Choice of Entity

What is a “choice of entity”? It is a legal structure for your business. For example, sole proprietors, LLC, S and C corps are all choices for legal entities.

Taxation

First off, get yourself a program called Quick Books (available from the Barnes & Noble website via the GIF below), or something similar to help keep track of your business’s finances. We have found that these programs are an enormous… Read more

Bankruptcy

This is a very bare-bones description of what bankruptcy is and what you need to know about it. Frankly, if your business is in danger of heading into bankruptcy, you need to speak to a good lawyer who can give… Read more

C-Corp

There are different types of corporations, but the one nearly every entrepreneur is interested in is the general business corporation. Corporations are creations of state laws (or a foreign nation if you want to be exotic). The basic structure and… Read more

Partnerships

There are two types of partnerships, general and limited, each of which are discussed below. Like all other business entities, partnerships are a creation of state law. The majority of small business enterprises where there is more than one entity… Read more

Sole Proprietorship

A sole proprietorship is an individual (or married couple) who owns a business which is not otherwise incorporated or organized as a separate legal entity (i.e., there is no partnership, limited liability company, corporation, etc.). Putting it differently, sole proprietorships… Read more

S-Corp

An S-Corporation is a hybrid between partnerships and C-Corporations. S-Corps are formed much like a C-Corp and have a very similar structure. There are shareholders, by-laws, articles, stock, etc. just like a C-Corp. But the tax treatment of the S-Corp… Read more

LLC

Limited liability companies (“LLC”) were first allowed in 1977 when Wyoming passed a statute allowing their creation. Now every state and the District of Columbia allow business people to form LLCs. The main advantages to an LLC are the protection… Read more

Financial Records

By law, you must keep financial records which are reliable and provide an accurate view of your business. Internal Revenue Code Section 6001 requires businesses to keep records appropriate to their trade or business. The IRS has the right to… Read more

Fed/State/Local Tax

FEDERAL TAXES Most importantly, get an Federal Employer Identification Number from the IRS. Assuming that you are not planning on operating a sole proprietorship without employees, you need to send the IRS information about your business. Use IRS form SS-4…. Read more

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