Archive for November, 2007
Who runs the LLC?
If there are many members of an LLC, a limited number of people can be chosen to actually run the LLC for the members. They are the managers. The managers can be, but do not have to be, members of the LLC. The managers can be set up to resemble a board of directors if [...]
How is an LLC created?
After submitting Articles of Organization to the Secretary of State’s office, the members enter into a written agreement, called the “Operating Agreement,” about how the LLC will be run, who is in charge of running it, how profits will be divided up, etc. If there is no operating agreement, then the “default” rules for running [...]
What are the specific qualities of an LLC?
As discussed previously, the LLC is advantageous for small businesses becasue it combines the limited personal liability feature of a corporation with the tax advantages of a partnership and sole proprietorship. Profits and losses can be passed through the company to its members or the LLC can elect to be taxed like a corporation. LLCs [...]
What are the qualities of the "simpler" business organization - sole proprietorships and partnerships?
The sole proprietorship is a simple, informal structure that is inexpensive to form; it is usually owned by a single person or a marital community. The owner operates the business, is personally liable for all business debts, can freely transfer all or part of the business, and can report profit or loss on personal income [...]
Do I need a written contract for a small project?
Of course the answer to this question is…. it depends. The benefit of a written agreement is clarity, as its job as a legal matter is to define the duties of the parties, establish the consideration to be “paid” by each party to the other, and set forth remedies in the event either party [...]
What type of business should I be?
One of the first decisions that you will have to make as a business owner is how the company should be structured. This decision will have long-term implications, so you are strongly encouraged to consult with an accountant and attorney to help you select the form of ownership that is right for you.
Organization of a [...]
Do you have product or service to sell to the federal government?
Many business owners are interested in selling to the federal government, however this endeavor can be overwhelming. Before you invest time, talent and expenses on pursuing
federal government businesses there are several issues to consider in determining your eligibility.
As a federal contractor, the government requires the following information:
Are you eligible under the laws and regulations to [...]
