While inexpensive to set up, a general partnership, potentially saddles the partners with big personal liability. As your business grows, consider a business structure that limits liability for owners, such as a limited partnership, limited liability company or corporation. Pros and cons of a general partnership Here are some of the pros and cons to […]
As a small business owner, you face the risk of a lawsuit every day. It can cost money, time, your reputation and cause stress. Lawsuits can also put some companies out of business. It may not be possible to avoid every legal claim against your business, but it’s important to limit your risk of a […]
If you own a small business, either alone or with partners, consider forming a limited liability company. With an LLC, your personal assets are protected from business creditors and from business-related lawsuits. At the same time, you maintain flexible management and are taxed only on your share of the profits. Consult a business formation attorney […]
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Starting a Business With a Family Member: 5 Things To Know alvarez / iStock.com Around 87% of all businesses in the U.S. are family-owned, according to Family Enterprise USA data. This should come as no surprise. After all, there are many benefits to going into business with a family member, said Davis Nguyen, founder of My Consulting Offer. […]