This document provides an overview of starting a business, including corporate filings, payroll taxes, and employees. It discusses the similarities and differences between LLCs and S-Corporations as business structures. It also outlines the key components of a business plan, such as the executive summary, company description, target market, and financial analysis. The document recommends having a business plan to serve as a roadmap and to provide investors with insight into the purpose and goals of the business.
Peter Blatt, J.D. LL.M. and principle of Blatt Financial Group and Blatt Legal, PLC in Palm Beach Gardens, FL, in partnership with SCORE Palm Beach delivered this presentation to small business owners on February 19th, 2012 at Keiser University in West Palm Beach
What to think about now to keep your legal house in order - Vator Splash Oakl...Vator
What to think about now to keep your legal house in order - Vator Splash Oakland - William Acevedo, (Attorney, Wendel Rosen Black & Dean LLP), Karen Balderama, (Attorney, Wendel Rosen Black & Dean)
Espindola Corporate types us ProcolombiaProColombia
There are several types of business entities in the US, each with different characteristics. A corporation has a separate legal existence from its owners and an S corporation passes corporate income through to shareholders. A limited liability company (LLC) is a hybrid structure that provides liability protection like a corporation. When starting a business, an entrepreneur must choose between forming a sole proprietorship, partnership, S corporation, C corporation or LLC, considering factors like taxation, liability, and ownership.
This document discusses the basics of business entity formation and outlines the key differences between LLCs, S Corporations, and C Corporations. It explains that an LLC provides liability protection while allowing pass-through taxation. An S Corp election provides tax benefits but has more complex filing requirements. A C Corp subjects business income to double taxation but may be preferable when raising investment capital. The author recommends consulting a lawyer when deciding on the optimal entity structure.
Canadian Incorporation - Nonprofit, Charity, etc.CareerSkills
Our volunteer prepared this presentation about options for incorporating our organization back in the early days. It includes requirements, legal and financial considerations, and a bit more info.
***We are not experts, this is our experience only, please do not consider this professional advice and please don't sue us if it's inaccurate and/or when you use it things don't turn out well!
Check out the "Legal Milestones" every startup and entrepreneur should know about. Whether you're just innovating around a new idea or creating a breakout brand headed toward an exit or acquisition, you need to plan for the milestones that create legal impact along your journey
California Incentives and Multi-State Tax Issues webinar slidesRoger Royse
An online discussion of various state tax issues for companies and individuals doing business in California. Our panelists cover recent developments in California income and sales tax, tax credits and incentives, multi-state tax issues for technology companies and state residency planning for individuals. Our panel of speakers includes:
Roger Royse, Royse Law Firm
Monika Miles, Miles Consulting Group
David Wittrock, Price, Wittrock CPA LLP
David Spence, Royse Law Firm
Peter Blatt, J.D. LL.M. and principle of Blatt Financial Group and Blatt Legal, PLC in Palm Beach Gardens, FL, in partnership with SCORE Palm Beach delivered this presentation to small business owners on February 19th, 2012 at Keiser University in West Palm Beach
What to think about now to keep your legal house in order - Vator Splash Oakl...Vator
What to think about now to keep your legal house in order - Vator Splash Oakland - William Acevedo, (Attorney, Wendel Rosen Black & Dean LLP), Karen Balderama, (Attorney, Wendel Rosen Black & Dean)
Espindola Corporate types us ProcolombiaProColombia
There are several types of business entities in the US, each with different characteristics. A corporation has a separate legal existence from its owners and an S corporation passes corporate income through to shareholders. A limited liability company (LLC) is a hybrid structure that provides liability protection like a corporation. When starting a business, an entrepreneur must choose between forming a sole proprietorship, partnership, S corporation, C corporation or LLC, considering factors like taxation, liability, and ownership.
This document discusses the basics of business entity formation and outlines the key differences between LLCs, S Corporations, and C Corporations. It explains that an LLC provides liability protection while allowing pass-through taxation. An S Corp election provides tax benefits but has more complex filing requirements. A C Corp subjects business income to double taxation but may be preferable when raising investment capital. The author recommends consulting a lawyer when deciding on the optimal entity structure.
Canadian Incorporation - Nonprofit, Charity, etc.CareerSkills
Our volunteer prepared this presentation about options for incorporating our organization back in the early days. It includes requirements, legal and financial considerations, and a bit more info.
***We are not experts, this is our experience only, please do not consider this professional advice and please don't sue us if it's inaccurate and/or when you use it things don't turn out well!
