Writing a partnership agreement
A partnership agreement can give you a framework for defining each partner's obligations. (©iStockphoto.com/Eva Serrabassa)
Writing a partnership agreementMore>>
- One of the first questions you're likely to face when you decide to incorporate is where to locate your corporation.
- Limited partnerships are typically used for real estate investing or in situations where a business is looking to finance expansion.
- A limited liability company (LLC) has the liability protection of a corporation but the tax status of a partnership.
- If you have business partners, you have the option of forming a partnership instead of incorporating.
- While incorporation requires more paperwork and expense than sole proprietorship, it does give you one critical benefit - protection from liability.
- The main difference between a C Corporation and other business structures is that a C Corporation files and pays corporate income taxes directly.
- If you have chosen to organize your company as a corporation, you are legally required to have a board of directors.
- The primary benefit of being a non-profit (or not-for-profit) corporation is that you are exempt from paying income taxes.
- Sole proprietorship is the quickest and easiest business structure to adopt. If you don't incorporate and don't have a partner, you are automatically a sole proprietor.
- S Corporation status gives you the liability protection of a corporation, and allows you to pay taxes on the same basis as a sole proprietor or partnership, that means you pay tax at the personal rate and your profits are your salary.
- Groups of certain professionals can form corporations knows as professional corporations or professional service corporations.
From Real Small BusinessMore>>
- Leaving tax prep to a last-minute cram session could disrupt your business in the spring. To avoid a crunch, you should prepare for tax deadlines well in advance.
- Before you get involved in the bidding process, take some time to lay the groundwork for successful bidding.
- If your business needs cash to move forward, you may have to resort to some less-than-ideal financing options or face the possibility of having no business at all.
- Many small businesses dread it, but your end-of-year reconciliation doesn't need to hurt -- as long as you stay organized.
- The financials section of a business plan is where you document the numbers and convince investors that your company is a good risk.
- How much should you charge for the goods and services you sell? For small businesses, that may be the most difficult question to answer-- and also the most important.
- Explaining the market for your product or service is one of the most important parts of your business plan. So do it right, even if it requires extensive research.
- Insurance is one of the most neglected small business responsibilities -- and one of the most confusing. Use this guide to begin sorting through your options.
- Give some thought to your company's public relations, whether you're looking to garner specific media coverage or just want to generate a general buzz about your small business.
- Whether you're looking for money or simply creating an internal document, you must be able to present a clear portrait of what your company does.
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