When you come up with an amazing idea for a new product, service, or anything else really, it’s a very exciting time. Having your very own startup is probably the most exciting time of your life. So, it’s easy to get carried away and start your business without any of your legal needs being fulfilled.
As a private business owner, you know that every major decision required careful thought and preparation; and what bigger decision is there than deciding to sell your business? To sell your business is not as simple as putting up a for-sale sign. There are lots of things you need to take into consideration, and many steps to prepare.
Business owners who have other partners, members, or shareholders need to consider what will happen to their ownership interest on retirement, death, divorce, or permanent disability. The same is true for co-owners of major investment assets such as real estate held in a corporation, limited liability company, or partnership.
One of the biggest advantages to incorporating a business is the Owners enjoy protection from being held personally responsible for the debts and liabilities of the corporation. A “Corporate Veil” is created between the Owner’s personal assets and […]
The limitations of sole proprietorships.
Many small business owners launch their companies as sole proprietorships. This means that you and your business are essentially one and the same. This also means that your assets and those of the business are also one and the same and […]
Many small business owners launch their companies as sole proprietorships in which they and their businesses are essentially one and the same. However, changing the format of a small business to a corporation can offer personal protection in case debts or […]