article thumbnail

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?

Partner 162
article thumbnail

Why Entrepreneurs Must Learn to Love Paperwork  

The Startup Magazine

There will be plenty of it early and often during your entrepreneurial journey, but rather than look at it as a headache you should consider the many ways in which it will help protect you, your family, and the company as a whole. Personal asset liability protection is not ironclad. You must abide by your operating agreement.

Insiders

Sign Up for our Newsletter

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

article thumbnail

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.

article thumbnail

How Stay-at-Home Parents Can Start a Non-Ecommerce Business

Women Entrepreneurs Can

For example, if your specialization is in art or tutoring, then it may make sense for you to partner with other specialists in your area and share ad space in local publications and directories like Yelp to draw more customers. There are three basic types of structures: sole proprietorship, limited liability company, and corporation.

article thumbnail

How to Put Personal Money into Your Startup In 6 Steps

The Startup Magazine

A limited liability company status, for instance, will protect you from your business’s legal hurdles and their costs too. Stockholders equity, which means that if your startup flourishes and more contributors and partners want a piece of it in terms of shares, your investment will be clearly highlighted.

article thumbnail

Why Startups Should Consider Hiring LLC Formation Services 

The Startup Magazine

This is important, especially since your choice will impact things like what is the extent of your personal liability, how will you pay taxes, and how much is your share of profits. . One of the business structures you can consider when starting your business is the limited liability company (LLC). To Save Money.

LLC 113
article thumbnail

How to Start a Business With a Criminal Record

The Startup Magazine

Partner Up. If you’ve decided on a business idea, you may need to consider having a partner. A partner comes in handy, especially when you’re looking for funding. You might not qualify for some loans and business grants because of your record, but your partner might. . Website Designer. Information Marketer.