We really like the limited liability company (LLC) as a business format for small businesses. But how do you set up an LLC and then maintain it afterwards? What are the mechanics of it? This is what we’ll focus on, in this article. We’ll take you step-by-step through the process,… Read More »How to Set Up an LLC
If you have a side gig and are thinking of turning it into a “real” business, then people have probably suggested that you should run it as an LLC. So, what is a limited liability company (LLC)? Is it really as great as people say it is? Why, yes, the… Read More »What is a Limited Liability Company (LLC) and Why it’s Great for Small Businesses
So you want to form a partnership for your business. You’re sure about this even after reading the plusses and minuses of this business format. (Hint: We don’t like partnerships for small businesses. We think LLCs or S corporations are better.) Not a problem. Here’s our step-by-step guide on the… Read More »How To Form a Partnership
A lot of business lawyers cringe when a business owner calls a business associate a partner. That’s because partner has a very specific meaning under the law. When a business owner calls another a partner, they don’t usually mean the legal meaning. So…what is that legal meaning? What is a… Read More »What is a Partnership and Can We Talk You Out of It?
Some people call themselves freelancers. Others call themselves contractors. Under the law, they’re all probably sole proprietors. And in this gig economy, starting a sole proprietorship is on the rise. So how do you start a sole proprietorship? And once you set up a sole proprietorship, do you have to… Read More »Starting a Sole Proprietorship: The Easiest Way to Run Your Small Business
People usually don’t think of a side gig or an occasional contracting job as a real business. But they are. They are usually sole proprietorships. In the previous blog entry, we went over the four most popular types of business structures: the sole proprietorship, the partnership, the LLC, and the… Read More »How to Pick the Best Form of Business Structure for Your Small Business
So, you’re just starting your business, and you’re in the planning stages right now. You’ve looked at your idea critically. You know roughly how much it’ll cost to bring your vision to reality. You’ve even worked out a preliminary pricing model. So far, everything looks great. Why do you need… Read More »Why You Need a Business Exit Strategy
So you came up with an idea for a new business. You’ve thought it through and still think it’s a solid idea. You’ve even done some preliminary research and know roughly how much money you’ll need to get to the point of making that first sale. Next, you’ll need to… Read More »Pricing Model: What Will Make or Break Your New Business
So you have a fantastic idea for a new business. You’ve thought it through and still think it’s a solid one. Next, you’ll need to understand your startup costs. Of course, at this stage, you’re just making a best guess. Almost certainly, your guess will be wrong and will probably… Read More »How to Estimate Startup Costs for Your New Business
You just came up with a great business idea, and your gut tells you that you’ll get rich on it. Maybe you share the idea with your closest friends and family, but they don’t seem very enthusiastic. So how do you know you really have a great business idea? The… Read More »Is Your Business Idea Worth Billions or Is It a Dud?
