taxes: Business Organization Basics How to Set Up Your Company to Minimize Taxes: Business Organization Basics You want to keep a close eye on everything that impacts the financial side of business. After all, finances determine whether

More information

SAALFELD GRIGGS DENTAL INDUSTRY TEAM WHITE PAPER: CHOICE OF ENTITY FOR DENTISTS

SAALFELD GRIGGS DENTAL INDUSTRY TEAM WHITE PAPER: CHOICE OF ENTITY FOR DENTISTS SAALFELD GRIGGS DENTAL INDUSTRY TEAM WHITE PAPER: CHOICE OF ENTITY FOR DENTISTS BY Th AMY GEERHART & DAVID MYERS I. Introduction Dentists may operate their practices through several forms of entities,

More information

Organizational Types and Considerations for a Small Business

Organizational Types and Considerations for a Small Business Table of Contents Welcome... 3 What Do You Know? Organizational Types and Considerations for a Small Business... 4 Pre-Test... 5 Factors for Choosing an Organizational Type... 7 Discussion Point #1: Organizational

More information

FRISSE & BREWSTER LAW OFFICES

FRISSE & BREWSTER LAW OFFICES FRISSE & BREWSTER LAW OFFICES ADVANTAGES AND DISADVANTAGES OF VARIOUS BUSINESS ENTITIES SOLE PROPRIETORSHIP A sole proprietorship is simple to establish and operate; little ongoing documentation is needed.

More information

Incorporating Your Business

Incorporating Your Business CorpNet s Guide to: Incorporating Your Business TM www.corpnet.com Congratulations! You have decided to start your own business. That is a courageous step and one that can lead to rewards that no job can

More information

Business Types and Payroll Taxes

Business Types and Payroll Taxes Minority Business Development Division (MBDD) Prince George s County Office of Central Services Legal Issues and Taxes Facing Small and Minority Businesses October 26, 2010 Business Types and Payroll Taxes

More information

Y o u C h o o se? Table of Contents

Y o u C h o o se? Table of Contents F o r m of Business Organization: Whi c h Should Y o u C h o o se? Your choice of the type of business organization to use when starting a business is a major decision. And it's a decision to be revisited

More information

Types of Business Ownership

Types of Business Ownership Types of Business Ownership Sole Proprietorship A sole proprietorship is the easiest and simplest form of business ownership. It is owned by one person. There is no distinction between the person and the

More information

CHOICE OF ENTITY CONSIDERATIONS. A Basic Guide to Entrepreneurs. October 9, 2012

CHOICE OF ENTITY CONSIDERATIONS. A Basic Guide to Entrepreneurs. October 9, 2012 CHOICE OF ENTITY CONSIDERATIONS A Basic Guide to Entrepreneurs October 9, 2012 Bill Osterbrock, Of Counsel Baker Donelson wosterbrock@bakerdonelson.com 404-589-3418 Iliana Malinov, Tax Manager HLB Gross

More information

Corporations: FAQ's. Is my Corporate Name Available?

Corporations: FAQ's. Is my Corporate Name Available? Is my Corporate Name Available? Corporations: FAQ's Money Matters Tax Service will perform a non-binding name check for name availability within the state of incorporation. We perform the name check at

More information

ORGANIZING YOUR COMPANY

ORGANIZING YOUR COMPANY ORGANIZING YOUR COMPANY Filmmakers frequently establish a company to produce and own their movie. While there is no legal requirement to do so, there may be some benefit to operating under the auspices

More information

A person. who wants BACKGROUND. corporation. corporation. action, the. The C corporation. subject to. qualify to make. or certain

A person. who wants BACKGROUND. corporation. corporation. action, the. The C corporation. subject to. qualify to make. or certain CHOOSING THE FORM OF BUSINESS ORGANIZATION A person who wants to start a business can choose from a variety of different types of business entity formations. For instance, a person can form a business

More information

Basic Legal and Accounting Considerations in Starting a New Business

Basic Legal and Accounting Considerations in Starting a New Business Basic Legal and Accounting Considerations in Starting a New Business By: Everett Petronio, Jr., Kalander & Shaw, Ltd. Judy Hetherman, CPA, CHBC, Judith Hetherman & Co., CPAs If you re considering starting

