My answer is very clear – NO. Given the very low costs to form a limited liability company or a corporation, and the relative ease of maintaining one of those entities, it just NEVER makes sense to operate a business without one. If you operate a business as a sole proprietor, you are 100% personally [...]
Taxes are such an important part of any business because it applies to everyone and it has a real affect on the bottom line. At then end of the day, what matters is not what you make but what you get to keep. All business, regardless of its legal structure or its tax classification, generates [...]
One really important step when starting a small business is coming up with a name for your company. There are two main areas of law to concern yourself about. The first is business organizations law. Whether you plan on using a limited liability company or a corporation, the name you use must be available for [...]
This current economy is just devastating. While the Wall Street Journal contains story after story of the problems of large corporations, the small business market is also getting hit. I have clients and business colleagues whose sales are down over 75% and who are facing major cash flow problems. In my view, tough times are [...]
A busy entrepreneur gets so engrossed in trying to handle all the different things that are required when starting and operating a business. One major mistake of many first time entrepreneurs is that they sign contracts left and right without ever looking at them. This can be a fatal mistake in business. I understand that [...]
It amazes me that business owners still ponder over whether to run their businesses as a sole proprietor as opposed to using an asset protection vehicle such as a corporation or a limited liability company. All you have to do is look at the small business lawsuit statistics in this country to know that the [...]
If there was only one tip I could give to business owners that will definitely reduce later problems, disputes and lawsuits, it would be to get every business deal and arrangement you strike IN WRITING. Memories fade and different people attach different interpretations to business arrangements. It is a fact of business that most plan [...]
I have worked with hundreds of entrepreneurs and probably over 30 extremely successful ones. In my years as a business lawyer, I have noticed something. First time entrepreneurs shy away from speaking with attorneys and the last thing they want to think about is business planning or even worse, business legal matters. On the other [...]