LLC Or Corp?

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.

clipped from money.cnn.com
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.

Viva La Revolution Money!

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!

Refer A Friend using Revolution Money Exchange

How To Register A Trademark

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.

  blog it

Make Mine A Million Program

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!

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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.

My Senator Agrees With Me: Schumer to Seek Ban on 401(K) Debit Cards

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 😉