Monday, February 28, 2011

Which Business Entity Is Right For My Business?


You have already seen that you have a number of possible options for creating a business entity, and the choice of business entity ultimately comes down to a question of your individual needs.

You should consider the advantages and disadvantages of each type of business entity and determine which type better fits your business. For example, the choice of business entity affectswhether the owners of the business will have personal liability protection from a lawsuit againstthe business. The type of business entity also affects how the business is managed and how thebusiness pays taxes.

Some questions to consider when determining which business entity is right for your business include:

• Do I want to protect my personal assets from claims by those who I do business with?
• Will I manage this company alone or with other people?
• Will I have large amounts of expenses that may be tax deductible?
• Will I have investors?
• Do I have a goal of becoming a large company?
• Will my primary business involve offering professional services?
• Will my primary purpose be charitable work?
• Does my tax advisor or accountant have a preference for the type of entity I wish to
form?

Does We The People Offer Other Business Related Services?


Yes, We The People offers a wide variety of business related services to assist business owners.

Starting Your Company

• Incorporation
• LLC
• Non-Profit Corporation
• Fictitious Business Name (DBA)
• Name Reservation
Maintaining Your Company

• Statement of Information
• Resolutions
• Annual Minutes
• Annual Reports
• Corporate Kits

Protecting Your Company
• Trademark/Service mark
• Copyright
• Shareholder Agreement
• Partnership Agreement

Dissolving Your Company
• Dissolution
• Cancellation

Wednesday, February 23, 2011

How Do I Form A Business Entity? File Additional Documents With Your State Or The IRS


File additional documents with your State or the IRS.

If you wish to have your C corporation designated as an S corporation, you will need to file Form 2553 to make the S corporation election. For new corporations, the S corporation election may be submitted at anytime during its tax year so long as the filing is made no later than 75 days after the corporation has begun any of the following activities (whichever is earliest): conducted business as a corporation, acquired assets, or issued stock to shareholders. You should check your state laws to determine if you need to file any additional documents. California, for example, requires that new business entities file a Statement of Information upon formation (as well as annually).

Tuesday, February 22, 2011

How Do I Form A Business Entity? Hold Organizational Meetings

For corporations, the shareholders and directors will meet to organize the corporation. Business conducted at that meeting includes adopting the bylaws, electing the initial directors, and other business matters. For business entities other than corporations, an organizational meeting is generally not required.
 

Monday, February 21, 2011

How Do I Form A Business Entity? Prepare Governing Documents


Prepare Governing Documents

In addition to preparing the formation document (i.e.,
Articles of Incorporation, Articles of Organization or Certificate of Limited Partnership), you also need to prepare a document that governs the internal rules of your business entity.

The governing documents are bylaws for corporations, the operating agreement for LLCs, the partnership agreement for general partnerships, and the limited partnership agreement for limited partnerships. They explain such matters as holding meetings, voting, elections, and powers of the owners and management. The governing document is generally not filed with the state.

Sunday, February 20, 2011

How Do I Form A Business Entity?


Apply for Employer Identification Number (Tax ID Number). You should also complete and file IRS Form SS-4 (Application for Employer Identification Number).

This may be important in many cases whether or not the business entity is
expected to have employees.

Saturday, February 19, 2011

How Do I Form A Business Entity?


File formation document with your State.

Once the formation documents have been prepared, reviewed and signed, they need to be filed with the appropriate state office.  Most often if they are filed by mail, the original and one copy should be provided. On average, it takes 4-6 weeks to form a business entity. Expedited services are available in many states as is filing by fax or electronically in a few states.

Accompanying the completed formation document for filing must be the filing fee that state requires. Filing fees range from $40 to $500. There may be an additional fee to obtain certified copies of the formation documents. The time involved varies greatly from state to state - your local We The People store representative can give you more information on these time frames.

In most states, filing the formation document with the appropriate state office is the only filing requirement. However, a few states, such as New York, require publication of a notice of intention to form a business entity prior to filing the formation document with the state.

Friday, February 18, 2011

How Do I Form A Business Entity?


Prepare Formation Document.

You will also need to prepare the initial formation document that is usually filed with a state to formally create your business entity. The formation document for corporations is usually referred to as the Articles of Incorporation (sometimes Certificate of Incorporation), for limited liability companies it is the Articles of Organization (sometimes Certificate of Organization), and for limited partnerships it is the Certificate of Limited Partnership. General partnerships generally do not have to file a formation document with the state.

Thursday, February 17, 2011

How Do I Form A Business Entity?


Choose a business name. An important step will be to select the name for your business. In general, the name of your business entity must specify the type of business entity you are forming. For example, a corporation must end with the words "Incorporated", "Corporation", "Company", "Inc.", "Corp." or "Co."

