article thumbnail

Exploring Tax Strategies For Small Businesses: Insights Inspired By Troy Renkemeyer’s Experiences

The Startup Magazine

Limited Liability Companies (LLCs) offer flexibility, allowing owners to choose between being taxed as a sole proprietor, partnership, or corporation, each with unique implications. Utilize digital tools and software for financial management to keep detailed logs of receipts, bank statements, and invoices.

article thumbnail

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

YoungUpstarts

Zyla, managing director of Acuitas, Inc., Hire professionals. 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! Anticipate disagreements.

Partner 208
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

13 Critical Small Business Legal Requirements to Start a Business

Up and Running

Partnership – Formed by two or more owners in agreement on how to start, manage and operate a business. Limited liability company (LLC) – A structure that combines the characteristics of both corporations and partnerships. It can even be part of the company organization and management team section of your business plan.

article thumbnail

Vlad Rigenco’s Tips for Launching a Successful Startup

The Startup Magazine

You may want to choose from sole proprietorships, partnerships, limited liability companies, or corporations. You will need to decide who is doing your books and come up with a strategy for managing your money. It is best to hire an accountant to help you handle these issues. Decide on an Accounting System.

article thumbnail

How to Start Your Own Successful Virtual Assistant Business

The Startup Magazine

Personal assistants are the people you should hire first. You can provide social media management and even digital marketing. These may include: Email management. Social media management. Calendar management. Project management. The best choice is to be a limited liability company or LLC.

article thumbnail

Intellectual Property 101

Up and Running

Initially, many startup businesses focus on creation and inception tasks: forming an entity, reserving a domain name, signing up for online accounting services or hiring an accountant, and, in some cases, consulting with a business lawyer. Simply put, properly identified and protected IP increases the financial value of your company.

article thumbnail

Effective Tips to Start Your Own Rubber Stamp Business

The Startup Magazine

You may opt for a sole proprietorship, partnership, corporation, or limited liability company. One day, another office manager is on the scene, and he has plans to turn your business around. Hire an accountant. The first step in planning your rubber stamp business is to figure out what kind of structure you need.