When it comes to protecting your hard-earned money and property, it is important that you have the right plan, which can include a number of tools for your unique situation. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property. What ...
The nature of work is changing. Gone are the days when employees stayed with one company for decades. Today's workers tend to change jobs every few years. Many favor working from home over going to an office. And a growing workforce contingent is foregoing an employer-employee relationship in fav...
When forming your business, you may choose to structure it as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each type of structure offers different levels of asset protection and affects how much you pay in taxes. But owners can exert further control over th...
Creating a personal brand can be a way to establish an authentic image and stand out from the crowd. For most people, personal branding is a communications strategy rather than a career path. A carefully cultivated personal brand lets people know at a glance who we are, what we stand for, and the...
Standing out in today's crowded digital marketplace requires business owners to think creatively about brands. Customer attention is a limited commodity that all brands compete for. But there may be opportunities to partner with other brands to gain consumer attention and loyalty. Brand collabor...
Starting a limited liability company (LLC) takes a lot of work. Before you serve your first customer or fulfill your first order, it is important to complete the initial business formation process. Although starting a business is a significant achievement, small business owners cannot coast on p...
One would assume that celebrities with extreme wealth would take steps to protect their estates. But think again: some of the world's richest and most famous people enter the pearly gates with no estate plan, while others have made estate planning mistakes that tied up their fortunes and heirs in...
Some entrepreneurs love the challenge of starting a new business and creating everything from scratch. However, that may not be the best approach for everyone. Buying an existing business can eliminate the initial legwork of establishing a customer base, training employees, and securing start-up ...
Trusts and limited liability companies (LLCs) are both legal vehicles that can be used to manage and protect assets, minimize taxation, and avoid probate. Whether a trust or an LLC is a better choice may depend on the type of asset, but you do not necessarily have to choose between the two. In f...
An involuntary transfer of an LLC membership interest is just that—a transfer prompted by a creditor action or the occurrence of a triggering event outside of the member's control. An individual or entity obtaining a membership interest as a result of an involuntary transfer usually cannot fully ...
Short-term rentals are nothing new. For decades, homeowners have been renting out their properties in touristy areas to earn income. But with the advent of platforms such as Airbnb and VRBO, there has been an explosion in short-term rentals, including many in areas that were not previously consid...
Small business owners are no strangers to risk management. Owning and operating a small business entails a certain level of unpredictability. Despite your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unexpected issues can knock you for a l...
An LLC affords its members a certain amount of personal asset protection. Part of this protection hinges on the restricted transferability of LLC membership interests. Restricted transferability protects the non-transferring members from creditors and unwelcome new members, which upholds the int...
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business trusts offer several potentia...
Say you are a member of an LLC. You own membership interests in the LLC. But what if you want to leave the LLC? What if you get a divorce? What if you have creditors seeking immediate repayment? What can you do with your membership interests? The answer depends on how transferable those membershi...
You may have done your homework and weighed your options. Perhaps you've even considered the tax and non-tax implications for common business entities. We bet you're also intrigued by the protections certain business entities afford their owners. The “corporate veil” that protects personal asset...
When setting up your business, one of the most significant decisions you will make is which type of entity to form. If you have settled on forming a limited liability company (LLC), you must also choose the type of management structure it will have. LLCs can be member-managed or manager-managed....
We protect what we value most with insurance. Car insurance and home insurance ensure that we can financially survive a major property loss. Life insurance pays money to beneficiaries after a death, acting as a financial lifeline to the deceased's loved ones. Business insurance is a hedge against...
Operating your business without a business plan is like going to the grocery store hungry and without a list. You end up with a lot more than you need—a lot more than you even want—in your cart. And you've likely upset your budget for the week. A few such carefree adventures and your budget is...
Small business owners put their blood, sweat, and tears into ensuring the success of their company, which, though difficult to measure, are no less valuable than capital contributions. At the same time, if you are investing your time and energy into a limited liability company (LLC), you should e...
The limited liability company (LLC) is a popular business structure that offers liability protection and avoidance of double taxation. Trusts are popular asset transfer vehicles that allow you to avoid probate and keep assets out of the hands of creditors. By placing LLC membership interests in a...
As a small business owner who puts in long hours to build your enterprise, it can sometimes feel like there is no separation between your personal and professional lives. You are probably willing to make this sacrifice to build a company that reflects your values and vision. But without a compreh...
In theory, a limited liability company (LLC) can last in perpetuity. However, the owners of an LLC should plan for the day when they are no longer there to run their business. This includes not only situations like retirement or career change, but also a decidedly grimmer scenario: death.While de...
Getting your business off the ground can be challenging in many ways. But perhaps the most challenging aspect of launching a startup involves funding your business in the early stages.Getting the cash flowing and keeping it flowing is the lifeblood of your operation. Without cash flow, you can't ...
Many business owners structure their business as a limited liability company (LLC) because like corporations, LLCs offer personal liability protection for their owners. But unlike corporations, LLCs are not required to adhere to many of the same burdensome corporate formalities required of corpor...