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Guide to Sole ProprietorshipsMany people starting a business have little knowledge or interest in business entities and thus become sole proprietors. There are pros and cons to this approach.
A sole proprietorship is a default business form. If you start your own business and do not form an official entity, you are a sole proprietorship. Congratulations! If you start a business with another person and do not form a business entity such as a LLC or corporation, you are not a sole proprietorship. Pros and Cons of Being a Limited Liability CompanyLimited liability companies are the popular new choice for business start-ups. The “LLC” has only been in existence for roughly 26 years and there are some definite pros and cons.
A limited liability company is a creature of state law. Prior to the late 1970s, it had never been a choice for businesses because it didn’t exist. In the late 1970s, the State of Wyoming passed an act creating it. S-corporations – State and Tax IssuesMore than a few people prefer to form corporations to protect their businesses, but look for a more favorable tax situation. The answer, of course, is the S-corporation.
For a long time, corporations were the dominant business entity available to most business. With their rigid rules protecting shareholders from personal liability for the debts of the business, they were a smart and popular choice. Incorporating With an IncorporatorDeciding to form a business entity is often a wise choice for most businesses. What seems simple can quickly become confusing given all the legal jargon.
If you want to incorporate, you have a couple of different choices regarding how to go about the process. Let’s take a quick look: Using a Mark you Cannot Trademark – be CarefulWhen coming up with a logo or mark, there are plenty of options. Sometimes, people make a choice that cannot be trademarked and this leads to problems.
When you start a business, you probably have visions of huge success. At the same time, it can be difficult to plan for it when you are sitting in your home office or garage and just getting started. Unfortunately, this is when many of the most important steps are required to be taken. One is picking a mark to identify your products or services. Can you Trademark your Business Name?A trademark is a distinctive image, word or other thing that associates with a product or service. So, can you trademark your business name?
Most people think trademarks are logo oriented. In some ways, this is true. The Nike Swoosh is clearly a logo trademark that stands out in peoples minds. When you see it, you immediately think of Nike and its products. While logos can clearly be trademarked, what about a business name? The answer is both yes and no. International Trademarks and the Madrid ProtocolProtecting your logo and so on with a trademark is a smart move. Ah, but what about protecting it in the United States AND internationally?
Filling for a trademark is a smart move for practically any business. Although the process can be lengthy, the final approval gives you the ability to stop competitors from using your mark to confuse consumers and perhaps steal them. The Role of TrademarksOnce you start conducting business, you are going to start running into the topic of intellectual property and trademarks. Understanding the role of a trademark will help you grasp why they are important.
A trademark is a unique form of intellectual property. Most intellectual property is created to protect the person or business creating it. You Can Trademark a Lot More Than you ThinkDiscussing a trademark in general is often difficult. Why? It has to do with the fact that you can trademark many things that are unique and entirely different.
When a person thinks of a trademark, most picture a logo of some sort. The swooping Coca Cola brand name is the classic example. Documenting Decisions With your LlcThe limited liability company is a popular business entity choice for small businesses. One reason is the lack of formality, but that doesn’t mean you shouldn’t document certain decisions.
A limited liability company is a business entity that combines the liability protection of a corporation with the tax flexibility of a partnership. It is specifically designed for use by small businesses. One of the design factors is the lack of formality.
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