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How Entrepreneurs Need To Plan To Protect Their Business

The Startup Magazine

The legal structure will dictate how your business is taxed, how personal liability is handled, and how you can raise capital. Common business structures include sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each has its own advantages and disadvantages. Image Credit 4.

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Exploring Tax Strategies For Small Businesses: Insights Inspired By Troy Renkemeyer’s Experiences

The Startup Magazine

Limited Liability Companies (LLCs) offer flexibility, allowing owners to choose between being taxed as a sole proprietor, partnership, or corporation, each with unique implications. Maintaining diligent records is paramount to ensuring these deductions are accurately captured and substantiated in the event of an audit.

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Why Entrepreneurs Must Learn to Love Paperwork  

The Startup Magazine

There will be plenty of it early and often during your entrepreneurial journey, but rather than look at it as a headache you should consider the many ways in which it will help protect you, your family, and the company as a whole. Personal asset liability protection is not ironclad. Be able to prove due diligence whenever you can.

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Tips For Starting Up Your Own Roofing Company

The Startup Magazine

The most common types of business structures include sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Sole proprietorships are easy to set up and offer full control, but they also come with unlimited personal liability.

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Corporation or LLC? Business Organizations for Tech Startups.

YoungUpstarts

One of the first actions you will take with your startup is to organize your company a separate legal entity to protect yourself from personal liability for the company’s debts. In the tech startup context, you’ll typically choose between a Corporation and a Limited Liability Company (“LLC”).

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How to Put Personal Money into Your Startup In 6 Steps

The Startup Magazine

A limited liability company status, for instance, will protect you from your business’s legal hurdles and their costs too. Money that is loaned to a venture in this manner should, therefore, be recorded properly so that you can receive your dues in time. 2. Set up a legal entity for your business.

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What is a Social Enterprise?

Up and Running

According to the Harvard Business Review, in most U.S. states for-profit companies can accept donations and nonprofit companies earn revenue, which dispels the myths that a nonprofit can’t make money, or a for-profit venture would miss out on donations. For-Profit Entities: L3Cs, or Low-Profit Limited Liability Company.