Law and Taxes

Creating an LLC Operating Agreement

An LLC operating agreement allows you to structure your financial and working relationships with your co-owners in a way that suits your business. In your operating agreement, you and your co-owners establish each owner’s percentage of ownership in the LLC, his or her share of profits (or losses) and his or her rights and responsibilities,...


Running Your Nonprofit Corporation

This article is part of our Nonprofit Business Startup Guide—a curated list of articles to help you plan, start, and grow your nonprofit business! Nonprofit corporations are organized very much like regular corporations; however, running a nonprofit corporation means complying with a few special rules. Here’s what you need to know. Organizational structure of nonprofit...


Five Reasons to Incorporate Your Nonprofit

If you’re involved in a fledgling nonprofit organization, you and the other folks active in the group have probably wondered whether or not you should incorporate. Becoming a nonprofit corporation requires some paperwork, but for many groups, the benefits of nonprofit status outweigh the complications. Here are five circumstances that may make it worth your...


Plan for Ownership Changes with Shareholders

While diligently filing articles of incorporation and adopting bylaws, many corporate owners overlook a critical element of their business relationship: buy-sell, or buyout, provisions. By creating a shareholders’ agreement with buy-sell provisions, the owners of a small, privately held corporation can prepare for events that have been the downfall of more than a few successful...


Plan for Changes in Partnership Ownership with a Buy-Sell Agreement

Many business partners overlook a critical element of their partnership agreement that can save them both money and angst: buy-sell provisions. When you create buy-sell, or buyout, provisions for your partnership agreement, you and your partners can prepare for events that have been the downfall of more than a few successful small businesses — namely,...


When Your Business Partner Is Your Life Partner

If you are going into business for yourself and your spouse will help out, you don’t need to hire your husband or wife as an employee or independent contractor, nor do you need to form a LLC or corporation. If you follow certain guidelines, you can continue to operate as a sole proprietorship (a one-owner...


Corporation Basics

Most people have heard that forming a corporation provides “limited liability” — that is, it limits your personal liability for business debts. What you may not know is that there’s more to creating and running a corporation than filing a few papers. You’ll need to keep excellent records to handle the more complicated corporate tax...


Partnership Basics

By definition, a partnership is a business with more than one owner that has not filed papers with the state to become a corporation or LLC (limited liability company). There are two basic types of partnerships—general partnerships and limited partnerships. This article discusses only general partnerships—those in which every partner has a hand in the...


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