Choosing the right entity structure for your business isn’t always as simple as it should be. You want to protect yourself against liability, but you also want to have the tax protections you need. Looking at the different options, you’re not sure which is right for you. You’re not alone in this confusion. Many people find it complicated to choose the right entity structure. To set your business in motion, you will need to register it with the state. Prior to that, you have to come up with the correct business entity. There are legal and tax considerations to think about as well as the personal needs you have…

If you don’t want to run your company alone, one of the most important steps in forming your new business is finding the right business partner. The person you choose has a big impact on your life and the success or failure of your company. This is not an area where you afford to make a mistake…

Once a contract is signed, the parties aren’t free to pick and choose which of the terms they want to uphold. Everything in that contract is a requirement, and the failure to meet its terms is considered a breach. But not all contract breaches are the same. Some breaches are so minor that they’re basically immaterial and not a cause for legal action. Other breaches can be so serious, or material, that they relieve you of your obligations in return or lead to litigation…

When you start a business, one thing is true: There is a risk that someone could file a lawsuit against you. It might be a customer who is angry about an order or a third-party contractor who wasn’t happy with a contract. Regardless of who it is, the reality is that you could be the one who faces trouble. The risk of a lawsuit is why it’s so important to choose the right kind of entity structure. The choice you make determines much about your business, from how you pay taxes to who is held liable in the case of a lawsuit. You have multiple choices, so it can be confusing…

You have to do what you can to protect your business. Contracts are one way that you can do this because these documents set forth a written set of terms that governs all of your interactions. Your contracts need to be as detailed as possible so that both parties know their responsibilities and what happens if they don’t uphold them…

When starting a new business, you’re staffed with the responsibility of making a variety of important decisions. Before you ever open your doors to the public, it’s critical to choose the appropriate business structure. While you have many options to consider, a limited liability company (LLC) is among the best…

Regardless of whether business owners or CEOs are approaching retirement age or have many years left in their careers, creating a succession plan for their business can never come too soon. Unexpected events can happen at any time, and a succession plan helps a company avoid chaos and confusion that can happen when change occurs suddenly. The critical considerations for any succession plan are: Who will you choose to take over? And how will you best prepare them for their new role? Those questions may sound simple, but they could be the most important ones you can ask for your company…

If you are launching a business, you need to determine the ideal structure for success. You’ve drawn up a business plan, so now it’s time to figure out the best classification for the business. Several factors go into this decision, such as the number of owners, the industry, management and operational plan, and tax structure. Once you establish those significant factors, you may decide a limited liability corporation or LLC is the best option for you and your business partners. Executives managing a traditional corporation must comply with a wide range of corporate governance requirements, record keeping and paperwork. An LLC can be flexible and agile compared to other options such as a corporation, S-corporation, general partnership or sole proprietorship…

Before you and your partner start up your new business, you should consider creating a partnership agreement. A partnership agreement can be a useful tool to prevent unnecessary turbulence for your business by setting out plans for how to navigate various situations that may arise. It can also be helpful in avoiding miscommunication between you and your partner. Partnership agreements can be complicated because they aim to cover such a wide variety of possible situations. However, most partnership agreements should cover what is expected of each partner, how the profits and losses will be distributed, how ownership of the business could be affected by certain scenarios and what the protocol is for resolving disputes…