Check out the "Legal Milestones" every startup and entrepreneur should know about. Whether you're just innovating around a new idea or creating a breakout brand headed toward an exit or acquisition, you need to plan for the milestones that create legal impact along your journey
California Incentives and Multi-State Tax Issues webinar slidesRoger Royse
An online discussion of various state tax issues for companies and individuals doing business in California. Our panelists cover recent developments in California income and sales tax, tax credits and incentives, multi-state tax issues for technology companies and state residency planning for individuals. Our panel of speakers includes:
Roger Royse, Royse Law Firm
Monika Miles, Miles Consulting Group
David Wittrock, Price, Wittrock CPA LLP
David Spence, Royse Law Firm
The document discusses various direct tax and compliance considerations for startups in India. It defines startups and outlines the benefits available, such as income tax exemptions. It also covers key challenges faced by startups related to sustainability, funding, and regulations. Additionally, it examines the pros and cons of different initial entity structures like private companies, LLPs, and partnerships. It provides an overview of direct tax rates and compliance requirements related to TDS, GST, audit, and various labor and other laws.
What is the startup legal life cycle? How do startups raise funds at the seed stage? What are founders' dilemmas, and how do you solve these? What legal risks do startups face when developing technology (mobile and web apps etc.)? What is a startup lawyer? How to split equity in a startup? What has the law gotta do with it? Legal 101 for awesome startups and their founders.
Accomplished attorney with extensive experience in managing outside counsel. Expert in representing Fortune 500 and international companies in multibillion-dollar business, corporate, and tax-related transactions and dispute resolution. Excels in mergers and acquisitions, divestitures, reorganizations, and post-acquisition integration processes for a wide variety of international entities. Knowledgeable in private practice, business consulting, government, and academic matters
Fundamentals Of Business Legal Issues Grand Valleyguestb5a8b82
The document provides an overview of a training session on fundamental business legal issues. It outlines topics to be covered including different types of business entities, starting a business, contracts, employment law, real estate, and insurance. The agenda includes introductions and covers business entities, starting a business, business and employment issues, leasing property, and other legal considerations important for business owners.
This is one of presentations from the 2009-2010 Game Industry Start Up Workshop Series. The first workshop topic was "How to Form and Protect Your Business" and it took place on 9/15/09.
This workshop helps attendees understand the income taxation of trusts and estates, identify sources of taxable income, calculate distributable net income, and apply the Alternative Minimum Tax.
Presenter: David Spence, Jennifer Han, Allison Kroeker, and Li (Fiona) Xu of Royse Law Firm
2019 Greek Tech Finance Network Presentation on US Entity Structures: Legal, ...marathonvc
Our fast-growing startup community has oftentimes seen companies that start from Greece expand overseas to the point where most of their revenue originates from the United States.
Marathon hosted the Greek Tech Finance Network event with an agenda devoted to Greek startups entering the US, offering practical insights on US incorporation, tax and intellectual property matters.
India is the new start-up nation! With third highest start-ups launched in the world after US and UK in the year 2015. To build the investors’ confidence and brand reputation, to drive the top line growth and protect the bottom line, it’s imperative for any start-up to be ready! As startup our plan should focus all three aspects of a business i.e. Commercial, Financial and Compliance.
This document provides an overview of accounting for partnerships. It discusses the key characteristics of partnerships, including association of individuals, mutual agency, limited life, unlimited liability, and co-ownership of property. The document outlines the accounting entries for forming a partnership and dividing net income or loss among partners. It also describes how partnership financial statements are prepared and the effects of liquidating a partnership, including how gains or losses are allocated to partners.
This document discusses how to build a strong corporate structure to protect business owners. It emphasizes maintaining proper corporate formalities like separate bank accounts, corporate minutes and resolutions to prevent a judge from "piercing the corporate veil" and holding owners personally liable. Failure to document business decisions correctly risks losing personal assets if sued. Setting up the right entity like an S-Corp or LLC and taking tax deductions can help business owners achieve greater profit and wealth.
The document discusses different types of business entities including sole proprietorships, partnerships, C corporations, S corporations, limited liability companies, and non-profit organizations. It provides an overview of key characteristics of each such as tax treatment, liability, and ease of setup. Sole proprietorships are the simplest but provide no liability protection, while corporations provide more liability protection but are more complex to set up and operate. The best structure depends on factors like costs, liability risks, and tax implications for each business.
Jim Chester is a managing partner at Chester & Jeter LLP who represents entrepreneurs and knowledge-based companies. He identifies three critical and cost-effective legal solutions for entrepreneurs: 1) Forming an LLC, corporation or other legal entity to protect personal assets, 2) Obtaining USPTO trademark registration to prevent copycats and preserve new markets, and 3) Doing business succession and estate planning through documents like buy-sell agreements and wills to ensure a business's legacy. These solutions typically cost under $1,000 but can provide large returns on investment by protecting a business.
IAPD/IPRA Conference Soaring to New Heights presentation for Human Resource professionals. Topics include: HR Best Practices; Class Action and Retaliation; Recent Court Cases; and HR Stories from the front lines.
This document provides an overview of financing and tax options for small business owners presented by representatives from Insero & Company CPAs. It discusses analyzing the business prior to seeking financing, reviewing historical financials, determining the purpose of financing, and documents needed for the financing process. It also reviews balance sheets, income statements, debt service coverage ratios, and collateral coverage. Finally, it discusses various entity structures like sole proprietorships, C-corporations, S-corporations, LLCs, and partnerships and compares their key advantages and disadvantages.
