the patent co operation
opening your own business is an important part of the American dream. If you are heading on this path, you must form your company.
An Introduction to Business posts
An entrepreneur is simply the form in which your company is held. Some companies offer protection against personal liability for debts, while others are tailored, the flexibility and tax savings. Over time, the various types of facilities have proven to be state institutions on the level, with unique solutions. While the idea of an enterprise is very old, most people do not realize that a company with limited liability is available as a unit for less than 30 years.
Ironically, companies that do not step to starting a business, so unknowingly. If you are the only owner of a company, you are legally as a sole proprietor. Your business is naked in legal terms, namely, it offers no protection against debt or liability. In practice, this means if you are due to defective products or your employee has a car accident, you are personally liable for resulting damages.
If two or more people start a business, they are often surprised to learn that as a general partnership in the eyes of the law. Much like a single company for a single owner, this is an automatic default situation. From a personal point of view, a general partnership is one of the worst places for a business. Under well-defined law, each partner is liable for the debts of the partnership. In human terms, this means that each partner is liable for all debts of the partnership. If your partner has a drink with a client and then kills someone on the drive home, while legally drunk, you are responsible for his actions. All, all, general partnerships should be avoided like the plague.
Another popular business enterprises in these days is the limited liability company, often known as the "LLC." This facility is available for less than 20 years, but is quickly catching up to businesses in popularity. In the late 1970s, the first LLC legislation in Wyoming. The state was looking for a flexible business company in a niche between a company and a partnership. Ehrlich said the state was also the revenue from fees. Boy, did it. The company proved so popular that almost all states now have legislation which provides for its use by small businesses.
The last great entrepreneur is also the best known - the company. For push-push, this is the Big Daddy of facilities. It has existed for hundreds of years and comes in two forms - a "S" or "C" Corporation. An S-Corporation is for small businesses and provide more tax relief than the traditional C Corporation. The C on the other side is the ultimate pet and the primary form of large companies, the shares in the various stock exchanges. The advantage of these two companies has to do with their protective elements. In particular, the use of a company creates a protective shield of the claims between the company and your personal assets. In the case of drunk driving partner, you would not be exposed to any personal liability for the verdict.
This is only a brief introduction to the business facilities. There is also a mixture of the above facilities. The larger point, however, to ensure that you are considering an enterprise, protecting against the devastating effects of personal liability should the company be sued or not.
Gerard Simington is with FindAnAttorneyForMe.com - an online directory for lawyers.
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