More information

Tax Planning and Reporting for a Small Business

Tax Planning and Reporting for a Small Business Table of Contents Welcome... 3 What Do You Know? Tax Planning and Reporting for a Small Business... 4 Pre-Test... 5 Tax Obligation Management... 6 Business Taxes... 6 Federal Income Tax Forms... 7 Discussion

More information

PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP BASIC TAX ISSUES FOR A NEW BUSINESS IN NEW YORK CITY

PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP BASIC TAX ISSUES FOR A NEW BUSINESS IN NEW YORK CITY PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP BASIC TAX ISSUES FOR A NEW BUSINESS IN NEW YORK CITY To ensure compliance with Internal Revenue Service Circular 230, you are hereby notified that: (a) any

More information

CHOOSING THE RIGHT BUSINESS STRUCTURE

CHOOSING THE RIGHT BUSINESS STRUCTURE CHOOSING THE RIGHT BUSINESS STRUCTURE One type of business structure is not necessarily better than another, therefore, it is important to evaluate your needs now and into the future, and consider the

More information

CHOICE OF ENTITY 2010 TENNESSEE AGRITOURISM CULTIVATING FARM REVENUE CONFERENCE

CHOICE OF ENTITY 2010 TENNESSEE AGRITOURISM CULTIVATING FARM REVENUE CONFERENCE 2010 TENNESSEE AGRITOURISM CULTIVATING FARM REVENUE CONFERENCE CHOICE OF ENTITY Presented by Jill Bartee Nolan Batson, Nolan, Pearson, Miller & Joiner, PLC 121 S. Third Street, Clarksville, TN 37040 931-647-1501

More information

SHOULD MY BUSINESS BE AN S CORPORATION OR A LIMITED LIABILITY COMPANY?

SHOULD MY BUSINESS BE AN S CORPORATION OR A LIMITED LIABILITY COMPANY? SHOULD MY BUSINESS BE AN S CORPORATION OR A LIMITED LIABILITY COMPANY? 2015 Keith J. Kanouse One Boca Place, Suite 324 Atrium 2255 Glades Road Boca Raton, Florida 33431 Telephone: (561) 451-8090 Fax: (561)

More information

STARTING A NEW LIMITED-LIABILITY COMPANY Doing It Right by Layne T. Rushforth

STARTING A NEW LIMITED-LIABILITY COMPANY Doing It Right by Layne T. Rushforth Doing It Right by Layne T. Rushforth 1. LLC BASICS: A limited-liability company (or LLC ) is a legal entity that is established to do business. An LLC is established so that the company is an entity that

More information

Chapter Six. Limited Liability Companies

Chapter Six. Limited Liability Companies Chapter Six Limited Liability Companies I have discussed various for-profit business structures for authors including sole proprietorships, partnerships and corporations. You may have heard about another

More information

Choice of Entity. Shareholders of publicly traded corporations can come and go with ease

Choice of Entity. Shareholders of publicly traded corporations can come and go with ease One of the most important decisions facing a new business owner is the selection of the most appropriate legal entity for their new business. There are several options including C Corporations, S Corporations,

More information

Tax Tips for the. Cosmetology. Barber Industry

Tax Tips for the. Cosmetology. Barber Industry Tax Tips for the Cosmetology & Barber Industry Whether a shop owner, an employee, or a booth renter (independent contractor), you need to know your federal tax responsibilities, including how to report

More information

THEME: S CORPORATIONS

THEME: S CORPORATIONS THEME: S CORPORATIONS By John W. Day ACCOUNTING TERM: S Corporation Here is a good definition of an S Corporation from the Nolo website: A term that describes a profit-making corporation organized under

More information

Top 10 Tax Tips for Small and Growing Businesses

Top 10 Tax Tips for Small and Growing Businesses Top 10 Tax Tips for Small and Growing Businesses Published Jul. 31, 2011 Taxes are one of the most important issues facing small and growing businesses. And like a company's profits, its annual tax bill

