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The vast majority of small businesses are started using funds, at least partly, from the entrepreneur himself. Indeed, even if you are looking to outside investors, most will want to see that you are sharing some of the financial risk. Yes, tapping your savings for a new, untried venture is a scary thought, but remember, […]

For you singles who are currently seeking for a dating partner or soul mate, you can use the service of online dating provided by the website at FaceRomance.com. With the help from the website, you can meet other singles and make new social network and later conduct communications to know each other in […]

The previous few chapters are intended to help you put the foundation of your business in place: Coming up with your best idea, figuring out what it will cost to create a business out of that idea, drafting a business plan, and choosing the right legal structure are the basic building blocks of any successful […]

There are two types of LLCs. The first is called “member managed.” In this type, all the owners (there is no limit on the number, but it is usually a half dozen or less) actively run the business. The second is called “manager managed.” Here, the owners have managers running the business. Typically, only members […]

Limited liability companies (or LLCs) are a hybrid, combining the best of corporations, sole proprietorships, and partnerships, and have become very popular for good reason among new entrepreneurs.
First, and best, like S and C corporations, LLCs protect their owners (called “members”) from personal liability for business indebtedness. Second, like partnerships and sole proprietorships, LLCs are […]

There are several types of corporations. The main two are the S corporation and C corporation (S and C are subsections of the IRS Code). While there are several differences between the S and C corporations, there are two main ones.
The first is that C corporations are taxed twice: once when profits are realized, and […]

As you now know, the problem with general partnerships and sole proprietorships is the personal liability that accompanies business debts and other liabilities; these entities do not shield you from legal responsibility. Not so for corporate entities. In fact, one of the main reasons to incorporate is to legally shield your personal assets from business […]

Whereas in a general partnership, all partners are equal (each can incur obligations on behalf of the partnership and each has unlimited liability for the debts of that partnership), in a limited partnership things are different. Usually, there is only one person running the show, the general partner. The other partners are called “limited partners,” […]

A business partnership is a lot like a marriage. Because you will be spending an inordinate amount of time together, making decisions to- gether, making individual decisions that will affect the whole, and being together in both good times and bad, think very carefully about (1) whether you really want a partner, and if so […]

As you begin to put the foundation for your small business in place, you need to quickly decide the legal form your business will take. You have four options: It can be a sole proprietorship, a partnership, a limited  liability company (LLC), or some type of corporation. This chapter should help you make that important […]