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.

article thumbnail

How to Put Personal Money into Your Startup In 6 Steps

The Startup Magazine

It is estimated that at least 80% of all startups rely on personal funds from their founders for operations, albeit in their formative stages. A limited liability company status, for instance, will protect you from your business’s legal hurdles and their costs too. Bootstrapping is a common way to fund a prospect.

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

Limited liability company (LLC) – A structure that combines the characteristics of both corporations and partnerships. It protects owners from their debts or liabilities, and each owner has to include a share of the profits/losses in their personal tax returns. Develop a founders agreement.

article thumbnail

Corporation or LLC? Business Organizations for Tech Startups.

YoungUpstarts

One of the first actions you will take with your startup is to organize your company a separate legal entity to protect yourself from personal liability for the company’s debts. In the tech startup context, you’ll typically choose between a Corporation and a Limited Liability Company (“LLC”).

LLC 100
article thumbnail

Even Social Entrepreneurs Need Profit to Meet Goals

Startup Professionals Musings

Obviously all founders wants to minimize their taxes, yet the initial setup for non-profits is bureaucratic, takes up to two years of time, and costs thousands. For comparison, I was able to set up a simple for-profit Limited Liability Company (LLC) in a month for less than $100.

article thumbnail

What is a Social Enterprise?

Up and Running

For-Profit Entities: L3Cs, or Low-Profit Limited Liability Company. L3Cs, or Low-Profit Limited Liability Companies, are one form of legal structure in the U.S. An L3C is a variation on an LLC, essentially a hybrid form of a nonprofit and for-profit company. . that social enterprises can take.

article thumbnail

Vlad Rigenco’s Tips for Launching a Successful Startup

The Startup Magazine

According to Founder and CEO of Dood Inc., You may want to choose from sole proprietorships, partnerships, limited liability companies, or corporations. You must be highly competitive to succeed in this area, and you will need to push yourself to be better than the other businesses in your category.

Startup 81