More information

BULLETIN. In Maryland, 82.7 percent of. Using a Business Organization Structure to Limit Your Farm s Liability EB-422

BULLETIN. In Maryland, 82.7 percent of. Using a Business Organization Structure to Limit Your Farm s Liability EB-422 EXTENSION BULLETIN EB-422 Using a Business Organization Structure to Limit Your Farm s Liability Business structures can help limit your liability and set your farming operation up to continue through

More information

THE RIGHT START L E G A L T I P S

THE RIGHT START L E G A L T I P S JUDY GEDGE The Small Business Lawyer THE RIGHT START L E G A L T I P S FOR YOUR BUSINESS By Judy Gedge Esq. Judy Gedge is an experienced small business lawyer who helps people build successful businesses.

More information

Setting Up the Right Business Entity. Deborah S Sweeney, Esq. Jeffrey Bradley, CPA

Setting Up the Right Business Entity. Deborah S Sweeney, Esq. Jeffrey Bradley, CPA Setting Up the Right Business Entity Deborah S Sweeney, Esq. Jeffrey Bradley, CPA 1 Objectives 1. Discuss Incorporations & Online Business Filings for Accounting Professionals 2. Understand Business Entity

More information

COMPREHENSIVE GUIDE TO CHOOSING A NEW BUSINESS STRUCTURE

COMPREHENSIVE GUIDE TO CHOOSING A NEW BUSINESS STRUCTURE COMPREHENSIVE GUIDE TO CHOOSING A NEW BUSINESS STRUCTURE 1. Corporations and LLCs: The most common entities 2. Comparing corporations and LLCs 3. Things to consider when forming a business entity 4. Which

More information

Agribusiness Procedures

Agribusiness Procedures Agribusiness Procedures S E L E C T I N G T H E F O R M O F B U S I N E S S Business Forms Taxes Regulatory Continuity Sole Proprietorship Partnership S-Corporation Corporation Business does not file or

More information

Congratulations on the decision to embark upon a new business venture!!!

Congratulations on the decision to embark upon a new business venture!!! Nine Key Steps to Starting a Business in the City and County of Denver Offffiice off Economiic Devellopmentt - Business Assistance Center - Congratulations on the decision to embark upon a new business

More information

Module 10 S Corporation/Corporation Study Guide Introduction

Module 10 S Corporation/Corporation Study Guide Introduction Module 10 Study Guide Introduction Running your own business presents many challenges. One of the most difficult is complying with complex and ever-changing tax laws. This small-business tax education

More information

Christopher Davis Maryland Institute College of Art January 17, 2014

Christopher Davis Maryland Institute College of Art January 17, 2014 Mind Your Business Miles & Stockbridge P.C. Christopher Davis Maryland Institute College of Art January 17, 2014 Firm Overview Miles & Stockbridge P.C. is a full-service law firm that represents businesses

More information

THE LEGAL ASPECTS OF GOING INTO BUSINESS

THE LEGAL ASPECTS OF GOING INTO BUSINESS THE LEGAL ASPECTS OF GOING INTO BUSINESS Copyright 1997 Board of Regents, University of Wisconsin System Mark Stover, Vicki Lobermeier, Kathy Bartelt, Editors Small Business Development Center This publication

More information

Legal, Regulatory and Insurance Checklist for North Carolina

Legal, Regulatory and Insurance Checklist for North Carolina Legal, Regulatory and Insurance Checklist for North Carolina The Business Development Files Legal, Regulatory and Insurance Checklist for North Carolina Karen Mundy, Department of Agricultural and Applied

More information

Guide to Starting a Business in Southfield

Guide to Starting a Business in Southfield Guide to Starting a Business in Southfield The business community is the heart of Southfield s economic growth and prosperity. The City of Southfield is committed to helping new and existing businesses

More information

Choice of Entity. Paul E. Costantino, CPA, MST Costantino Richards Rizzo, LLP, Wakefield

Choice of Entity. Paul E. Costantino, CPA, MST Costantino Richards Rizzo, LLP, Wakefield Choice of Entity Paul E. Costantino, CPA, MST Costantino Richards Rizzo, LLP, Wakefield I. Overview of Entities The entity selection process is one of the first steps in the formation of any business,

More information

To Incorporate or Not to Incorporate? That is the Question. By Julia Sylva, Esq.

