• Sole proprietor: This is the oldest and simplest form of business there is. A single person launches a business that may or may not have employees, a storefront, etc. The advantage of a sole proprietorship is simplicity. All business income and expenses are reported as schedules on your personal income tax. The drawback is that there is no separation between you and the business. If the business owes money or is found liable for any damages, you are personally responsible. It is entirely possible that a business mishap could ruin your personal finances.

• Partnership: Same as the sole proprietor except with two or more people. Here again, simplicity is the main advantage. Also, the liabilities are spread among all of the partners according to their share of the business. The bad news is that disagreements between the partners can wreak havoc on everyone.

• Corporation: Think of starting a corporation as giving birth to a separate entity that exists on paper. This entity has many of the same rights and responsibilities of a natural person. Because a corporation is its own entity, it pays its own taxes and handles its own liability, meaning that individual officers (executives) and shareholders (investors) are normally not liable for any expenses or damages. This protection is not absolute, however. For proof, one need look no further than the Enron trial. Liability and financial protection plus the ability to sell shares to investors are a corporation’s biggest advantages. The drawback is that the paperwork and other legal requirements can be quite complex. There are also tax ramifications. Corporations in the United States come in two flavors: S (typically for smaller companies) and C (typically for larger companies). Corporations have lives of their own, meaning that they continue after their founders leave or pass away.

• Limited Liability Company: What if you could have the simplicity of a sole proprietorship with the liability protection of a corporation? The Limited Liab
  Class Action Lawsuit Filings on Decline
  Possible Reasons for the Decline of Filings1.The passage of Sarbanes-Oxley (SOX) in 2002 SOX has public companies on the forefront of documenting controls and establishing corporate governance. Some think that this oversight has limited fraud therefore there is less of a need for shareholder class actions. Although the research considers the differences across industries and court circuits there is not supporting evidence that proves a correlation of SOX regulation to the decrease in federal
  and the business. If the business owes money or is found liable for any damages, you are personally responsible. It is entirely possible that a business mishap could ruin your personal finances.

• Partnership: Same as the sole proprietor except with two or more people. Here again, simplicity is the main advantage. Also, the liabilities are spread among all of the partners according to their share of the business. The bad news is that disagreements between the partners can wreak havoc on everyone.

• Corporation: Think of starting a corporation as giving birth to a separate entity that exists on paper. This entity has many of the same rights and responsibilities of a natural person. Because a corporation is its own entity, it pays its own taxes and handles its own liability, meaning that individual officers (executives) and shareholders (investors) are normally not liable for any expenses or damages. This protection is not absolute, however. For proof, one need look no further than the Enron trial. Liability and financial protection plus the ability to sell shares to investors are a corporation’s biggest advantages. The drawback is that the paperwork and other legal requirements can be quite complex. There are also tax ramifications. Corporations in the United States come in two flavors: S (typically for smaller companies) and C (typically for larger companies). Corporations have lives of their own, meaning that they continue after their founders leave or pass away.

• Limited Liability Company: What if you could have the simplicity of a sole proprietorship with the liability protection of a corporation? The Limited Lia
  Micromanagement
  This is not the first time I have talked about micromanagement over the years, and I am sure it won't be my last. Recently, I had some business friends complain to me how their employees cannot follow directions. But on the other hand, I also know a lot of people who wonder why management doesn't trust them to do their job properly. You see this not only in the corporate world but in nonprofit organizations as well. Today, managers are spending more time supervising the work of others as opposed to actually managing them.Back in
  business. The bad news is that disagreements between the partners can wreak havoc on everyone.

• Corporation: Think of starting a corporation as giving birth to a separate entity that exists on paper. This entity has many of the same rights and responsibilities of a natural person. Because a corporation is its own entity, it pays its own taxes and handles its own liability, meaning that individual officers (executives) and shareholders (investors) are normally not liable for any expenses or damages. This protection is not absolute, however. For proof, one need look no further than the Enron trial. Liability and financial protection plus the ability to sell shares to investors are a corporation’s biggest advantages. The drawback is that the paperwork and other legal requirements can be quite complex. There are also tax ramifications. Corporations in the United States come in two flavors: S (typically for smaller companies) and C (typically for larger companies). Corporations have lives of their own, meaning that they continue after their founders leave or pass away.

• Limited Liability Company: What if you could have the simplicity of a sole proprietorship with the liability protection of a corporation? The Limited Lia
  Job Interviewing Tips
  There seem to be too many people in the world that are interested in giving tips and advice that you do not want, or even care to waste the time hearing them. Why? Because opinions are like bad breath – everybody gets it from time to time, and everyone else seems to love to point out when yours stinks! There are plenty of decent tips for you to successfully complete a proper job interview (and land that one perfect job you have been searching for your whole life!). There is going to be one big stipulation – YOU need to decide what work
  rs (executives) and shareholders (investors) are normally not liable for any expenses or damages. This protection is not absolute, however. For proof, one need look no further than the Enron trial. Liability and financial protection plus the ability to sell shares to investors are a corporation’s biggest advantages. The drawback is that the paperwork and other legal requirements can be quite complex. There are also tax ramifications. Corporations in the United States come in two flavors: S (typically for smaller companies) and C (typically for larger companies). Corporations have lives of their own, meaning that they continue after their founders leave or pass away.

• Limited Liability Company: What if you could have the simplicity of a sole proprietorship with the liability protection of a corporation? The Limited Lia
  Why is Good Customer Service So Important
  It amazes me that in this day and age how some companies still do not understand the importance of good customer service. It seems many are focused more on saving money and less on keeping customers happy. Customer satisfaction leads to continued business, referrals, and customer loyality. Inadequate customer service does the exact opposite and ends up being an enormous burden on a company, which in the end will cost more in future sales and lost customers than what would have been saved in reducing support costs.Here is a perfe
  ramifications. Corporations in the United States come in two flavors: S (typically for smaller companies) and C (typically for larger companies). Corporations have lives of their own, meaning that they continue after their founders leave or pass away.

• Limited Liability Company: What if you could have the simplicity of a sole proprietorship with the liability protection of a corporation? The Limited Liability Company (LLC) is a fairly recent phenomenon that has become increasingly popular because it offers the best of both worlds. Like a sole proprietorship, an LLC ceases to exist when the owner passes away or leaves the company.

• Limited Liability Partnership: An LLP is the same as the LLC except owned by two or more people. This is very similar to the partnership discussed above. The biggest drawback that I see with an LLP is that it ceases to exist when one or more partners leave or pass away.

How you’ll structure your business will be one of the single biggest decisions you’ll ever make and one that could have major, even dire, consequences. This article provides a brief overview of the different types of businesses and is meant to get you thinking about how you’ll structure your own business. Do your homework and learn all you can before even thinking about making up your mind.

There are many companies who will handle the paperwork of filing your corporation and/or LLC. These companies will tempt you with offers like “Incorporate Today for only $99!” Are these companies fast and easy? Certainly. So why spend $1,500 or more having an attorney walk you through the process? I asked an attorney that very question and got a very simple and compelling answer: security. On the off chance that your business gets into trouble, your attorney will stand behind her or his work and represent you in court. Strike off on your own and finding someone to help you in your hour of need will be more difficult. In my never-humble opinion, this one falls under the category of “cheap insurance."

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