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Written by Steven Tennies on August 28, 2013 at 3:33 pm
If you invest in real estate to use as rental properties you have likely heard that it would be wise to form a Limited Liability Company (LLC) to protect your personal assets. With any rental property you face the possibility of liabilities, such as a broken stair railing, faulty electrical wiring, or mold. When you […]
Written by Steven Tennies on August 28, 2013 at 1:34 pm
Both an LLC and a corporation are legal entities that are created and regulated by state law. Each entity is legally separate and distinct from the persons who own, direct, manage, and operate it. To protect yourself and your assets and to maintain all the advantages of having an LLC or corporation you must follow […]
Written by Steven Tennies on August 28, 2013 at 1:06 pm
Whether you formed an LLC or corporation, once you’ve completed post formation tasks for your new company you’ll face a host of ongoing compliance responsibilities. Many business owners ignore these, and all to often, to their detriment. Regardless of the reason—whether it’s ignorance or simple neglect—ignoring ongoing compliance tasks will hinder your company’s ability to […]
Written by Steven Tennies on August 28, 2013 at 1:02 pm
Once you’ve formed your LLC or corporation you’ll need to create and keep entity records. Entity records are those records an LLC or corporation needs to show that it is functioning in the manner required by both the Internal Revenue Service and the state of formation. It substantiates that your company is being run as […]
Written by Steven Tennies on August 28, 2013 at 12:35 pm
Today I am going to write about the importance of setting up a company records book. Record keeping can be one of the most complex and time-consuming tasks for any business owner. Many businesses fail due to incomplete or inconsistent documentation. In recent years the importance of consistent record keeping has been highlighted by judges […]
Written by Steven Tennies on August 28, 2013 at 11:49 am
Once you’ve decided on your business structure your next decision is to decide where you will incorporate or organize your company. Now, if you’ve done any research at all on forming an LLC or corporation, you likely have encountered ads encouraging you to form your company in Delaware, Nevada, or Wyoming. They argue that these […]
Written by Steven Tennies on May 6, 2013 at 7:46 pm
One of the things that should be at the top of your list when starting a new business is choosing a name for that business. This task is something that could make or break your success in the business. Make your name easy to remember. It should be easy to spell and to pronounce. It […]
Written by Steven Tennies on May 6, 2013 at 7:41 pm
A Registered Agent is defined as “[t]he person or entity authorized and obligated to receive legal papers on behalf of a corporation” (Spadaccini, Ultimate Guide to Forming and LLC in Any State, 2d. Ed., 2011). Think of it like passing notes in high school. You may want to pass a note to someone you have […]
Written by Steven Tennies on May 6, 2013 at 7:40 pm
Deciding to start a business is an exciting decision. But determining how you should formally organize and structure it can be intimidating. At best, the determination is often the result of a kind of calculus that looks at formation expense, personal liability protection, potential tax savings, and the complexity of ongoing compliance formalities. At worst, […]
Written by Steven Tennies on May 6, 2013 at 7:39 pm
Whether you already own a small business or are considering starting one, you may be curious about what your business entity options are and the pros and cons of each. In this article I’ll explore the sole proprietorship—what it is, how to form one, and its advantages and disadvantages. Sole proprietorship defined A sole proprietorship […]
Written by Steven Tennies on May 6, 2013 at 7:38 pm
Going into business can be a real challenge, especially when there’s more than one owner. In this article I’ll explore partnerships—what they are, how to form one, and their advantages and disadvantages. Partnership defined A partnership is a business structure owned by two or more persons who agree to carry on business together for a […]
Written by Steven Tennies on May 6, 2013 at 7:23 pm
Corporations are misunderstood and, as a result, misconceptions about them abound. Some entrepreneurs definitely benefit from incorporating while at least as many do not. For you to make an informed and intelligent decision as to whether or not you should incorporate and objectively evaluate what can and cannot be accomplished when you incorporate you must […]
Written by Steven Tennies on May 6, 2013 at 7:23 pm
The limited liability company or LLC is the new kid on the block and combines some of the most significant advantages of partnerships and corporations into one. The first LLC was formed in Wyoming in 1977. But LLCs caught on like wildfire due to the personal asset protection and tax flexibility they offered their owners. Limited […]
Written by Steven Tennies on May 6, 2013 at 7:20 pm
You’ve filed your company’s charter document, it’s been approved and sent back to you, and now your LLC or corporation is a reality. Even so, there are some very important tasks that still need to be completed in order to get your company off on the right foot and to keep it running smoothly. Some […]