To Incorporate or Not to Incorporate? That is the Question. By Julia Sylva, Esq. To Incorporate or Not to Incorporate? That is the Question. By Julia Sylva, Esq. There are many avenues that a company, new or old, may take in the formation of a business. This paper will discuss the

More information

Arizona Limited Liability Company Discussion

Arizona Limited Liability Company Discussion Arizona Limited Liability Company Discussion If you will be setting up a limited liability company in Arizona, the best time for discussion of questions is before preparing the operating agreement and

More information

TAX CONSIDERATIONS BUSINESSES. Marty Verdick

TAX CONSIDERATIONS BUSINESSES. Marty Verdick TAX CONSIDERATIONS FOR SMALL BUSINESSES Marty Verdick RSM McGladrey, Inc. Overview of Topics General federal tax issues Federal tax incentives Entity selection tax issues State tax issues Sales & use tax

More information

TYPES OF BUSINESS ORGANIZATIONS

TYPES OF BUSINESS ORGANIZATIONS CHOOSING THE RIGHT TYPE OF BUSINESS ORGANIZATION LESSON 4 ACTIVITY 1 TYPES OF BUSINESS ORGANIZATIONS Sole Proprietorship A sole proprietorship is a business with one owner, and is relatively easy to form.

More information

CONNECTICUT BUSINESS ENTITIES

CONNECTICUT BUSINESS ENTITIES YOUR GUIDE TO CONNECTICUT BUSINESS ENTITIES By Judy Gedge Esq. Judy Gedge 2010 ABOUT JUDY GEDGE Judy Gedge is a an experienced small business lawyer, teacher and author. As a small business lawyer, Judy

More information

Choosing an Entity for Startups

Choosing an Entity for Startups Nutter McClennen & Fish LLP Attorneys at Law Choosing an Entity for Startups Prepared by: Jeremy Halpern Nutter McClennen & Fish LLP Jeremy Halpern Biography Nutter, McClennen & Fish, LLP - Partner; Director

More information

Franchise Tax Board s Guide to: Forms of Ownership

Franchise Tax Board s Guide to: Forms of Ownership Franchise Tax Board s Guide to: Forms of Ownership As a new business owner, one of the first critical questions is deciding which form of ownership will best meet your business needs. Selecting the legal

More information

Secretary of State: Connie Lawson

Secretary of State: Connie Lawson Page 1 of 8 Secretary of State: Connie Lawson Business Services Division An Entrepreneur's Guide to Starting A Business in Indiana Dear Future Indiana Entrepreneur: Thank you for your interest in operating

More information

BUSINESS STRUCTURES: Using Corp., LLC, or General Partnership to Gain Credibility

BUSINESS STRUCTURES: Using Corp., LLC, or General Partnership to Gain Credibility BUSINESS STRUCTURES: Using Corp., LLC, or General Partnership to Gain Credibility If you have ever tried to obtain a credit card, a mortgage loan to buy a home, or a car loan, then you know how important

More information

CorpNet s Guide to: Forming An LLC. www.corpnet.com

CorpNet s Guide to: Forming An LLC. www.corpnet.com CorpNet s Guide to: Forming An LLC TM www.corpnet.com Congratulations! You have decided to start your own business. That is a courageous step and one that can lead to rewards that no job can offer. When

More information

An Overview of Tax Filing Requirements for Real Estate Broker/Agents

An Overview of Tax Filing Requirements for Real Estate Broker/Agents An Overview of Tax Filing Requirements for Real Estate Broker/Agents A two-partner, 25 person firm with 80 years history servicing clients in the areas of: real estate, auditing, accounting, tax, valuation

More information

Starting a Business on a Tribal Reservation

Starting a Business on a Tribal Reservation Periodically, the Tribe has been contacted by individuals interested in starting a business. The following is a general explanation of certain typical Federal and Louisiana tax issues relating to tribal

More information

Beginner s Guide to Business Entities

Beginner s Guide to Business Entities Beginner s Guide to Business Entities by NEIL PATEL on MARCH 31, 2010 One of the most important early decisions an entrepreneur must make in connection with his or her venture is the choice of entity.

