Get Legal Guide for Starting & Running a Small Business, Seventh PDF

By Fred S. Steingold

This set me instantly on a number of issues whereas establishing my enterprise. it truly is good written and straightforward to appreciate. i'd suggest this to any 1st time company proprietor beginning out.

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Extra info for Legal Guide for Starting & Running a Small Business, Seventh Edition

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Corporations and LLCs Use Different Terms Although there are many similarities between corporations and LLCs, there are many differences as well—especially when it comes to terminology, as shown in the following chart: TERM CORPORATION LLC What an Owner Is Called Shareholder Member What an Owner Owns Shares of Stock Membership Interest What Document Creates the Entity Articles of Incorporation (or, in some states, Certificate of Incorporation or Charter) Articles of Organization What Document Spells Out Internal Operating Procedures Bylaws Operating Agreement 1/22 LEGAL GUIDE FOR STARTING & RUNNING A SMALL BUSINESS 2.

Limited Personal Liability As with a corporation, all of the owners of an LLC enjoy limited personal liability. This means that being a member of an LLC doesn’t normally expose you personally to legal liability for business debts and court judgments against the business. Generally, if you become an LLC member, you risk only your share of capital paid into the business. You will, however, be responsible for any business debts that you personally guarantee (of course, you can reduce your risk to zero by not doing this) and for any wrongs (torts) that you personally commit (a good insurance policy should help here—see Chapter 12, Insuring Your Business).

B. 1/15 Regular corporations Under federal income tax laws, a regular corporation is a separate entity from its shareholders. This means that the corporation pays taxes on any income that’s left after business expenses have been paid. As you saw earlier in this chapter, a sole proprietorship doesn’t pay federal income tax as a separate entity; the owner simply reports the business’s income or loss on Schedule C of Form 1040 and adds it to (or, in the case of a loss, subtracts it from) the owner’s other income.

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