Which type of business entity is better?
Each entity has its advantages and disadvantages, so which entity to choose depends on what the company intends to do.
What is a non-profit corporation?
A nonprofit corporation is a corporation that is formed pursuant to a different law than a standard for-profit corporation. The corporation must be formed for a religious, charitable, educational, literary,…
What is Limited Liability Company (LLC)?
An LLC is an entity that combines features of partnerships and corporations. It combines the advantages of limited liability (like a corporation) with the pass-through taxation and structural flexibility of…
Why do businesses incorporate?
Businesses incorporate primarily for protection: protection of the owners of the company from the liabilities of the business. Both corporations and limited liability companies legally separate the owners/investors of a…
What are the main types of companies/entities?
Although there are several types of companies, the most commonly-used types are corporations and limited liability companies.
What do I need to know in order to set up a new company?
• What will the company do? There are some activities that require a license (such as medicine, dentistry or architecture) or special permission (banking, insurance, aviation) before it can be…
What are the biggest mistakes made by startup entrepreneurs?
• Not starting with enough capital. • Thinking that success will come quickly. • Not carefully budgeting. • Not focusing on the quality of the product or service. • Underestimating…
How can I come up with a great name for my business?
Do a Google search to see what is already taken, and that will eliminate 95% of your choices. Make it easy to spell. Make it interesting. Don’t pick a nonsensical…
How much should I capitalize my business with at the beginning?
As much as you can reasonably afford, and in an amount to at least carry you for 6-9 months with no income. What you will find is that it always…
Do I need a lawyer to start a business?
No. If it’s a simple business with one owner, as you can incorporate through online services. However, it’s usually a good idea to have an experienced business lawyer on your…