More information

The Small Business Guide To Employment Taxes

The Small Business Guide To Employment Taxes The Small Business Guide To Employment Taxes Roanoke Regional Small Business Development Center 210 S. Jefferson Street Roanoke, VA 24011 www.roanokesmallbusiness.org Roanoke Small Business Development

More information

INCORPORATING YOUR BUSINESS IS POTENTIALLY THE SINGLE MOST IMPORTANT THING A BUSINESS OWNER CAN DO

INCORPORATING YOUR BUSINESS IS POTENTIALLY THE SINGLE MOST IMPORTANT THING A BUSINESS OWNER CAN DO INCORPORATING YOUR BUSINESS IS POTENTIALLY THE SINGLE MOST IMPORTANT THING A BUSINESS OWNER CAN DO Mark D. Klein, Esq. KLEIN LAW CORPORATION 15615 Alton Parkway, Suite 175 Irvine, CA 92618 (949) 453-7979

More information

White Paper Life Insurance Coverage on a Key Employee

White Paper Life Insurance Coverage on a Key Employee White Paper Life Insurance Coverage on a Key Employee www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC,

More information

Structuring Your New Business By Business Filings Incorporated

Structuring Your New Business By Business Filings Incorporated Structuring Your New Business By Business Filings Incorporated There are five common business structures entrepreneurs often consider as they start their businesses: sole proprietorship, general partnership,

More information

CHAPTER 30 CORPORATIONS PROFESSIONAL ASSOCIATIONS AND OTHER BUSINESS ENTITIES FOR NURSES

CHAPTER 30 CORPORATIONS PROFESSIONAL ASSOCIATIONS AND OTHER BUSINESS ENTITIES FOR NURSES CHAPTER 30 CORPORATIONS PROFESSIONAL ASSOCIATIONS AND OTHER BUSINESS ENTITIES FOR NURSES I. INTRODUCTION Florida is not now nor has it ever prohibited the corporate practice of medicine. Anyone can own

More information

S CORPORATION VS. LLC: THE BEST STRUCTURE FOR YOUR CALIFORNIA BUSINESS? (OWNERSHIP, OPERATION, AND EMPLOYMENT TAX) (Business Advisory No.

S CORPORATION VS. LLC: THE BEST STRUCTURE FOR YOUR CALIFORNIA BUSINESS? (OWNERSHIP, OPERATION, AND EMPLOYMENT TAX) (Business Advisory No. S CORPORATION VS. LLC: THE BEST STRUCTURE FOR YOUR CALIFORNIA BUSINESS? (OWNERSHIP, OPERATION, AND EMPLOYMENT TAX) (Business Advisory No. 11) Choosing the proper legal entity to hold and operate your California

More information

Wyoming Secretary of State State Capitol Cheyenne, WY 82002 (307) 777-7311. This document is available in alternate formats upon request.

Wyoming Secretary of State State Capitol Cheyenne, WY 82002 (307) 777-7311. This document is available in alternate formats upon request. The Choice is Yours Sole Proprietorship General Partnership Limited Partnership Corporation Close Corporation Limited Liability Company Close Limited Liability Supplement Statutory Trust Limited Liability

More information

HOW TO START A BUSINESS IN DONALSONVILLE - SEMINOLE COUNTY GEORGIA

HOW TO START A BUSINESS IN DONALSONVILLE - SEMINOLE COUNTY GEORGIA HOW TO START A BUSINESS IN DONALSONVILLE - SEMINOLE COUNTY GEORGIA COMPILED BY THE DONALSONVILLE/SEMINOLE COUNTY CHAMBER OF COMMERCE How to Start a Business in Donalsonville Seminole County Georgia Information

More information

NEBRASKA MICROENTERPRISE HANDBOOK

NEBRASKA MICROENTERPRISE HANDBOOK NEBRASKA MICROENTERPRISE HANDBOOK Community Economic Development Clinic Creighton University School of Law Omaha, Nebraska The CED Clinic is a University Center that receives funding through the U.S. Department

More information

Nine Key Steps to Starting a Business in the City and County of Denver.