How to start a new business and other legal considerations by Snell & Wilmer ...AnitaBell
This document summarizes a presentation by the law firm Snell & Wilmer L.L.P on legal considerations for starting a business. It discusses selecting the appropriate business entity, such as an LLC or corporation, to protect personal assets from business liabilities. It also covers how to properly form the business entity, capitalizing the business initially and raising future funding, complying with securities laws for any investments, bringing on business partners, and establishing basic legal agreements for operations. The overall aim is to educate business owners on steps to legally structure and establish a new venture.
Structuring Your Business from Startup Through Growthnextfab
Follow up slides from PENN LAW ENTREPRENEURSHIP LEGAL CLINIC AT NEXTFAB
http://nextfab.ticketleap.com/penn-law-entrepreneurial-legal-clinic-at-nextfab/details
The document discusses the tax treatment of compensation, known as "carried interest", received by managers of private equity firms like Bain Capital and The Carlyle Group. It notes that carried interest allows such compensation to be taxed at capital gains rates of 15-20% rather than standard income tax rates of 35%. The article provides details from Carlyle's disclosure showing that its top executives received over 90% of their $140 million compensation from investment profits taxed as carried interest. It concludes by discussing the ongoing debate around changing tax laws to reduce perceived inequities in the tax treatment of such private equity earnings.
This document provides an overview of different types of business entities and their related tax forms: sole proprietorships use Schedule C, partnerships and LLCs use Form 1065, S corporations use Form 1120S, and C corporations use Form 1120. It reviews key details to check on each tax form, and highlights sections of each form related to income, expenses, assets, liabilities, and net profit or loss. Financial ratios are also noted as important indicators.
Direct Oil and Gas Investing offers powerful tax deductions to investors. Up to 80% of the investment can be deducted in the year the investment is made as long as you use the proper investment strategy
This document provides an overview of considerations for forming a business entity. It discusses why to incorporate to limit personal liability and isolate assets. When choosing an entity, Delaware is typically recommended due to its developed corporate law and familiarity with investors. Costs to form an LLC or corporation in Delaware and New York are provided as an example. Other entity types like sole proprietorships, partnerships, and corporations are briefly outlined. Key documents needed to form an initial corporation are also summarized such as certificates of incorporation, bylaws, stock purchase agreements, and employment agreements. Intellectual property protection, insurance, and funding options are additionally touched on.
This document discusses various business formation options and legal structures for companies operating both domestically and internationally. It provides an overview of sole proprietorships, LLCs, LLPs, S-corps and C-corps as legal structures in the US. It also discusses considerations for incorporating in Delaware and outlines requirements for certificates of incorporation and bylaws. The document gives guidance on establishing operations in other countries and addresses international incorporation options.
The document discusses various direct tax and compliance considerations for startups in India. It defines startups and outlines the benefits available, such as income tax exemptions. It also covers key challenges faced by startups related to sustainability, funding, and regulations. Additionally, it examines the pros and cons of different initial entity structures like private companies, LLPs, and partnerships. It provides an overview of direct tax rates and compliance requirements related to TDS, GST, audit, and various labor and other laws.
What is the startup legal life cycle? How do startups raise funds at the seed stage? What are founders' dilemmas, and how do you solve these? What legal risks do startups face when developing technology (mobile and web apps etc.)? What is a startup lawyer? How to split equity in a startup? What has the law gotta do with it? Legal 101 for awesome startups and their founders.
Accomplished attorney with extensive experience in managing outside counsel. Expert in representing Fortune 500 and international companies in multibillion-dollar business, corporate, and tax-related transactions and dispute resolution. Excels in mergers and acquisitions, divestitures, reorganizations, and post-acquisition integration processes for a wide variety of international entities. Knowledgeable in private practice, business consulting, government, and academic matters
Fundamentals Of Business Legal Issues Grand Valleyguestb5a8b82
The document provides an overview of a training session on fundamental business legal issues. It outlines topics to be covered including different types of business entities, starting a business, contracts, employment law, real estate, and insurance. The agenda includes introductions and covers business entities, starting a business, business and employment issues, leasing property, and other legal considerations important for business owners.
This is one of presentations from the 2009-2010 Game Industry Start Up Workshop Series. The first workshop topic was "How to Form and Protect Your Business" and it took place on 9/15/09.
This workshop helps attendees understand the income taxation of trusts and estates, identify sources of taxable income, calculate distributable net income, and apply the Alternative Minimum Tax.
Presenter: David Spence, Jennifer Han, Allison Kroeker, and Li (Fiona) Xu of Royse Law Firm
2019 Greek Tech Finance Network Presentation on US Entity Structures: Legal, ...marathonvc
Our fast-growing startup community has oftentimes seen companies that start from Greece expand overseas to the point where most of their revenue originates from the United States.