There are similar requirements for limited liability companies, and limited partnerships. Because there are slight variations state by state, it is best to check your state law before selecting a name or refer to your We The People workbook which will provide you the acceptable options for your state of formation. Once you have formed your entity, your business name may be protected in the state your entity is formed, and if you expect to be doing business out of state, you may consider filing a trademark at some point (By The People may be able to assist you with the trademark).

Tuesday, February 15, 2011

Some Benefits Of A Separate Business Entity


Favorable Tax Treatment


Another benefit of having a separate business entity is that your business may receive favorable tax treatment. Most business entities are subject to taxation and must file a tax return. Some business entities are exempt from federal income tax and the profits or losses of the business flow through to the owners. These include S corporations, partnerships and many limited liability companies. Business entities may be subject to state income tax, depending on the laws of the states where they conduct business.

Monday, February 14, 2011

Some Benefits Of A Separate Business Entity



Personal Liability Protection for the Owners

One of the main benefits of forming a separate business entity for your business is that, other than for general partnerships, the owners generally enjoy personal liability protection. In most instances, the owners of a business entity are not personally liable for the debts and obligations of the business, unless they have signed a personal guarantee or act illegally, unethically, or irresponsibly.

An owner's liability is normally limited to the amount of money which the owner invested in the business. Usually, only the business entity itself can be held liable for the debts and obligations of the business.

This personal liability protection is available to owners of C corporations, S corporations, limited liability companies and limited partnerships. The personal liability protection is not available to owners of a sole proprietorship or a general partnership.

Sunday, February 13, 2011

Personal Liability Protection For The Owners


One of the main benefits of forming a separate business entity for your business is that, other than for general partnerships, the owners generally enjoy personal liability protection. In most instances, the owners of a business entity are not personally liable for the debts and obligations of the business, unless they have signed a personal guarantee or act illegally, unethically, or irresponsibly.

An owner's liability is normally limited to the amount of money which the owner invested in thebusiness. Usually, only the business entity itself can be held liable for the debts and obligationsof the business.

This personal liability protection is available to owners of C corporations, S corporations, limited liability companies and limited partnerships. The personal liability protection is not available to owners of a sole proprietorship or a general partnership.

Saturday, February 12, 2011

What Is A Business Entity?


Business entities are all around us. Virtually all products you see at a store were produced or manufactured by a business entity. The Coca-Cola Company, Microsoft Corporation, and We The People LLC are just a few examples of business entities.

In somewhat technical terms, a business entity generally refers to an organization that is operated for a profitable or charitable purpose. A business entity has an existence separate and distinct from its owners. It is a separate person in the eyes of the law.

The most common types of business entities include C corporations, S corporations, LLC's ---limited liability companies, general partnerships, limited partnerships and non-profit (or not forprofit) corporations. There are many other types of business entities, but they are not as common as those listed. A sole proprietorship is the traditional unincorporated one-person business. For legal and tax purposes, the business is the owner. It has no existence outside the owner and is generally not classified as a business entity.

Friday, February 11, 2011

Statistics Of Divorce


Divorce has become a common occurrence both in the United States and around the world. According to divorce statistics, it is estimated that between 40 percent and 50 percent of first marriages end in divorce in the United States. In some countries, divorce rates for first marriages exceed 50 percent. Second and third marriages in the United States have even higher divorce rates. According to statistics, second marriages fail at a rate of 60-67 percent, and third marriages fail at a rate of 73-74 percent.

Divorce statistics show that there are number of reasons why marriages fail. According to divorced couples, the number one reason that marriage fails is due to either a lack of communication or poor communication. The second most cited reason for divorce is martial conflicts and arguments. Thirdly, many divorced couples say infidelity led to divorce. While these are the primary reasons cited for divorce, statistics show that there are several underlying factors that contribute to these trends. These factors include, but are not limited to: age, education, income, religion, and cohabitation.

Age

Statistics show that those who get married in their mid to late-twenties are less likely to get divorced that those who marry at a younger age, and that this age group tends to be more satisfied in marriage than those couple who marry later in life. For divorced couples under the age of 20, the women are more likely to initiate the divorce; whereas for divorced couples over the age of 20, the men are more likely to initiate the divorce.

Education and Income

Education and income both play a role in divorce statistics. Data shows that a married couple with a higher education and a higher income is less likely to divorce than a couple with lower education and lower income.

Religion

While several religious denominations show a slightly lower divorce rate of 21-34 percent, other data suggests that those with no religious affiliation have a lower divorce rate than those with reported religious affiliations. It has also been suggested that pastors of local congregations, for various reasons, may not be aware of how many divorced couples are actually in, or have been part of, their congregations.