Nine Key Steps to Starting a Business in the City and County of Denver. Nine Key Steps to Starting a Business in the City and County of Denver. step 1: Gather Information step 2: Create a Business Plan step 3: Determine a Business Name step 4: Determine the Legal Structure

More information

Choice of Entity: Corporation or Limited Liability Company?

Choice of Entity: Corporation or Limited Liability Company? September 2012 Choice of Entity: Corporation or Limited Liability Company? By Gianfranco A. Pietrafesa* Attorney at Law There are many different types of business entities, including corporations, general

More information

Guide 6: Basic Business Operations

Guide 6: Basic Business Operations Guide 6: Basic Business Operations Guide 6: Basic Business Operations for the Entrepreneur n INTRODUCTION Welcome to the Citibank Small Business information guide series. This is one of ten guides that

More information

CHOICE OF BUSINESS ENTITY

CHOICE OF BUSINESS ENTITY CHOICE OF BUSINESS ENTITY Presented by James M. Jimenez, Esq. Pacific Business Law Group A Professional Corporation 1601 Cloverfield Boulevard Suite 200 South Tower Santa Monica, California 90401 July

More information

W3 Wealth Management, LLC Shelby Morgan 90 N. Miller Road Akron, OH 44313 330-836-3805 Shelby@W3wealth.com. Key Employee Insurance

W3 Wealth Management, LLC Shelby Morgan 90 N. Miller Road Akron, OH 44313 330-836-3805 Shelby@W3wealth.com. Key Employee Insurance W3 Wealth Management, LLC Shelby Morgan 90 N. Miller Road Akron, OH 44313 330-836-3805 Shelby@W3wealth.com Key Employee Insurance W3 Wealth Management, LLC Page 2 of 9 Table of Contents Life Insurance

More information

Business Entity Selection

Business Entity Selection Business Entity Selection Chris Stevenson, Esq. Drummond Woodsum cstevenson@dwmlaw.com (t) 800-727-1941 General Issues A corporation can generate double taxation as profits are taxed at the corporate level

More information

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account.

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account fee the amount charged by a financial institution for the

More information

DEMYSTIFYING THE BUSINESS ORGANIZATION or PARTNERSHIPS, CORPORATIONS, S CORPORATIONS AND LIMITED LIABILITY COMPANIES (OH MY!)

DEMYSTIFYING THE BUSINESS ORGANIZATION or PARTNERSHIPS, CORPORATIONS, S CORPORATIONS AND LIMITED LIABILITY COMPANIES (OH MY!) I. INTRODUCTION Cliff Ennico Succeeding in Your Business 2490 Black Rock Turnpike, # 354 Fairfield, Connecticut 06825-2400, U.S.A. Tel.: (203) 254 1727 Fax: (203) 254 8195 e-mail: cliff@succeedinginyourbusiness.com

More information

A Step-by-Step Guide to Applying for Your Washington Business License. Contractors: Also includes information about registering your business.

A Step-by-Step Guide to Applying for Your Washington Business License. Contractors: Also includes information about registering your business. A Step-by-Step Guide to Applying for Your Washington Business License Contractors: Also includes information about registering your business. Getting started This pamphlet explains in a quick, step-by-step

More information

34 AZ EE. 35 Business Structures and Registration. 40 Business Considerations

34 AZ EE. 35 Business Structures and Registration. 40 Business Considerations Filing and RegisterinG Business Structures and Registration 35 Business Structures and Registration» Trade Name Selection and Registration 36» Obtaining an Employer Identification Number (EIN) 39» Comparison

More information

Yes. Although incorporation is often associated with a formal business enterprise, Not-For- Profit organizations also can incorporate.