Marathon hosted the Greek Tech Finance Network event with an agenda devoted to Greek startups entering the US, offering practical insights on US incorporation, tax and intellectual property matters.
India is the new start-up nation! With third highest start-ups launched in the world after US and UK in the year 2015. To build the investors’ confidence and brand reputation, to drive the top line growth and protect the bottom line, it’s imperative for any start-up to be ready! As startup our plan should focus all three aspects of a business i.e. Commercial, Financial and Compliance.
This document provides an overview of accounting for partnerships. It discusses the key characteristics of partnerships, including association of individuals, mutual agency, limited life, unlimited liability, and co-ownership of property. The document outlines the accounting entries for forming a partnership and dividing net income or loss among partners. It also describes how partnership financial statements are prepared and the effects of liquidating a partnership, including how gains or losses are allocated to partners.
This document discusses how to build a strong corporate structure to protect business owners. It emphasizes maintaining proper corporate formalities like separate bank accounts, corporate minutes and resolutions to prevent a judge from "piercing the corporate veil" and holding owners personally liable. Failure to document business decisions correctly risks losing personal assets if sued. Setting up the right entity like an S-Corp or LLC and taking tax deductions can help business owners achieve greater profit and wealth.
The document discusses different types of business entities including sole proprietorships, partnerships, C corporations, S corporations, limited liability companies, and non-profit organizations. It provides an overview of key characteristics of each such as tax treatment, liability, and ease of setup. Sole proprietorships are the simplest but provide no liability protection, while corporations provide more liability protection but are more complex to set up and operate. The best structure depends on factors like costs, liability risks, and tax implications for each business.
Jim Chester is a managing partner at Chester & Jeter LLP who represents entrepreneurs and knowledge-based companies. He identifies three critical and cost-effective legal solutions for entrepreneurs: 1) Forming an LLC, corporation or other legal entity to protect personal assets, 2) Obtaining USPTO trademark registration to prevent copycats and preserve new markets, and 3) Doing business succession and estate planning through documents like buy-sell agreements and wills to ensure a business's legacy. These solutions typically cost under $1,000 but can provide large returns on investment by protecting a business.
IAPD/IPRA Conference Soaring to New Heights presentation for Human Resource professionals. Topics include: HR Best Practices; Class Action and Retaliation; Recent Court Cases; and HR Stories from the front lines.
This document provides an overview of financing and tax options for small business owners presented by representatives from Insero & Company CPAs. It discusses analyzing the business prior to seeking financing, reviewing historical financials, determining the purpose of financing, and documents needed for the financing process. It also reviews balance sheets, income statements, debt service coverage ratios, and collateral coverage. Finally, it discusses various entity structures like sole proprietorships, C-corporations, S-corporations, LLCs, and partnerships and compares their key advantages and disadvantages.
How to start a new business and other legal considerations by Snell & Wilmer ...AnitaBell
This document summarizes a presentation by the law firm Snell & Wilmer L.L.P on legal considerations for starting a business. It discusses selecting the appropriate business entity, such as an LLC or corporation, to protect personal assets from business liabilities. It also covers how to properly form the business entity, capitalizing the business initially and raising future funding, complying with securities laws for any investments, bringing on business partners, and establishing basic legal agreements for operations. The overall aim is to educate business owners on steps to legally structure and establish a new venture.
Structuring Your Business from Startup Through Growthnextfab
Follow up slides from PENN LAW ENTREPRENEURSHIP LEGAL CLINIC AT NEXTFAB
http://nextfab.ticketleap.com/penn-law-entrepreneurial-legal-clinic-at-nextfab/details
The document discusses the tax treatment of compensation, known as "carried interest", received by managers of private equity firms like Bain Capital and The Carlyle Group. It notes that carried interest allows such compensation to be taxed at capital gains rates of 15-20% rather than standard income tax rates of 35%. The article provides details from Carlyle's disclosure showing that its top executives received over 90% of their $140 million compensation from investment profits taxed as carried interest. It concludes by discussing the ongoing debate around changing tax laws to reduce perceived inequities in the tax treatment of such private equity earnings.
This document provides an overview of different types of business entities and their related tax forms: sole proprietorships use Schedule C, partnerships and LLCs use Form 1065, S corporations use Form 1120S, and C corporations use Form 1120. It reviews key details to check on each tax form, and highlights sections of each form related to income, expenses, assets, liabilities, and net profit or loss. Financial ratios are also noted as important indicators.
Direct Oil and Gas Investing offers powerful tax deductions to investors. Up to 80% of the investment can be deducted in the year the investment is made as long as you use the proper investment strategy
This document provides an overview of considerations for forming a business entity. It discusses why to incorporate to limit personal liability and isolate assets. When choosing an entity, Delaware is typically recommended due to its developed corporate law and familiarity with investors. Costs to form an LLC or corporation in Delaware and New York are provided as an example. Other entity types like sole proprietorships, partnerships, and corporations are briefly outlined. Key documents needed to form an initial corporation are also summarized such as certificates of incorporation, bylaws, stock purchase agreements, and employment agreements. Intellectual property protection, insurance, and funding options are additionally touched on.
