article thumbnail

13 Critical Small Business Legal Requirements to Start a Business

Up and Running

Not only do these requirements ensure that businesses operate within the law but it also protects small business owners and their consumers. . A small business is an independently owned and operated entity that engages in commercial activity and fulfills the set industry-specific size standards. What legally defines a small business?

article thumbnail

Why Startups Should Consider Hiring LLC Formation Services 

The Startup Magazine

One of the business structures you can consider when starting your business is the limited liability company (LLC). This structure combines the characteristics of both partnerships and corporations because it offers owners liability protection and some tax advantages. . You can partner with one to launch your startup.

LLC 114
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 Much Does it Cost to Form an LLC? A Guide For Startups

The Startup Magazine

If you are looking to set up a limited liability company using the least expensive method, you can take this route. Hiring a lawyer for LLC formation might be a better option in this case. Operating Agreement. Let us first have a look at the various options that you have to set up an LLC: DIY (Do It Yourself).

LLC 110
article thumbnail

The First 5 Steps To Starting Your Own Business

YoungUpstarts

You’re not going to know everything — that’s what you’ll hire the experts for. Incfile helps you easily compare and contrast the different business entity types , such as a limited liability company vs. an S Corporation vs. a nonprofit. Forming, owning, and operating a small business is unfortunately expensive.

article thumbnail

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

YoungUpstarts

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. Here are a few tips to ensure that you and your partners start out on the right foot.

Partner 173
article thumbnail

What is a Social Enterprise?

Up and Running

An excellent example of a social enterprise is The Empowerment Plan —an organization that hires people currently living in homeless shelters to create a combination winter coat, sleeping bag, and over-the-shoulder bag, which is then distributed to the homeless of Detroit free of charge. What does a social enterprise look like?

article thumbnail

What to Do If Your Accountant Makes an Error

Up and Running

But if an accountant makes an error or gives advice that has financial consequences for your business, it can create the sort of setback you were hoping to avoid by hiring a pro in the first place. As the business owner, you may incur liabilities or suffer losses that stem from an accountant’s negligence. Establishing a budget.