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What Is the Difference Between a Partner & a Shareholder?
Opening a business involves making an important operating decision about registering the firm's legal status for federal and state tax purposes. The most common types of business structuring include...
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Sole Proprietorship Vs. Limited Liability Company
The structure you choose for your business can have important consequences. The taxes you pay, the reports you must make and the protection your personal assets have from business debts and liabilities...
View ArticleLimited Liability Company Tax Classifications
The way you set up your business has important legal and tax consequences. Traditionally, state law and the Internal Revenue Code recognized sole proprietorship, partnership and corporation as...
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Characteristics of a Public Company
A public company, sometimes called a publicly traded company or publicly held company, is a limited liability business that offers stock, bonds or loans to the public. These offerings, called...
View ArticleManagement Structures in a Limited Liability Company
When you decide to set up a new business as a limited liability company, you benefit from a legal structure that gives you and your partners, known as members, great flexibility in running the company....
View ArticleLimited Vs. Unlimited Liability Companies
Liability should be a critical concern for any small business owner, as it refers to how much personal responsibility a business owner has for any debts racked up by the business. If you have unlimited...
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How to Operate a Business As a Single-Member Limited Liability Company
A limited liability company is a hybrid form of business ownership that combines the liability-protection benefits of corporations with the private ownership of partnerships or sole proprietorships....
View ArticleDoes a Non-Member Have Power to Sign on Behalf of a Limited Liability Company?
Usually, any member of a limited liability company has the power to sign a contract or a purchasing agreement on the company's behalf. If the contract is legal, it binds all the members, not just the...
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What Is Considered Unearned Service Revenue?
Service companies that use the accrual method of accounting will periodically have to book unearned service revenue. Unearned revenue, also known as deferred revenue, is created when a customer pays...
View ArticleWhat Is the Meaning of the Phrase "Net Operating Loss Carry-Over"?
When operating a small business, you may report a net operating loss, or NOL, on your tax return -- meaning total revenue is less than your deductible business expenses. The Internal Revenue Service...
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What Is Better: an LLC, C Corp, or an S Corp for an Architect?
An architect’s choice of the best legal structure for her company depends on many things, including the ease of formation, documentation, desire for investors, state licensing and statutory...
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Does the Percentage of Interest That a Husband & Wife Own in a Limited...
The ownership interests held by you and your spouse -- by any shareholder -- are critical for retaining certain prerogatives of control over a limited liability company. A shareholder holding 50.1...
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Short Summary of a Director of a Limited Liability Company
In a limited liability company, or LLC, the company is controlled by the managing members, who are often the founders and serve in the same capacity as would a board of directors. The LLC's operating...
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What Kind of Financial Reports Would a New Company Have?
Financial reports for a new business mainly portray potential rather than track record. Because a new business has little or no financial history, its statements will show the assets available going...
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Two General Approaches to Structuring a Company
When you start a business, if you do not formally file papers to set up a structure, you automatically own either a sole proprietorship or a partnership. These simple structures offer you no protection...
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How to Choose Between a Solo 401(k) and a SIMPLE IRA
A solo 401(k) and a SIMPLE IRA are both tax-deferred retirement plans and require an employer's sponsorship. A solo 401(k) is a traditional 401(k) plan, except that it covers only one employee -- the...
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What Is the Difference Between a Limited Liability Company & a Limited...
The type of business you operate plays a role in whether you should form a limited liability company or a limited liability partnership. Each of these business entities is easy to set up by filing...
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How to Fill Out a W-9 if You're a Private Contractor
As a small-business owner, if you contract to perform services, you must fill out a Form W-9 for each person with whom you contract even if it's temporary. Your client will use this form when...
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Definition of Memorandum of Association
A Memorandum of Association is a legal document used by private companies in the UK and other countries to define its relationship with shareholders. The MOA is public and describes the company’s name,...
View ArticleHow to Apply to Become a Limited Liability Company
One of the main advantages of a limited liability company (LLC) is that owners are only responsible for the debt of the company up to the extent of their investment. The ease and protection that they...
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