This document discusses various business formation options and legal structures for companies operating both domestically and internationally. It provides an overview of sole proprietorships, LLCs, LLPs, S-corps and C-corps as legal structures in the US. It also discusses considerations for incorporating in Delaware and outlines requirements for certificates of incorporation and bylaws. The document gives guidance on establishing operations in other countries and addresses international incorporation options.
Understand the various legal forms of a business and the opportunities and challenges associated with each form
http://frombootstobusiness.com/category/from-boots-to-business/business-legal-principles/
For a Step by Step guide on Forming your business
Legally forming your new business can be a daunting task especially with how confusing government websites are. Luckily, SmartUp has made an introductory workshop along with a step by step guide.
To access the guide please visit: https://www.smartuplegal.com/learn-center/entity-formation-step-by-step-guide-new-georgia-business/
This workshop focuses on:
-Forming a startup of your own
-Obtaining a job with an existing or startup company
-Embarking on a freelance career
Explain what to look for with each scenario:
-Existing employers: What you should know about employee or contractor agreements
-Freelancing: Good practices from a legal standpoint
-Own startup: What should be done first?
Explain what they can do themselves vs. when they should look for professional advice:
-Provide a list of things that you can do yourself, with links and instructions for each
You will leave this workshop feeling a lot more confident on how to move forward with your business.
The document provides information for businesses interested in working with the US government. It discusses the registration steps needed, including obtaining a DUNS number, selecting NAICS codes, and registering in the System for Award Management (SAM). It outlines the different types of government spending and contracting vehicles. It emphasizes the importance of networking and using resources like the Federal Business Opportunities website to learn about opportunities. The presentation aims to educate businesses on what is required to pursue and obtain government contracts.
How to Raise Seed Funding for Your Startup: Convertible Notes and SAFEsideatoipo
Seed financings enable a startup to put together its initial team, build a working prototype, and begin to test the market. Often these investments are made via convertible debt or SAFEs. Veteran Silicon Valley startup and corporate attorney Alidad Vakili will cover the following topics:
1. Required corporate structure
2. Legal considerations when pitching investors for seed financing
3. Differences between using convertible debt and SAFEs
4. Key terms and considerations when raising seed funding
5. Common mistakes and pitfalls that companies make when raising seed funding via convertible debt and SAFEs
6. How to close your seed financing
7. Important post-closing tasks
8. And much, much more
Come with your questions and get ready to be excited about seed financings!
About the Speaker
Alidad Vakili is an attorney in the Palo Alto office of Foley and Lardner, an international law firm. He regularly represents startup and emerging growth companies at every stage of the company lifecycle—from startup to liquidity. He frequently advises clients on a variety of strategic growth issues including venture capital and private equity financing, private offerings, joint ventures and M&A transactions. His work includes not only advising on major corporate milestones but also significant involvement in day-to-day operations and strategic business issues, such as formation, governance, and commercial agreements.
Legal Issues Presentation at Aging2.0 San Francisco Chapter- September 19, 2018Brittany Weinberg
This document summarizes key legal issues for start-up entrepreneurs. It discusses entity choice, noting that C-corps are taxed twice but allow preferred stock, while S-corps and LLCs avoid double taxation but cannot issue preferred stock. It recommends forming as a Delaware C-corp for its established corporate law and streamlined process. The document also covers fundraising options like preferred stock, convertible debt, and convertible equity, noting potential pitfalls like differing valuation caps. Finally, it introduces B-corps and benefit corporations as options that allow consideration of social and environmental impacts.
This document provides information on services from the Arkansas Small Business and Technology Development Center (ASBTDC) including training, research, consulting, and their website. It also discusses topics small businesses need to consider such as marketing, management, finances, business plans, funding, legal structures, taxes, record keeping, insurance, employment laws, and home-based business requirements. The ASBTDC offers classes, online training, sample business plans and market research, and one-on-one advisory consulting. Business owners need to evaluate their market, finances, operations and management, and develop a business plan when seeking funding.
This document summarizes key legal issues and considerations for startups. It discusses avoiding claims from prior employers to intellectual property created at a new company. It emphasizes the importance of proper documentation for equity ownership, loans, vesting schedules, and other founder agreements. It also covers vesting restrictions, tax planning choices around entity structure, protecting intellectual property, trade secret laws, and securities regulations. Throughout, it provides best practices and recommendations to help startups navigate common legal landmines.
The document provides information on forming a small business, including:
- Choosing an appropriate corporate form such as a sole proprietorship, partnership, C corporation, LLC, or PLLC/PLLP, considering factors like personal liability protection, taxation, and structure.
