The 3 Biggest Mistakes Entrepreneurs Make When Forming an LLC

Forming an LLC is actually a fairly simple and affordable process, and it really makes sense for many small business owners. However, there are some pitfalls to watch out for if you’ve never done this kind of thing before. Here are 3 common mistakes that are made involving LLC formation. #1 Not Understanding the Online Form It seems like a very straightforward process to fill out the online form and start your LLC. However, when someone with limited legal knowledge

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The Importance of Maintaining Your Company’s Corporate Status

If you have incorporated your small business, then you no doubt understand many of the benefits that come with maintaining corporate status. For example: Your business and personal assets are kept separate Various corporate structures have different tax benefits Corporations can take additional expenses as deductions Adds credibility to your business However, it is important to maintain your corporate status once you have it. Otherwise, those benefits go away in a hurry. Maintaining the Right Corporate Records Keeping the books

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What Does Consideration Mean in a Business Contract?

Business contracts can be complicated for a small business owner, even when it comes to things like terminology. For example, in everyday speech, the word consideration means that you are giving something careful though. However, in business, it has a very different connotation, especially when it comes to business contracts. Let’s discuss the legal definition of consideration and why it is a good idea to have a business lawyer help draft or at least review your business agreements before you

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5 Things That Could Get Your Trademark Application Rejected

Trademarks are an important part of a business. You want your company to stand out as unique. That includes not only the name of the business but also your unique logo. As a result, it’s a good idea to trademark some of your branding content. However, this isn’t always as straightforward as it sounds. Just ask the latest NHL team. ESPN recently reported on a trademark denial by the US Patent and Trademark Office in response to an application from

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How Does Getting a Patent Work?

Have you finally come up with that great idea that is going to make you wealthy? Maybe you have developed some proprietary software for your business, or you developed a superior way to perform a service that gives you a leg up on your competitors. We’re going to discuss when you need to get a patent and what is involved in the process. When It Is Time to Apply for a Patent While you don’t want to rush ahead and

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Is It Possible to Split from My Business Partner?

A partnership can sometimes be one of the trickiest business formations. After all, no matter how similar your vision for the future of the company, no two people will ever have the exact same ideas on how to get there. Consider the following scenarios where two people may want to get out of a business partnership. Creative Differences – You each want to take the business in a different direction Personal Differences – A couple who are business partners may

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How Difficult Is It to Fire an Employee from a Corporation or LLC?

If you are a small business owner, even if you are operating the company as an LLC or another corporation type, you realise the importance of hiring quality employees who will increase business profits. If you have a problem employee who just doesn’t fit in with your business model, how difficult is it to let him or her go? Here are three things you need to know. California Is an At Will State In California, employees are hired at will.

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Why You Should Consider Making Your Business an LLC

If you are starting up a new business, you probably realize that you have a number of options as far as how to organize the company. We’re going to take a closer look at an LLC, and why it may be a good option for your enterprise. What Is an LLC? LLC stands for limited liability company. This is a legal structure for a business that allows owners to serve as members. It can help to protect the personal assets

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Finding the Right Business Attorney for Your New Startup

A business attorney can be an invaluable asset for a new startup that is just getting on its feet. However, it is, unfortunately, easy to get burned by expensive legal fees if you don’t select your lawyer carefully. Here are a few things to think about when choosing a small business lawyer. Don’t Wait for a Lawsuit One mistake small business owners make when it comes to hiring a business attorney is only doing so if a lawsuit comes about.

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3 Reasons You Need to Consider Trademarking Your Logo and Company Name

Perhaps you are running a small, local business and never intend to turn it into a global corporation. Does that mean you should forget about trademarks? Absolutely not! Trademarks are beneficial for businesses of any size. Here are a few reasons why. #1 Trademarks Constitute a Company Asset If you ever sell your business, your reputation should be part of the overall value. Even small businesses can build a great reputation in the community. If you ever sell your business,

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