Drafting an Effective Operating Agreement

While many states do not require you to have an operating agreement you will be far better off in the long run if you draft and adopt one. An operating agreement is an agreement between the owners (members) of a limited liability company that governs the company and...

How to Handle Ongoing Compliance Tasks

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...

Where Should I Form My LLC or Corporation?

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...

Choosing a Name for Your Business

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...

What is a Registered Agent?

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...

What is a Sole Proprietorship?

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...

What is a Partnership?

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...

What is a Corporation?

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...

Completing Post Formation Tasks

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...