- Obtaining financing by selling equity privately to sophisticated investors or through personal loans and guarantees.
- The logistics of running the daily operations of a small business, which involves tasks like paying taxes, understanding labor laws, and using accounting software.
- Strategic considerations like partnering with others, obtaining mentors, and where to incorporate the business.
The document discusses various legal issues relevant to entrepreneurs, including selecting a business entity, employment law, intellectual property, and liability. It provides an overview of common business entities (e.g. sole proprietorship, LLC), important factors to consider when choosing a structure, and requirements and protections of intellectual property mechanisms (e.g. patents, trademarks, copyrights). The document also outlines key employment law considerations regarding hiring, discrimination, handbooks; as well as potential liability issues businesses may face.
10 faq for foreign companies establishing operations in the united statesEliot Norman
THese Frequently asked questions (FAQ) cover corporate formation, protection of Intellectual property, contracts, visas, taxes and more. A checklist of what you need to consider before setting up a company in the USA.
The document provides an overview of a training session on fundamental business legal issues. It outlines topics that will be covered including different types of business entities, starting a business, contracts, employment law, real estate, and insurance. The agenda includes introductions and covers business entities, starting a business, business and employment issues, leasing property, and other legal considerations important for business owners.
Robert Burke is a senior tax accountant at Wall, Einhorn & Chernitzer, P.C. who provides tax advice to a variety of clients. He graduated from Christopher Newport University with a Bachelor's degree in Business Administration and earned a Master's degree in Accounting from Old Dominion University.
This document summarizes a webinar on business entities and incorporations presented by Deborah Sweeney, CEO of MyCorporation.com. The webinar objectives are to understand different business entity types, their tax implications, and online filing options. Sweeney discusses various entity types including sole proprietorships, partnerships, corporations, LLCs and their characteristics and legal requirements. She compares S-Corporations and LLCs, provides an overview of incorporation processes and tax filings required, and pitches MyCorporation.com as providing an easy, reliable way to form and manage businesses online.
The document provides an overview of different business structures including sole proprietorships, partnerships, corporations, S-corporations, and limited liability companies. It discusses the key characteristics of each structure such as taxation, liability, and control. The document aims to help business owners choose the right structure for their needs and business by comparing the advantages and disadvantages of each option.
The document discusses different types of business entities including sole proprietorships, C-corporations, S-corporations, partnerships, and limited liability companies. It provides an overview of the legal and tax considerations for each entity type, such as formation requirements, tax treatment, advantages, and disadvantages. The document also includes examples analyzing reasonable compensation and partnership tax issues.
This document provides information on starting a business, including defining different business structures like sole proprietorships and corporations. It discusses things to consider like developing a business plan and registering the business with the necessary government agencies. The document also covers business taxes at both the federal and state level, describing various tax forms and estimated payment requirements. Overall, it serves as a guide for the legal and tax requirements for properly establishing and operating a business.
Similar to Palm Beach SCORE Presentation - Business 101: Starting Your Own Company (20)
Captain Kip Edwards operates a sport fishing charter called The Fighting Lady out of Sailfish Marina & Resort in Singer Island, Florida. The charter provides fishing trips for customers looking to enjoy the waters off the coast of Singer Island. Captain Kip Edwards has many years of experience guiding fishing trips in the area.
The document advertises a sport fishing charter called "The Fighting Lady" operated by Captain Kip Edwards out of Sailfish Marina & Resort in Singer Island, Florida. Captain Kip Edwards offers fishing charters aboard The Fighting Lady to catch a variety of fish including sailfish, dolphin, wahoo, and more in the waters off of Singer Island, Florida.
These materials were presented to guests at our January 2013 workshop dinner on the 29th, 30th, and 31st at Grimaldi's and Carmine's in Palm Beach Gardens.
Blatt Financial Group was in attendance at the annual event, as Peter Blatt chairs the Investment Committee for the Arthur I. Meyer Jewish Academy, the host of the luncheon.
Blatt Financial Group hosts 138th Annual Kentucky Derby Party!
Palm Beach SCORE Presentation - Business 101: Starting Your Own Company
1. Blattfg.com
BUSINESS 101
Starting Your Own Business from Soup to Nuts
PRESENTED FOR SCORE PALM BEACH
BY PETER BLATT, J.D. LL.M.
