When one of your employees packs up their photos, knickknacks and coffee mug after being let go, quitting or fulfilling their contract, they might also pocket clients and relationships they’ve developed while working with your company.
With Texas continuing to be a hotbed for starting new businesses, you may be thinking of launching your own tech startup or pursuing your dream of running a local coffee shop or photography business. However, you know that it will take more than coming up with a catchy business name, a great logo and lots of marketing efforts to be successful. One of the first decisions you’ll need to make is what type of business to form.
For those who want to minimize risk for themselves and still have lots of flexibility in how to run their business, forming a limited liability corporation (LLC) has a lot of advantages.
Many businesses find leasing or renting property to be the ideal situation for their individual needs. Rental arrangements can allow a company to focus their resources on other areas and allow them a measure of flexibility.
If you've determined leasing is the best fit for your company, it's important to know what to look for when it comes to commercial leases. Here are a few areas to pay attention to:
The entrepreneurial spirit runs deep in American society. According to the Bureau of Labor Statistics, about 10% of the American workforce is self-employed.
This spirit is well represented in the Lone Star State. A recent study named both Dallas and Fort Worth as two of the best cities in the United States to start a business in.
Starting a business is an exciting experience for any entrepreneur, but it's also incredibly expensive. You have to cover costs for resources, employees, locations and marketing. Another critical expense is your paycheck.
Most business owners skimp on personal paychecks for several reasons including building a reputation, saving money or protecting their profit. While the ideas seem reasonable at the moment, undervaluing your work leads to severe problems in the future.
For years, businesses that sold items via the internet didn't need to collect sales tax from the states where the items were sold.
That changed in June when the U.S. Supreme Court decided in "South Dakota v. Wayfair" that many internet retailers had to collect state sales tax.
Breach of contract seems simple enough: When one party doesn't perform an agreed-upon action, then there is a breach of contract.
But as in many things, it isn't that simple.
When choosing a business form for operations many business owners consider a partnership when first starting a business. It's a tempting proposition to have someone who can help share the workload and bring ideas to the table. It is also important to remember that the partners are jointly and severally liable for partnership obligations and actions. Using an LLC instead can minimize the exposure of the individual members for liabilities that are rightfully only that of the entity. That is why general partnerships are infrequently created now that LLCs can be more creative, useful and protective of the members.
However, if you are considering a partnership, it’s important that it has these key traits to be successful:
While maintaining adequate capitalization to continue company business activities is simply sound, basic business strategy, there is another reason to keep your corporation or LLC adequately capitalized: Protecting yourself from creditors.
Some business owners think that maintaining a "corporate veil" protects business finances from private finances and in lawsuits against the business, creditors can't touch private finances. That's not entirely true.
Wanting to be a part of something bigger than yourself which is meant to help people is a drive that many individuals have. As many people learn, sometimes the best way to get things done is to do them yourself. If you have an idea that you think could help your community, state or further, a great way to formalize your efforts is with a nonprofit organization.
There are several benefits to a nonprofit – one of the greatest being tax exemption or reduction. You will also be eligible for public and private grants, work in a structure designed to put your mission above personal gain and be protected from creditors.