What to Know about Limited Liability As You Grow Your Business
Starting a business involves a certain amount of inherent risk. There are no guarantees that the founders of a company will get along, a product or service will sell, or market conditions or competitors will not create unforeseen problems. While entrepreneurs must be willing to take a leap of faith, there are steps they can […]
Buying a Business with Real Estate
Buying a business and purchasing real estate are two very different investments. Business ownership typically requires some management skills and knowledge about market conditions, consumer trends, staffing, and finances. Ownership of real estate, on the other hand, requires considerable due diligence up front but generally offers passive growth with fewer management responsibilities. The skill sets […]
The Annual Meeting: What Every Corporation (and Many Limited Liability Corporations) Should Know
All registered corporations are required by law to hold an annual meeting. Limited liability companies (LLCs), although not subject to the same statutory requirement, may hold regular meetings in accordance with their governing documents. What Is the Purpose of a Corporation’s Annual Meeting? In the United States, all corporations must hold an annual shareholder meeting […]
Legal Considerations for Creating a Cooperative
A cooperative (co-op) is a business entity owned by—and operated for—the benefit of its members. There are several types of co-ops, and they are found in a variety of industries, from agriculture and the arts to finance and electricity generation. While their operations resemble traditional businesses and they seek to make a profit, co-ops are […]
Considerations Before Becoming a Minority Owner
Becoming a minority owner in a business can give you the opportunity to help a business grow and share in its success without the management responsibilities. Minority owners may be brought in to facilitate growth, perform acquisitions, or achieve other strategic goals and often provide valuable expertise in addition to the capital investment they make […]
Name, Image, and Likeness: How to Protect Your Right to You
Creating a personal brand can be a way to establish an authentic image and stand out from the crowd. For most people, personal branding is a communications strategy rather than a career path. A carefully cultivated personal brand lets people know at a glance who we are, what we stand for, and the value we […]
Advertising Laws for Small Businesses
Having a great product or service is not always enough. If customers are not aware of your business, it is difficult to build brand awareness, create demand, grow a customer base, and increase sales. Word-of-mouth marketing can be highly effective, but most small businesses also dedicate a portion of their budget to advertising. Let’s look at […]
Why Your LLC Needs an Operating Agreement
Operating agreements are not required in most states; however, that should not dissuade you from creating one. Having an operating agreement can provide your business with many benefits and can help you avoid significant problems.
How to Pay Yourself When You Own an LLC
As an LLC owner, you can be taxed as a sole proprietorship (if you are the LLC’s sole member), a partnership (if your LLC has two or more members), or a corporation. An LLC also offers owners flexibility in how they pay themselves. How you get paid by your LLC depends on the tax classification you choose. There are various rules for how different business entities are allowed to pay their owners as well as IRS guidelines to consider.
What You Need to Know About S Corporations
A business is only as strong as its foundation. To set your business up for future success, you need a structure and tax classification that will maximize its potential. If you have questions about which structure and tax status are right for your company, or if you are ready to elect S corporation status, our business lawyers are here to help.