2. Blattfg.com
CORPORATE FILINGS
LLC vs. S Corporation – Similarities
Both are pass-through entities
Liability protection
No shield from torts or accidents
Operational ease and profit-sharing
6. Blattfg.com
CORPORATE FILINGS
The Limited Liability Company (LLC)
Limitations
• Members are self-employed; must make
contributions to SS and Medicare on net
income
• Dissolved on death or bankruptcy of
partner
7. Blattfg.com
CORPORATE FILINGS
The S-Corporation (Subchapter S of IRS
Code)
Most popular structure in Florida
A C-Corporation that offers tax benefits
Limited financial liability for shareholders
(owners)
Avoids double-taxation
8. Blattfg.com
CORPORATE FILINGS
The S-Corporation (Subchapter S of IRS
Code)
Tax advantages
• SS and Medicare taxed on wages only
• Distributions taxed at Cap Gains rate
• Profits/losses pass through to
shareholders
10. Blattfg.com
CORPORATE FILINGS
The S-Corporation (Subchapter S of IRS
Code)
Limitations
• Strict corporate governance
• Limited to 100 shareholders; one class
of stock
• Profits/losses allocated based on
ownership
12. Blattfg.com
CORPORATE FILINGS
The S-Corporation (Subchapter S of IRS
Code)
IRS/State Forms
• Form 1120S – S-Corp Income Tax
Return
• Form 1120S-K1 – Individual
Shareholders
• Form 4625 – Depreciation
• UCT-6 – Employer’s Quarterly Report
13. Blattfg.com
CORPORATE FILINGS
The S-Corporation (Subchapter S of IRS
Code)
IRS/State Forms
• Form 1040 – Individual Tax Return
• Schedule E – Suppl. Income/Loss
• Schedule SE – Self-Employment Tax
• Form 1040-ES – Individual Estimated
Tax
20. Blattfg.com
CORPORATE FILINGS
Legal Agreements In Detail - LLC
Articles of Organization
• Creates public, legal notice of active
organization
• Specifies member and managing
member’s name, address, and registered
agent
• Corrections are recorded with
amendments
21. Blattfg.com
CORPORATE FILINGS
Legal Agreements In Detail - LLC
Operating Agreements
• Specifies rights and responsibilities of
members
• Creates enforceable agreement between
members
• Succession planning
• Not required; highly advisable to hire
counsel
22. Blattfg.com
CORPORATE FILINGS
Legal Agreements In Detail – S-Corp
Articles of Incorporation
• Creates public, legal notice of active
incorporation
• Specifies principle officers and purpose of
company, share structure, and registered
agent
• Corrections are made with Articles of
Correction
23. Blattfg.com
CORPORATE FILINGS
Legal Agreements In Detail – S-Corp
Shareholder Agreement
• Specifies rights and responsibilities of
shareholders
• Protects shareholder’s equity and
interests
• Plans for the future (succession, M&A)
• Private document; highly advisable to hire
counsel
24. Blattfg.com
CORPORATE FILINGS
Intellectual Property Laws and Protection
Copyrights – protects original works of
authorship (literature, music, artistic,
intellectual works)
Patents –protections for novel inventions
Trademarks – protection for
distinguishable marks
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CORPORATE FILINGS
Intellectual Property Laws - Copyrights
Exclusive right under U.S. law to protect
original works of authorship from being
reproduced
Granted to created when created
General terms: author’s life plus 70 years
Work for Hire terms: author’s life plus 95
years
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CORPORATE FILINGS
Intellectual Property Laws - Patents
Offers protection from unsanctioned “theft”
of inventions in exchange for public
disclosure
Must be novel and “non-obvious”
Patent granted through the USPTO
Extremely important for inventive companies or
individuals
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CORPORATE FILINGS
Intellectual Property Laws - Trademarks
Identifies the source of a distinguishable
product
Service mark identifies that of services
Can be a symbol, phrase, design, or
combination
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CORPORATE FILINGS
Resources
Florida Dept. of State (Sunbiz.org)
Local Tax Collector (county, city)
Federal Income Tax Filing (IRS.gov)
State Income Tax Filing (N/A for Florida)
USPTO (uspto.gov)
U.S. Copyright Office (Copyright.org)
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BEST IDEAS
Business Plan
Serves as a “roadmap” for your business
Provides investors with insight
Refines and defines what you set out to
accomplish
Demonstrate purpose and commitment
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BEST IDEAS
Contents – Business Plan
Mission Statement
• Brief, powerful, definitive
• “To refresh the world.” – Coca-Cola
Company
Core Values
• What drives you and your company?
• “Integrity, knowledge, and fiduciary” -
BFG
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BEST IDEAS
Contents – Business Plan
Executive Summary
Company Description
Target Market
Organization
Service/Product
Marketing/Sales
Financial Analysis
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BEST IDEAS
Contents – Business Plan
Executive Summary snapshot of your
company?
Company Description what do you do?
Target Market who do you do it for?
Organization how are you structured?
Service/Product what do you make
money?
Marketing/Sales how do you sell yourself?
Financial Analysis how do you stay in
business?
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BEST IDEAS
Raising Capital – Business Plan
Debt, Equity, or Combination
• Debt – pay with interest
• Equity – pay with share of ownership
• Combination – convertible debt
instruments
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BEST IDEAS
Sources of Capital – Business Plan
Debt
• Banks/traditional institutions
• Capital marketplaces (bond market)
Equity
• Private/public investment (C-Corp!)
