Incorporating a Business

All sorts of groups, from artists and musicians to people active in education, health, and community services wish to operate as nonprofit (or not-for-profit) corporations. Often the reason for doing this is simple — nonprofit status is usually a requirement for obtaining funds from government agencies and private foundations. Obtaining grants, however, is not the […]

So you are starting a new business and you and your partners are really excited about the endless possibilities that await you. The last thing you want to think about is the worst-case scenario — the failure of the business or a partnership gone wrong.
Failure to plan and lack of funding are both leading contributors […]

Many, if not most, LLC owners overlook a critical element of their operating agreement that can save them both money and angst: buy-sell provisions. When you create buy-sell, or buyout, provisions for your operating agreement, you and your co-owners can prepare for events that have been the downfall of more than a few successful small […]

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, […]

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 corporations
Like any corporation, a nonprofit has a board of directors to make important policy decisions, officers (president, treasurer and secretary) to oversee and manage […]

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 […]

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 […]

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, […]

If you and your partners don’t spell out your rights and responsibilities in a written partnership agreement, you’ll be ill-equipped to settle conflicts when they arise, and minor misunderstandings may erupt into full-blown disputes. In addition, without a written agreement saying otherwise, your state’s law will control many aspects of your business.
How a partnership agreement […]

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 […]