The Difference Between An LLC And A Corporation

When it comes to forming your new enterprise, there are a lot of different documents that you have to fill out before you can become legal in the eyes of the IRS. The first and most important thing you have to do is determine the kind of entity you want your business to be.

LLC vs. Corporation

Usually, small business owners will compare LLC vs. Corporation, but how do they stack up against each other? Let’s go over some important metrics to find out.

Liability

One of the benefits of starting an LLC or corporation is that the company is separated from your personal assets, including things like debt.…

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How Will Divorce Affect Your Business?

They say it’s smart to keep personal and business relationships separate, but when you’re married, you and your spouse become one in every way – including business. If your “I do” turns into “I don’t” in the future, what will happen to your company?

Here’s how a divorce may impact your business.

Business couple

Divorce and Business – Your Ex May Become Your Next Business Partner

Depending on the state you live in, your ex may become your new business partner when the divorce is finalized.

The way in which assets are divided in a divorce depends on state laws. A business is considered an asset, and it may be classified as either marital or non-marital property.…

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Contract Law Basics for Every Entrepreneur

Entrepreneurs have a lot on their plate, and the one thing that can really get them in trouble is the legal aspects of business. When first starting a business, there’s a lot of hustle involved, which leads to the small business owner taking major risks.

Some of the most worrisome risks of all are contract-related.

Business partnership

You might agree to something orally, and if you don’t meet your end of the agreement, you might be in trouble as a result.

Let’s talk about some of the contract law basics every entrepreneur should know and understand.

What Constitutes a Contact?

There are written and oral contracts.…

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4 Ways Small Businesses Can Reduce Workers’ Compensation Costs

Workers’ compensation costs extend far beyond the cost of your insurance policy. The costs of a workplace accident also include time lost, attorney fees, disruption to your daily operations and medical costs.

Injuries – no matter how minor or severe – can be time-consuming and costly for any business.

Hardhats help preventing costly injury compensation costs

Here are four ways you can reduce workers’ compensation costs.

1. Make Safety a Priority

Failure to make safety a priority can lead to more accidents and higher workers’ compensation costs.

Instead of looking at safety as an expensive choice, look at it as an essential part of your company’s mission and daily practice.…

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Legal Responsibilities of Your Business: Employment and Injury

As a business owner, you are lucky enough to have all sorts of additional legal responsibilities that are attached to your company. Specifically, within the categories of employee longevity and safety, there are all kinds of sets of knowledge that you should have handy about topics ranging from injury to insurance, and security to record-keeping.

Employee safety

You shouldn’t even start a business until you know how all of those things work. Because the last thing you need is to have some event occur where someone gets hurt, or there is catastrophic damage somewhere, or inspectors come in and find something wrong, and you have to plead ignorance about the whole thing.…

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Top 5 Scams in New York and How to Avoid Them

Are you planning for your business trip to New York in the near future? If so, you may want to be careful. It’s a tourist destination and there are scams to be aware of. Read on to discover five of the most popular type of scams.

New York is full of opportunity and as the song (and state slogan) goes: “If I can make it there, I’ll make it anywhere. It’s up to you, New York, New York”. While many are working hard to make their dreams come true, there are some who prefer to scam people out of their hard-earned cash.…

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Hiring a VA-certified Veterans Disability Attorney

You need to hire a qualified veterans disability lawyer if you want a discharge upgrade or to appeal for denial of compensation. If you choose to apply for veterans disability through Veterans Affair department, the process could take a very long time to complete, which can be frustrating. However, hiring an attorney to guide you through this maze can save you a lot of stress and trouble.

Veterans disability lawyer

Although a lawyer cannot expedite the VA claim process, having him/her by your side could increase the benefits to which you are entitled. You need the representation of a lawyer because with the assistance of one, you can navigate the complex laws and regulations, which are often difficult to comprehend and change quickly.…

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Why a Sole Proprietorship May Be Best for You

Today, LLCs (limited liability companies) seem to be the favored form of business organization and they do offer a lot of advantages. But for many small startup businesses there is a lot to be said for having no business organization at all, which is referred to as a sole proprietorship.

Sole proprietorship

First what is a sole proprietorship? Basically, it means that there is no legal distinction between you and your business. The income that the business earns is part of your personal income. A sole proprietorship would not have a separate balance sheet since it is not a legal entity: the sole proprietorship does not have assets or debts.…

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3 Times When an SMB Needs a Lawyer

Small business owners should build a relationship with a local attorney and have someone they can call if a legal problem arises. The problem that a lot of small businesses face is that they don’t have the finances to hire a lawyer for all of their needs.

Meeting with a business lawyer

A lot of businesses need to pick and choose when it’s appropriate to hire a lawyer.

1. Large-Dollar Contracts

If you’re making a deal of a lifetime, you’ll need a lawyer to make sure that the contract you provide or must sign is legally sound. At the very least, you’ll want a lawyer to read through the contract for you.…

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3 Things Business Owners Must Do to Avoid Premises Liability Claims

Most business owners are well aware that they have a duty to provide a safe environment for customers or clients. While slips and falls are the primary concern for business owners, liability extends to other types of injuries, and they can be held responsible for injuries to workers and just about anyone else who lawfully steps onto the property.

Caution wet floor

Along with slips and falls, business owners can also be held liable for:

  • Merchandise or equipment injuring a customer
  • An employee or customer assaulting another customer
  • Hazardous waste running off the business’ property onto a neighboring property

The list of potential risks is extensive, which is why business owners must remain vigilant in minimizing the risks of premises liability claims.…

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