• Swaps, mergers, acquisitions
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BEST IDEAS
Sources of Capital – Business Plan
Greatest sources for capital in the U.S.?
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BEST IDEAS
Sources of Capital – Business Plan
Greatest sources for capital in the U.S.?
1. your savings
2. Your family’s savings
3. Your friend’s savings
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EMPLOYEES
Payroll Taxes (*Florida only – may differ in other states)
Employees pay FICA
• Social Security
• Medicare
Employers pay FICA plus
• Unemployment tax
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EMPLOYEES
Payroll Taxes (*Florida only – may differ in other states)
Employer Compliance
• Withhold employee FICA
• ADA, discrimination laws,
Fair Pay Act, minimum wage
If applicable…
• Wage garnishment
• Worker’s compensation
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EMPLOYEES
Payroll Taxes
Employer collects W-4 and I-9
FICA – 6.25% to $113.7k
Medicare – 1.45%
Federal withholding
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EMPLOYEES
Payroll Taxes
File tax liability (monthly)
Payroll form 941 (quarterly)
Payroll form 940 (annually)
UCT-6 (unemployment)
Annual state reporting
Occupational licensing
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EMPLOYEES
Recruitment and Hiring
THINK like a Fortune 500 company…
• Job descriptions – specific and
detailed
• Employee handbook – policies and
procedures
• Definitions of Exempt/Non-exempt
• Probationary period
• Equal Employment Opportunity (EEO)
• Non-disclosure agreement (NDA)
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EMPLOYEES
Recruitment and Hiring
THINK like a Fortune 500 company…
• Personnel files and performance
reviews
• Standards of conduct (dress, behavior)
• Typical work day (lunch, breaks,
activates)
• Benefits and Services (PTO, military
leave)
• Wage, salary, and pay procedures
• At-will employment termination
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EMPLOYEES
Resources
US Small Business Assoc. (SBA.gov)
US Dept. of Labor (DOL.gov)
IRS Tax Info (IRS.gov/Businesses)
Florida Dept. of Revenue (DOR.MyFlorida.com)
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OFFICES
Rent vs. Own
Expense versus investment
Small commitment versus large capital
outlay
Uninterrupted operations versus
maintenance
In short, it’s all about your situation and
your needs.
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OFFICES
Location, location, location…
Spend time on market and consumer data
• Demographics and socio-economics
• Distance from competitors and to
value-added
Parking, space, and lease requirements
Commercial vs. residential zoning
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OFFICES
Common Issues with Leases
Have competent counsel review lease
Perform public records searches
Pay attention to tenant responsibilities
Negotiation favorable assignment
provisions
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ACCOUNTING
Turbo-Tax (preferred)
First, important to have a competent CPA
Prepares returns for C-Corp, S-Corp,
LLC, PA, Sole Props and virtually every
other entity
Web-based
Files forms with the IRS and state online
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CONTRACTS
Look for…
Specific language of responsibilities of
parties
Compare to compliance issues in your
industry
Consideration between parties
Beware of obvious duplicate contracts
Read your whole contract
Hire competent counsel to review your
contracts!
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CONTRACTS
Resources
Peter Blatt, J.D. LL.M. and Blatt Legal (561) 625-
0900
Uniform Commercial Code (FloridaUCC)
Dunn & Bradsheet (MyCredit.DNB.com)
Better Business Bureau (BBB.com)
Personal Credit Reporting (Equifax.com)
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MARKETING
METHODS
Website and Online Promotion
Website as a resource
Active user engagement
Guerilla marketing and PR
Mailings
Referrals
Compliance
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MARKETING
METHODS
Website as a resource
You are your representation on the web
Self-managed
Third-party provider
Combination of both
Resources: WordPress, Freelance.com,
referral
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MARKETING
METHODS
Active user engagement (AUE)
Content is king – blogs, articles,
authorship
Social Media – LinkedIn, Facebook,
Twitter
SEO – bookmarking, link building, fresh
content
Videos and media – YouTube, Vimeo
Best Tip: hire a professional!
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MARKETING
METHODS
Guerrilla marketing and PR
DIY Marketing
• Add events to community calendars,
etc.
• Submit to business directories
(Google, Yelp)
PR – written as a news story, submitted
via wire
• Providers include PRNewsWire and
MarketWire
• Free directories and providers not as
effective
• Must be written well and be news-
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MARKETING
Mailing METHODS
Hard mailing – still effective!
• Providers include RME, InfoUSA
• Promote events, entice and inspire
Email marketing
Consistent, promotional message
Message of expertise
Providers include MailChimp
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MARKETING
Referrals METHODS
Build referrals by doing good business
Join and attend networking groups
Consider “referral-required” events
ASK for referrals!
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MARKETING
METHODS
Compliance
Industry and trade specific
Join your industry’s trade group to stay up
to date
Be aware of Federal, State and Local
levels
Big fines and penalties for indiscretion
Hire competent counsel!