Browsing Tag
sole proprietorship
16 posts
Which Entity Should E-commerce Businesses Choose for Incorporation?
Should an e-commerce business file for incorporation? The short answer is yes. It is possible to run an e-commerce business as an unregistered entity. This is a default business formation known as a sole proprietorship. Entrepreneurs can start and run businesses structured as sole proprietorships particularly if the business is one with limited growth potential...
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...
WJR Business Beat with Jeff Sloan: Sole Proprietors Suffered The Most During The Pandemic (Episode 272)
On today's Business Beat, Jeff discusses how sole proprietorships, the smallest of small businesses, suffered the most during the pandemic. Tune in to the Business Beat, below, to learn more about the impact of the pandemic on sole proprietorships: Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business...
4 Factors to Consider When Choosing a Business Structure
Structuring your business is one of the first—and most important—decisions you make in your entrepreneurial journey. Your business entity impacts everything from taxes to daily operations. But if you’re just starting out, you might not know what to look for in a business structure, and that’s OK. We have your cheat sheet right here. StartupNation exclusive...
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 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...
What Do Freelancers Need to Know About Incorporating?
In 2018, a survey from Upwork in partnership with the Freelancers Union revealed the state of freelancing in the United States. Given the continual rise of freelance work, it wasn’t completely shocking to see that the future of freelance is increasingly on the up and up. Last year, 56.7 million Americans were freelance workers, a...
What is the Best Type of Business Entity for Your Home Based Business?
Solopreneurs of the world, unite! This year, FlexJobs released “The State of the Remote Job Marketplace” report that outlined what the current remote work industry and its workers looks like. Nearly four million workers, 3.9 million to be exact, in the United States spend half of their time working from home, totaling 2.9 percent of...
Sole Proprietor? Here’s What You Need to Know About Filing Taxes
The first thing to know about being a sole proprietor is that a sole proprietorship is a specific type of business structure where the individual and the business are seen as the same entity. Is your startup a sole proprietorship? If you haven’t filed any paperwork formally incorporating your business and you are the only...
3 Things Entrepreneurs Need to Know About Business Insurance
Many entrepreneurs are the “big picture” people among us; they have that rare combination of dreamer and doer. As such, most of the calls I get from entrepreneurial clientele is after they have started up their new business and, as it grows, they realize they are going to need some sort of insurance policy. Insurance...
Business Registration 101 for Franchises, Startups and Amazon Sellers
So, you’ve got your small business idea — whether that takes on the form of a startup, franchise or Amazon seller — with a business plan drafted up. You’re ready to begin with the registration process, but if you’ve never done this any of this before, you might feel at a loss on where to...
Do You Need Personal Liability Insurance for Your Business?
Everybody, whether they are business owners or not, should be covered by personal liability insurance. While it won’t cover business activities, business owners can use it as a safeguard for their finances and business assets. For example, if a neighbor went onto your property and got injured, your personal liability insurance would cover it. That...
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...
Business Structures: The Facts & Figures
What business structure should you choose? Although there a lots of very important questions that a business owner, or owners, must ask when starting a business, perhaps of one of the most important is: How should I legally structure my business? In general, there are three principal considerations when choosing a business structure: (1) liability,...
Business Financing and Structure
One of the most important, and yet the least understood part of your business financing is how your business will be structured. You can choose one of six options: Sole Proprietorship, General Partnership, Limited Partnership, Limited Liability Company, C Corporation or S Corporation. You will find that each of these differ to the degree of...
Don’t Expose Your Assets!
There you are. You just finished reading Rich and Jeff Sloan’s book and you are fired up! You have an idea that you are certain will make make the invention of those small yellow sticky notes look like small potatoes. Not only that, but you are so proud of yourself, because you have done exhaustive...