LLC vs S Corp

What is an S Corporation?First, let's talk about what an S Corp is. An S Corp is a tax election provided by the IRS for your business. An S Corp is not a type of business entity like an LLC or a Corporation. That means an LLC and an S Corp don't have to be mutually exclusive of each other, you can have an LLC that is classified by the IRS as an S Corp and you can have a Corporation that is classif

Yes, You Really Can Operate A Successful 1-Person Business!

Nowadays, it seems that no one needs to work with anyone else. You could start a successful 1-person business even if you don't have any employees. Just because you are the only person in your business, this doesn't mean that you can't make money or grow your business to generate more revenue and be more efficient. Thanks to online tools and services, starting a business has never been easier, mak

What You Need To Know When Hiring Your First Employee

Hiring your first employee can be an exciting and stressful experience simultaneously. Exciting because you're now growing the business and reaching new heights but stressful because of the pressure you feel to make the right choice in hiring your first employee who will work under you directly. Here are some important things to keep in mind before hiring your first employee so that both you and y

Why Doing Business With Family Is Powerful (and How To Do It Right)

Setting up a family business has always had a bad rap. Many often wonder, "why do people caution against doing business with family?" From little boundaries to lack of control and greater liabilities, it's a wise choice never to mix business and family. You wouldn't miss the lack of accountability that may result from running a company with your household. However, this is not to say that there ar

Does Your LLC Need To Pay Taxes if You Didn't Make Money?

There are numerous reasons you may want to register your business as an LLC, the primary motive being liability protection. When you run an LLC (limited liability company), you can avoid personal penalties for any debts your business runs into. That means that creditors can go after your company's assets but cannot touch any property in your name. Other benefits of owning an LLC include easy start

Hiring Contractors: How To Find Quality Workers on Upwork

You may need contractors to manage a task or project and resort to checking freelance platforms on the internet. Upwork is one of the platforms with the largest network of independent professionals and who BetterLegal uses for many of our contractors. As a result, it has become one of the leading freelance marketplaces that connect you to workers. The platform caters to many industries. It is free

The 1-Person Business: How The Internet Has Made It Possible To Run A Multi-Million Dollar Business By Yourself

Starting your own business can be an exciting endeavor, but it can also be overwhelming and filled with many challenges. While, starting a business can seem extremely difficult and intimidating, current technology has made it much more feasible to handle solo. Running an entire business used to be a big job that required many employees, from assembly workers to sales representatives to upper mana

Can You Give Away Equity for your LLC

There are several reasons to give up your LLC’s equity. First, you may decide to do away with your membership in the company. You could choose to sell off the company. Members could also recruit a new member and add them to the ranks. Whatever may be your rationale, you want to know if it is something you can do with your Limited Liability Company; and the answer is yes. Therefore, you can give aw

Why Do People Caution Against Doing Business With Family?

Many people wonder why business people caution against doing business with family members. Doing business with family can be quite successful if you know how to do it the right way. At the same time it can help you build your business while strengthening the bond between you and your family members at the same time. Though it may seem like an unnecessary thing to do, there are plenty of reasons wh

5 Things You Don't Know When You Start Your First Business

Being an entrepreneur and creating your first business is a huge milestone in one's life. It comes with great responsibility and a feeling of accomplishment if successful. If you have yet to start your business but have an excellent idea and you're ready to take the plunge into this life, get ready. It takes time, commitment, focus, and drive. But, our guess is you knew all of that already. We are