Remove Distribution Remove Limited Liability Company Remove Operations Remove Partner
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 208
article thumbnail

What Kind Of Company Should You Create?

YoungUpstarts

Additionally, it will be important to consider whether you plan on attracting investment capital through the distribution of stock, because only certain types of businesses can issue shares of ownership. Limited Liability Company (LLC). S-Corporation. The S-corporation is a popular choice for solo business owners.

LLC 182
Insiders

Sign Up for our Newsletter

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

article thumbnail

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.

article thumbnail

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.

Dividend 157
article thumbnail

8 Steps to Starting Your Own Business

Up and Running

How will these affect day-to-day operations? 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.

article thumbnail

How To Close The Books on Your Startup

mashable.com

If you’ve been operating as a Corp, LLC, or Partnership, all business associates need to vote on closing the business. If no shares were issued, the Board of Directors must approve to dissolve the company. If you’ve been operating as an LLC, review the dissolution requirements in your state’s LLCA (Limited Liability Company Act).

LLC 68
article thumbnail

Starting Your Business The Right Way

YoungUpstarts

As the name suggests, you will be in charge of everything including finances, day-to-day operations, and liability if anything goes wrong. Another option for someone looking to control their own business is establishing a Limited Liability Company. Single Member LLC. Traditional corporation.