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.
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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.