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Business Prenup: What To Do Before You Start A Company With A Partner

YoungUpstarts

Here are a few tips to ensure that you and your partners start out on the right foot. For example, an attorney can assist with issues concerning corporate formation (such as the pros and cons of corporations, limited liability companies and other structures) that may impact liability. Congratulations! Bankruptcy?

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4 Types Of Tax Structures For Your Business

The Startup Magazine

The Limited Liability Company (LLC) is a common business structure, but it exists according to state statute. However, if that individual is the only member of a domestic limited liability company (LLC), that individual is not a sole proprietor if they choose to treat their LLC as a corporation. Corporation.

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With New 21 Percent Corporate Tax Rate, S-Corps Are Taking A Second Look At C-Corp Status

YoungUpstarts

by Lance Christensen, Susan Jacobini Harrington, and James Graff, Partners at Margolin, Winer & Evens LLP. In fact, in crunching the numbers, our research reveals that commercial enterprises, such as manufacturers, distributors, and service companies, may actually end up with a larger tax liability after switching to C-Corp status.

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8 Steps to Starting Your Own Business

Up and Running

Limited Liability Company (LLC). Types of business plans: If you are simply creating a business plan in order to stimulate a discussion with potential partners and associates, you may want to consider opting for a “startup plan,” also known as a feasibility plan. Types of business formations include: Sole proprietorship.

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Startups And Owner’s Draws: The 411

Early Growth Financial Services

But sole proprietors, partners in a partnership, and members of a limited liability company are not paid wages because they are considered to be self-employed. Technically, an owner’s draw is a distribution from the owner’s equity account, an account that represents the owner’s investment in the business.

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How To Choose A Legal Structure For Your Business

The Startup Magazine

State statutes allow the formation of a limited liability company (LLC). A corporation is formed when prospective shareholders exchange money, property or both, for a share of the company’s capital stock. It exists to conduct business, earn profits (or losses), pay tax and distribute dividends to its shareholders.

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How To Choose The Best Legal Structure For Your Business

The Startup Magazine

On the other hand, a limited partnership has distributed responsibilities, with one or more individuals running the company and the others contributing in some way, either financially or through their skills or knowledge. Limited Liability Company.