Cohabitation

Reports suggest that between 40 percent and 85 percent of couples who lived together before getting married had the marriage end in divorce.

Divorce statistics indicate that about one-fourth of adults in the United States have been divorced at least once in their lifetime. Characteristics of individuals that have a higher probability of divorce include:

o younger age at time of marriage
o lower education
o has children from a previous relationship
o cohabitation prior to marriage
o sexual activity prior to marriage

According to divorce statistics, it does not appear that only one factor contributes to a couple's decision to divorce. Although three primary reasons have been identified by divorced couples as the leading causes of divorce, it seems that underlying factors may contribute to these issues as well.

Article Source: http://EzineArticles.com/?expert=Robert_Grazian

Wednesday, February 9, 2011

What is the County Recorder's Office?



This office is referred to by different names in different states, such as County Clerk's Office, Register of Deeds, or Land Registry Office. It is where quit claim and warranty deeds are registered.

Tuesday, February 8, 2011

What Is The Consideration?



The consideration entered on a deed document should be the actual value paid by the Grantee to the Grantor in monetary terms. If no consideration is being provided, such as in the case of a gift, then $10.00 can be entered as the standard consideration.

Monday, February 7, 2011

What Does The Term "Homestead Property" Mean?



Generally speaking, Homestead Property is real estate occupied by a person as his or her home or dwelling place.

Sunday, February 6, 2011

What Is A Notary Public?




A Notary Public is a state-appointed official who is authorized to authenticate certain legal documents, such as declarations, acknowledgments, deeds, mortgages, and other contracts.

Saturday, February 5, 2011

How Does Joint Tenancy Differ From Tenancy In Common?




Joint tenancy is a form of co-ownership where the surviving joint tenant immediately acquires a fee simple interest in the property upon the death of the other joint tenant. Tenancy in common is a different form of co-ownership, where the survivor does not acquire the deceased tenant's interest, but instead the deceased's interest passes according to his or her will. A tenancy in common is presumed to be created by a deed transferring property to 2 or more people, who are not husband and wife. The best way to achieve joint tenancy is through the use of a Survivorship Deed.

Friday, February 4, 2011

What Is Tenancy By The Entirety?




A form of ownership by husband and wife whereby each owns the entire property. In the event of death of one, the survivor owns the property without probate.

Thursday, February 3, 2011

What Is Tenancy In Common?




An undivided ownership in real estate by two or more persons. The interest need not be equal, and in the event of the death of one of the owners, there is no right of survivorship in that owner's interest.

Wednesday, February 2, 2011

Child Custody Evaluation - How Do I Document In Preparation For Meeting With The Evaluator?


It is definitely a challenge to keep track of all the back and forth in a high conflict child custody case. You know you need to document the daily drudgery that has become your life, but what is a good way to go about it? How do you organize and track, email, conversations, voice mail and texts?

You start by grabbing a composition folder. The folder will serve as a journal of the day-to-day back and forth that is your life. If you put all of your transactions in the journal as they happen, you can always find anything else you need.

The biggest problem you have is that it is nearly impossible to keep track of all the issue you run across. By journaling you can keep track of all your issues in one place. The piece that is most important is to make sure you have the dates, times, and issues gathered in one place. Once you have that done the rest is just housekeeping. The journal can help you with the 4 w's of who, why, when and where. Once you decide you need a specific email to prove a point, all you need to do is find it in the journal. The journal; will have all of the rest of the pertinent details. You will be able to tell what the email was about and more importantly you will be able to find it when you head for evaluation.

Evaluation is the corner stone in the high custody relationship. Your job is to frame everything you have for the evaluator. You will need to put everything in its best light. By having a journal you will be able to not just recall all of the documentation, but also your thoughts about what was happening at the time. This is extremely important because when you need to explain to the evaluator why something is important, you will be able show them the empirical evidence along with providing them the context of issue.

Being able to provide this information is critical to you case because you are now able to recall the four w's in great detail. It will show that you care about your child and that you are capable of identifying a pattern. This will be very important timing when you need to tell the evaluator that you are focused on your child and the other parent simply uses their time to send you unimportant items of information. This is definitely your best shot at making the best impression on the evaluator. If you can lay out your case to them with the evidence that is is truthful and you are an upstanding person, the evaluator is quite likely to favor you.

Article Source: http://EzineArticles.com/?expert=E_Brooks

Tuesday, February 1, 2011

What Is Right Of Survivorship?



The right of a survivor of a deceased person to the property of the deceased. A distinguishing characteristic of a joint tenancy, tenancy by the entirety and community property with right of survivorship.