Browsing Tag
partnership
23 posts
The 7 Benefits of Forming a Corporation
Whether you are just starting your business or you have already been operating as a sole proprietorship or general partnership, you may be wondering about the benefits of forming your business as a corporation. Often, business owners think that incorporation is too costly or too time-consuming, and neither is the case. The benefits entrepreneurs gain...
Forming a Partnership? Check Out These 4 Partnership Structures
Did you know there are several partnership structures you can choose from when forming a partnership Partnerships are a popular business structure to form if you plan to go into business with another person. You might choose a trusted family member, friend, colleague or even a mentor. Two or more people enter into a partnership...
How to Set Expectations in a Business Partnership to Ensure Success
It’s an exciting moment in the life cycle of a startup when an entrepreneur decides to establish a partnership. Businesses that create partnerships together are able to align with like-minded brands that support and enhance each other’s services. This helps create partnerships that are mutually beneficial to both partners. Over time, one successful business partnership...
StartupNation Announces Partnership with SCORE of Southeast Michigan
StartupNation is excited to formally announce a strategic partnership with SCORE of Southeast Michigan, an organization of expert business mentors that provides aspiring small business owners with the free tools they need to succeed. As part of this partnership, SCORE of Southeast Michigan will regularly share content through an “Ask the Expert” segment on StartupNation Radio...
Starting a Business with a Partner? Here’s What You Need to Know
Opportunities to start a business can happen at any time, even during a pandemic. Amid COVID-19, many individuals spent their time in quarantine practicing a side hobby or developing a new offering that meets the needs of their target audience. As more people lean into entrepreneurship, some have decided not to go it alone. Instead,...
How to Become Incorporated and Why to Incorporate Your Business
On your small business journey, you will encounter many forks in the road. Choosing the right direction for your company as it matures may seem daunting at times. One of the “forks” you must consider is whether or not to move your business from its default sole proprietorship status to another type of legal entity....
Which Legal Entities are Best for Main Street Businesses?
As local storefronts prepare for Small Business Saturday tomorrow, entrepreneurs with an unincorporated business may be considering forming a legal entity. We’re in favor of this decision, especially since incorporated businesses are able to establish credibility quickly with consumers. However, many entrepreneurs may feel confused when it comes to business formation. Limited liability company or...
How to Choose the Right Business Partner for Your Startup
Successfully taking a seed of an idea, turning it into a product or service, and forming a full-fledged company is based on a series of critical decisions. Who you choose to go on that ride with from the very beginning is not only a crucial decision for the business you’re hoping to build, but for...
Which Entity Should You Incorporate Your E-Commerce Business As?
You’ve drafted a detailed business plan, identified your unique selling proposition (USP), and defined your business model. It’s almost time to launch your e-commerce business! Before you open your virtual doors and begin taking orders, however, you’ll need to structure your business by incorporating or forming an LLC formation. Why do businesses, whether they are...
Bamboo Detroit Co-Founder Shares Tips for Creating an Inspiring Shared Work Culture
It’s not every day people feel excited to lace up their boots and get to work. Well, maybe for entrepreneurs. We’re often inspired to persevere through the good times and the bad. But how do we create a culture that embodies our feeling of excitement? How do we create a feeling of connection and collaboration...
7 Fatal (and Common) Mistakes Threatening Your Startup’s Success
Most startups fail. It’s the nature of business—there isn’t enough room for everyone. And as anyone who has founded a successful (or unsuccessful) business can attest, there are about a thousand different ways to crash and burn. But someone has to succeed, and that someone may as well be you. After all, you’ve got a...
Navigating Your First Year of Filing Taxes as an Entrepreneur
If you’re planning to start up a new business this year, you’ll experience tax time as a business owner soon enough. The following tips will help you prepare well in advance. And if you started a business in 2018, you’re likely wrestling with your company’s first experience with taxes right now. As an entrepreneur, you...
Ready to Choose Your Business Structure? Entity Formations and Which One is Right for You
Incorporating is generally one of the best things a business can do to set itself up for success. However, entrepreneurs new to the process might feel overwhelmed by the options when it comes to business structure. Should you form a corporation or an S corporation? What’s the difference between a corporation and an S corp,...
Should You Start Your Business with a Partner?
Starting a business is no walk in the park. It requires an inordinate amount of patience and fortitude, not to mention time and money! Deciding to start up with a partner might seem like a great way to split your workload (and risk) in half, but think carefully before doing so. Partnerships aren’t for everyone. A...
Equity Basics: How Vesting Provides Upside Potential for Team Members and Downside Protection for Your Startup
People make and break businesses. Adding a chief technology officer who turns a founder’s vision into a real product turns a great idea into a functioning business. Hiring a director of sales who secures key client relationships makes a business profitable. Harder to anticipate, however, are the people who might break a business. The star...
How the New Tax Laws Might Affect Your Startup’s Financing
Many entrepreneurs in the U.S. have been keeping up with the recent changes to the tax law, passed at the end of 2017 and championed as a boon for small business. However, if you were planning on launching a new business this year, you might wonder how these new tax laws might affect the financing...
Should You Incorporate Your Business as an LLC for Tax Breaks?
One of the biggest appeals of incorporating as an LLC has long been the ability to save money on taxes. In addition to limited liability protection and building credibility with consumers, forming an LLC allows you to choose between an S corporation and C corporation for your tax entity. But do you really receive as...
How to Choose the Right Business Partner [Infographic]
Starting a new business can be the most exciting time of your life. When you’re sitting on a big idea, it’s natural to want to share it. Plus, you’re likely to need a bit support from other people if you’re to get the thing off the ground. Most importantly, you may need a business partner:...
To Incorporate or Not? The Many Small Business Structures
To incorporate, or not? It’s a perennial topic that has plenty of surrounding myths. As with so many things, there isn’t one right answer. Entrepreneurs, especially those who work solo, have choices. There are three main types of corporate organization in the United States: sole proprietorship, partnership and corporation. There are nuances based on federal...
Hatching Your Million Dollar Business Idea: The Journey Begins – Stage Two: Exploration
The Journey Begins and Stage Two: Exploration In the last post we shared that each of the five stages of the internal process has three basic components: emotions, cognition and actions. Emotions are all about feelings. Cognition is the process of knowing, perceiving and remembering. Action is driven by the need to get something done...