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Showing 4 posts tagged starting a business.

Five Legal Considerations for Starting a Small Business: Which Type of Entity is Best?

You started your small business yourself – just you and an idea. As time went on, you became more successful. You added employees. You opened a storefront. You started contracting with outside vendors. And while each of these events took place, you added additional liability – liability that could harm you personally as a sole proprietor. That’s exactly why business entities exist; they create a sustainable structure in which to operate while simultaneously shielding you personally from liability, for the most part. Not all business entities are created equal, however, and choosing an entity to organize or incorporate can come with both benefits and consequences. More >

Five Reasons to Consult an Attorney for Your Small Business

Couple with Open Sign

Starting a small business can be difficult. It requires a tremendous amount of passion and dedication, as well as some assistance from professionals such as accountants, insurance agents and others. While you may not need an attorney in the same measure, consulting one at the outset of the business and periodically throughout can get you off to a good start and keep you from falling into common legal traps. Here are five reasons you should consult with an attorney that will greatly benefit your small business. More >

SEC Lifts Private Placement Advertising Ban: How Will it Work?

Earlier this month, the Securities and Exchange Commission announced what promises to be a fundamental change in the way small business startups can raise capital from private investors. Before this change, SEC financial services regulations, particularly Rule 506 of Regulation D of the Securities Act of 1933, have prohibited solicitation or general advertising of private placements in an effort to seek capital investments. In an effort to comply with the Jumpstart Our Business Startups Act, or JOBS Act, the new rule will permit the advertising of private placement offerings as long as two conditions are met. To simplify: only “accredited” purchasers will be allowed, and no “bad actors,” as defined by the Dodd-Frank Act, will be allowed to advertise. More >

Starting a Business: Entity Selection

Several months ago I saw a commercial with a woman talking about starting her toffee business with her mother's secret recipe and incorporation documents from an internet site. You know the one. I like the commercial because it highlights her entrepreneurial spirit and her story, she took what she thought was a small idea and, with hard work, made a successful company, is always a good story to hear. But because you are what you do, I wondered if the internet site helped her decide on the type of entity to use for her business and whether it addressed potential liability and tax issues, ownership structure, minority owner issues, profit and loss allocation, and transferability of ownership interest. I suspect it did not More >

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