When deciding how to structure your business, one crucial consideration is asset protection. A common belief is that corporations offer better asset protection than Limited Liability Companies (LLCs). However, this belief is a myth. LLCs can provide equally robust asset protection, often with greater flexibility and fewer formalities.
LLCs have
This is a question I get all the time. When managing multiple rental properties, one of the primary questions investors face is whether to establish a separate Limited Liability Company (LLC) for each property. While an LLC offers several advantages, the decision to create one for each property involves various considerations, such as the amount
In the world of franchising, the franchise agreement is the cornerstone of the relationship between the franchisor and the franchisee. This legal document outlines the rights, responsibilities, and expectations of both parties. While many potential franchisees feel they must accept the agreement as presented (particulary since many franchisors claim it cannot be negotiated), one franchise
A young entrepreneur recently came to see me for some very basic, but extremely important advice. He had read many articles and watched videos on the Internet about maintaining corporate protections. He had realized pretty quickly that running a successful business requires careful planning and organization, especially when it comes to managing finances. One critical
The Corporate Transparency Act (CTA) is part of sweeping Congressional changes to anti-money laundering laws. Starting January 1, 2024, the CTA will require most small businesses and corporate entities to file a Beneficial Ownership Information Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
Initial reports for existing businesses (those created prior
Starting a business can be a daunting task, but franchising has become a popular choice for entrepreneurs who want the benefits of owning their own business with a proven model, as well as support from the franchisor. However, not all franchisors provide the support franchisees need to operate a successful business. In this blog post
Buying an existing business is often a great opportunity for would-be business owners. It is a way to skip the early stages of business development and hit the ground running. However, before making any serious decisions, it is important to understand the legal implications involved in buying an existing business. There are many legal issues
Franchise agreements are the heartbeat of the franchise industry. They dictate the relationship between the franchisor and franchisee, outlining everything from branding and marketing guidelines to operational procedures and fees. Let’s be honest. These franchise agreements are VERY one-sided. No one denies it. So, it is not a surprise that many prospective franchisees ask, “Are
Thinking about buying a franchise?
Franchises can be a great way to start your own business. They offer the benefits of being your own boss with the support and resources of a larger organization. But there are some things you need to think about before making the decision to buy a franchise including the financial
If you are a business owner who is looking to sell or transfer your business, then it is important to understand the importance of effective succession planning. Succession planning helps ensure the future of your business is bright and secure, regardless of who owns it. Let’s break down what succession planning entails and how it
