One of the most difficult steps in the start-up process is deciding which business structure fits your business idea best.  There aren’t that many options, but the distinctions between the types of entities can be overwhelming.  Some states may have some restrictions regarding the types of businesses that can operate in each structure but this may not provide much guidance.  A lawyer can help... 

A wise man once said “You can’t buy insurance when you need it.” This is so true. If your house catches fire and you are not insured, then that’s the time you need insurance the most. Unfortunately nobody will sell you an insurance at that time when you need it the most. Lot of small business owners run their business for several years without ever thinking about insurance. They are so busy... 

A best selling author once said “There are 3 people who need to be a part of your team – A good lawyer, a good accountant and a good doctor.” There is so much truth in that. Today, we are going to focus on how to choose a lawyer. There is a perception among several people that all lawyers are the same. I completely disagree with that. Not all lawyers are the same. Some lawyers are good at what... 

When you start a business, choosing a business entity is an important decision you need to make. In this article, we will go through some of the most common business entities in USA. What is a business entity? A business entity is a separate identity for your business. You may want to separate your business assets from your personal assets. Therefore, you have separate financial statements for your... 

Most first time entrepreneurs have no idea that they require a lawyer. You may not require a lawyer upfront. But you’ve got to remember that a lawyer should be one of the key members in your team. A good lawyer is worth his weight in gold. The reason I say that, is the legal system in most countries are becoming increasing complex. Besides litigation, there are several other factors that are important. So,... 

I was contacted by a friend last month.  She and her business partner were considering a drastic change in their relationship and they wanted my help.  I asked her if they already had an agreement that defined their relationship and responsibilities.  She sheepishly paused before admitting that two years earlier another lawyer had drafted some documents. The documents were full of legal jargon... 

Your entity structure is something you need to consider. Most people just go with a sole proprietorship. If your business is very small and it doesn’t make sense for you to hire a lawyer and you want to keep your costs low until you get some customers and make revenues, then you may go with the sole proprietorship. But there are disadvantages. In the United States there is a self-employment tax...