In Part 1, we explored Sole Proprietorship and Partnership ownership interests. In Part 2, we explored Limited Liability Partnerships, Limited Partnerships, Limited Liability Companies. In Part 3, we explored Corporations, where to incorporate, and started discussing some basic tax considerations.
Now we will explore the taxes in a little more detail and what tends to be the cheapest to start. Continue reading What do I need to know to start a business? (Part 4)
When you open a business, sometimes it feels like there are always people trying to get more money out of you. They often talk about how they will drive more business to you and help you find clients. While getting more [good] clients is important, one thing often overlooked is the need to protect your business and often times, there are additional expenses that you should really consider that can really help keep you out of trouble.
Continue reading Business Services to stay out of trouble
It is very important to maintain your business, and it is often something that is forgotten about while you focus on building your business and taking care of clients.
Often life changes impact your business that you may not expect. We will be exploring some recent issues we have come across that people should be aware of.
Continue reading Maintaining Your Business
In Part 2, we discussed insurance protections for you. Now we will explore some less common methods for asset protection.
Continue reading Asset Protection (Part 3)
In Part 1, we started discussing automobile insurance to protect your assets from an accident vehicles. Now we will flip the coin and explore how higher limits on your automobile policy also provides better protection for you and your passengers.
Continue reading Asset Protection (Part 2)
People try not to think about the risks and dangers in life, and their risk of losing their assets. There are many things that can happen that would put your assets at risk, many of which can be caused by others through no fault of your own.
Continue reading Asset Protection (Part 1)
After you establish an estate plan, you will likely have two documents that others may need to rely on. The first is the Power of Attorney and the second is a Certificate of Trust. Both of these documents need to be relied upon by others.
Continue reading Power of Attorney / Certificate of Trust
The untimely passing of a loved one is difficult enough, let alone getting through the legal nightmare that is probate. First, the main functions of probate are to collect and manage all the assets subject to probate and to pay off any debts or taxes owed against the estate. To prepare for this administration of the estate in court you most likely will need an attorney. However, once you found that attorney, how do you prepare for that first meeting?
Continue reading Preparing for the First Meeting with your Probate Attorney
Choosing what type of entity your business will be is an essential part of business planning. A partnership is two or more people working together for a profit. There are two basic types of partnerships, general partnerships and limited partnerships.
There is no requirement to create a partnership agreement, however it is smart to do so. A Written partnership agreement helps to avoid misunderstandings between partners and a failure to have a written agreement will result in default rules based on the states statute. A written agreement also permits the partners to discuss various aspects of the business and expectations of the partners.
Continue reading Partnerships
In Part 1, we discussed the non-legal issues that can influence where to incorporate, such as financial, convenience of where they are doing business, and continuing operations. Now we will discuss some of the legal considerations for where to incorporate. As we mentioned in Part 1, Delaware, Nevada, and Wyoming are three states considered corporate havens, so we will discuss some basic information about these three states.
Continue reading Where should I incorporate? (Part 2)