What’s the Difference Between an S Corporation and a C Corporation?

What’s the Difference Between an S Corporation and a C Corporation?

To understand the difference between an S Corporation and a C Corporation, let’s first discuss how corporations are formed.  All corporations are formed under state law.  When one files her articles of incorporation with the state, she does not mark a box for S Corporation or C Corporation. The “S” and “C” are tax designations.  […]

Can I incorporate my business myself?

Can I incorporate my business myself?

I am often asked by new business owners whether they can “just form the business entity themselves.”  It is a common question because new business owners operate on tight budgets and want to save money wherever they can. The two alternatives for using a lawyer are non-lawyer filing services (the ones that’ll do it for […]

Do I Need to Register My Business Federally?

Do I Need to Register My Business Federally?

There is a common misconception that when setting up a business entity one should “register her business federally” first.  Before we get into the nitty gritty of that, let’s discuss terminology. There is no such thing as “registering your business federally.”  When people use this phrase, they are often referring to the process of applying […]

Why Nonprofits Can and Should Make a Profit

Why Nonprofits Can and Should Make a Profit

A common misconception is that non-profit means the company doesn’t make a profit.   On the contrary, non-profits can and often do make a LOT of money.  And they’re not prohibited from doing so. A non-profit (sometimes called not-for-profit) differs from a for-profit corporation because non-profits don’t have owners.  That’s right, no one owns a non-profit.  […]

Your Burning Question About Corporate Directors & Officers

Your Burning Question About Corporate Directors & Officers

You’ve finally taken the leap and decided to turn your idea into an official business.  It’s just you or you and one other person.  You’ve decided to form a corporation rather than an LLC or other entity.  (I hope you discussed this with an attorney)  In any event, you’re filling out the paperwork yourself. You […]

Should A Solo Entrepreneur Form A Business Entity?

Should A Solo Entrepreneur Form A Business Entity?

Anytime someone approaches me about business formation and the business has multiple owners, I always advise that they should form a business entity.  The question of which entity to form is far more complicated, but that they should form one is a no-brainer. If multiple people are operating a business, they are considered a general partnership […]

Business Law Basics: How To Form an LLC (or Corporation)

Business Law Basics: How To Form an LLC (or Corporation)

You’ve seen the commercials on TV and the ads in your Facebook feed about how easy it is to form an LLC or corporation.  You just pay the service provider $XX.95 and you’ll be in business.  Well, that’s true and not true. Yes, it is very easy to form a business entity.  Kind of like, […]

3 Non-Tax Reasons To Form A Business Entity

3 Non-Tax Reasons To Form A Business Entity

For most people, tax concerns are the main reason they discuss business formation with a lawyer. Tax considerations are important, but other issues should also be at the forefront of a new business owner’s mind. Protecting your personal assets, understanding your contributions to the business and your authority within the business, and the specific rules […]

Business Law Basics: Are You Incorporating Your Business? Or Are You Doing Something Else?

Business Law Basics: Are You Incorporating Your Business? Or Are You Doing Something Else?

Do you know what LLC stands for?  Does the “C” stand for Corporation or Company? Can you incorporate a partnership?  We’ll answer all these questions and discuss some basic vocabulary for business entities. To be a savvy business owner, it is important to know what kind of business you have and the distinctions that make […]