The age-old question for many entrepreneurs-should they set-up their business structure as an LLC or as a corporation. Click through to read the full article on Money. I am pro-LLC, since I think it is the simplest, but let me know in the comments which do you prefer.
|LLC or corporation?
There’s virtually no reason why a small business should file as a corporation, unless the owners plan to take the business public in the near future, says Carter Bishop, a professor at Suffolk University Law School who helped draft the uniform LLC and LLP laws for several states.
Instead, filing as an LLC, or limited liability company, is usually the best choice.
The major differences between an LLC and a corporation include decision-making flexibility and the type of taxation the business faces, says Mark Patton, an attorney with Lewis and Roca in Tucson, Ariz.
A corporation has to have a board of directors to make decisions according to a formal process. The “board” could technically be one person, but it still needs to exist. An LLC, on the other hand, can set up an operating agreement at the time the business is created, and make decisions more informally.
I checking out the details for an upcoming Mashable event and I noticed that one of my friends Chrissie Brodigan is working with Revolution Money. Revolution Money has a feature called MoneyExhange which allows you to receive payments from other MoneyExchange account holders without incurring any charges. MoneyExchange can be a good way for clients to send you money or for you pay for some service. Yay!
In the Wall Street Journal’s Small Business section, there’s good information about trademark registration.
First, consider the name. Names that are too generic “Farm” or too descriptive “We Make Robots” are hard to protect. Also think about what you are trying to trademark. Ideas cannot be trademarked. If you have created a unique process, then it may qualify for a patent.
Second, do some research. Check the U.S. Patent and Trademark Office’s Web site, http://www.uspto.gov/ to see someone else has already trademarked the name.
clipped from online.wsj.com
Online trademark registration costs between $275 and $325 and asks for information such as the categories of goods and services for which the mark will be used, date of the mark’s first use in commerce and whether there’s a design component to the mark you’re seeking. Internet businesses registering their names should generally refrain from registering their Web extension, such as .com or .net, with their name, unless they’re planning to register the mark both with and without. Getting a trademark without the domain extension will help prevent other businesses from registering the same name by just adding a different extension, Mr. Stim says. He also recommends not designating a specific design of your trademark in order to get the broadest protection.
Are you a woman starting your own business? Do you want money to fund your dreams? Count Me In is the leading nonprofit for women entrepreneurs, their mission is to inspire 1 million women entrepreneurs to reach annual revenues of $1 million by the year 2010. Reaching this goal will create over 4 million new American jobs and $700 billion in economic activity.
Help them out and yourself by joining Make Mine a A Million community which gives you access to their business newsletters. It’s FREE!
- Get expert advice on key business and work/life issues
- Gain access to business resources from Count Me In and our supporters
- Learn the steps to making yours a million dollar business
My friend Joanne attended a Make Mine A Million event in New Jersey last month and raved about inspiring it was. The next events will be this fall in Charlotte, North Carolina, Hollywood, Florida and Trumbull, Connecticut.
A month ago I blogged about 401(k) debit cards being the worst idea ever. Now I read that some guys down in Washington agree with me.
From the Washington Post.
Debit cards linked to retirement savings accounts would be banned under a bill set to be introduced in the U.S. Senate.
Sen. Charles Schumer, a New York Democrat, and Sen. Herb Kohl, a Democrat from Wisconsin, said on Wednesday that they oppose the 401(k) debit cards, which are being revived by companies seeking to capitalize on tightened access to consumer credit.
“After retreating over the last few years, companies looking to raid Americans’ 401(k) accounts are making a comeback,” Schumer said in a statement.
A companion bill has not yet been introduced in the House of Representatives.
A 401(k) plan is a retirement savings plan that is funded by an employee’s pretax salary contributions and grows tax-free. Consumers have had limited early access to their 401(k) funds through low-interest loans or hardship withdrawals.
Senator Chuck Schumer is my new favorite politician, at least for today 😉
Jen Groover emailed me about her new project, Launchers Cafe, a social networking community for entrepreneurs.
Intuit is known for its tax and accounting software, but they also assist small businesses with marketing. Check out their Marketing Tools Center.
How to start a cupcake business advice by Laura Bacon and Emira Mears.
Yesterday, I got an email about Entrepreneur.com’s new social network, Entrepreneur Connect. I joined and have already started to get some connections including Dana Zurbuchen who is a business coach.
I am not going to BlogHer this weekend in San Francisco. 😦 If you are, then I suggest checking out the Prosperity Spa sponsored by Intuit. Camille Wright, small business and personal finance expert will be doing financial makeovers.
Location: Italian Room, St. Francis Hotel
When: Friday July 18th, 8:30-5:30pm.; Saturday July 19th, 8:30 to 5 PM
Culture Vulture: Join The Museum of The City of New York. $95 of the $100 membership fee is tax deductible and they have fun parties.
Make A Deal: Need a mortgage broker in New York City?! I highly recommend Olga Savelov from Universal Mortgage. She can tell you how to raise your credit score in 45 days!
Frugal Fashion: In case you missed it, I was featured in the New York Daily News in an article about clothing swaps.
Read this: My friend Jeff who is one of the most connected publicist I know alerted me to one of his current clients, Jean Chatzky, author of Make Money Not Excuses. I am reading it and taking copious notes.
Tahitian Dreaming: Queercents suggests 5 ways to vacation in the South Pacific on the cheap.
You have a business plan, but do you have a marketing plan?! First, you develop your core message well. It is the important thing for a marketing plan is establishing a core message which will be communicated consistently on your website, business cards, and other marketing materials. This message is a more succinct version of your company’s mission statement. Then you can determine how to find people who can create a website, blog and or logo that can communicate your message.
If you have not created a name for your business yet, then have someone do it for you. Name This is a site where creating a name is crowdsourced. Within 48 hours, you will have three possible choices for your business for only $99.
Hiring a web design can be difficult as there is no standard cost for a website. Shop around and inquire by researching sites you like. Browse CommandShift3 which is like a “Hot or Not” for websites.
For logos, you may want to check out Logo Sauce.
Here are the basics needed in a marketing plan for new entrepreneurs:
- A core message
- A great logo and brand
- A Web site
- Business cards