Yes. Although incorporation is often associated with a formal business enterprise, Not-For- Profit organizations also can incorporate. NOT-FOR-PROFIT ORGANIZATIONS A LEGAL GUIDE The purpose of this booklet is to provide information to community groups and organizations, which may be considering incorporating as Not-For-Profit, organizations.

More information

Legal Needs for Emerging Growth Companies Presented to UF Small Business Mentoring Program June 9, 2015 by Maxwell L. Minch Gray Robinson P.A.

Legal Needs for Emerging Growth Companies Presented to UF Small Business Mentoring Program June 9, 2015 by Maxwell L. Minch Gray Robinson P.A. Legal Needs for Emerging Growth Companies Presented to UF Small Business Mentoring Program June 9, 2015 by Maxwell L. Minch Gray Robinson P.A. About Me Former Navy submariner (nuclear electronics technician)

More information

Choosing the Right Entity for Maximum Tax Benefits for Your Construction Company

Choosing the Right Entity for Maximum Tax Benefits for Your Construction Company Choosing the Right Entity for Maximum Tax Benefits for Your Construction Company Timely re-evaluation of choice of entity will enhance the shareholder value of your contractor client By Theran J. Welsh

More information

LLC OUTLINE Table of Contents

LLC OUTLINE Table of Contents LLC OUTLINE Table of Contents I. INTRODUCTION... 1 A. Consider The Following Example:... 1 1. How should this trio proceed to organize?... 1 2. A Better Choice:... 1 B. Limited Liability Company... 2 1.

More information

Limited Liability: Owners of a LLC have the limited liability protection of a corporation.

Limited Liability: Owners of a LLC have the limited liability protection of a corporation. Type of Business Structures & Abbreviation Limited Liability Company (LLC) Description A Limited Liability Company (LLC) is generally accepted type of small business entity. For the majority of small business

More information

BUSINESS START-UP FACT SHEET AND CHECKLIST

BUSINESS START-UP FACT SHEET AND CHECKLIST CLEMSON UNIVERSITY SMALL BUSINESS DEVELOPMENT CENTER REGIONAL OFFICE BUSINESS START-UP FACT SHEET AND CHECKLIST The South Carolina SBDC is partially funded under the Cooperative Agreement No. 03-603001-Z-0043-23

More information

What s the right business entity choice? Entity Choices. State Law vs. Federal Law 5/4/2010. C Corporation. S Corporation LLC.

What s the right business entity choice? Entity Choices. State Law vs. Federal Law 5/4/2010. C Corporation. S Corporation LLC. Winning Business Strategies Webinar Series What s the right business entity choice? Presented by: Michael E. Stover, CPA/ABV & Michael P. Moloney, JD, CFP Entity Choices C Corporation S Corporation LLC

More information

BUSINESS ENTITIES IN COLORADO

BUSINESS ENTITIES IN COLORADO BUSINESS ENTITIES IN COLORADO Types of Colorado Business Entities When starting a business there are many different formats available. In fact, there are so many choices it can be quite dizzying. In general

More information

Osborn Entrepreneurial & Microenterprise Training Program. Federal Tax Considerations in Choice of Business Entity

Osborn Entrepreneurial & Microenterprise Training Program. Federal Tax Considerations in Choice of Business Entity Osborn Entrepreneurial & Microenterprise Training Program Federal Tax Considerations in Choice of Business Entity Business Entity There are four basic choices for business entity. Sole proprietorship Partnership

More information

THE BASICS OF CHOOSING A BUSINESS ENTITY

THE BASICS OF CHOOSING A BUSINESS ENTITY Handout provided courtesy of WHAT IS LIABILITY? 1. Contract Liability THE BASICS OF CHOOSING A BUSINESS ENTITY Colin T. Cameron * Katz Ahern Herdman & MacGillivray PC 1.1. Contract: an agreement between

More information

7. Explain the basic assumptions and principles underlying financial statements.

7. Explain the basic assumptions and principles underlying financial statements. CHAPTER 1 Introduction to Financial Statements Study Objectives 1. Describe the primary forms of business organization. 2. Identify the users and uses of accounting information. 3. Explain the three principal

More information