Business Entity Options

There are many types of business entities to choose from, and each will affect the way you do business in significant ways. You'll need to choose a type of entity that can offer you the greatest protection given your particular situation and goals. To help, we've created a list of some of the most common types below — but before we get into them, let's talk about what they all have in common.

*All entities are treated like separate people under the law;

*You can only own one entity at a time, so if you've already created an LLC for your company and want to open up a bakery as well... tough luck! That bakery will need its own LLC. Don't forget: the rules for owning more than one entity are very strict, and they can affect how you run your business.

*All entities are treated like separate people under the law;

*You can only own one entity at a time, so if you've already created an LLC for your company and want to open up a bakery as well... tough luck! That bakery will need its own LLC. Don't forget: the rules for owning more than one entity are very strict, and they can affect how you run your business.

Many types of businesses might have their own or no legal structure or address (i.e., a physical office location). An example of an unincorporated organization would be a group of people who get together to play poker. They have no legal structure, legally they are not considered an entity, they have no legal address and do not pay taxes on any income.

There is the misconception that unincorporated organizations do not need to be registered. This is false. Unincorporated organizations must register with the State in which they will conduct business and pay all applicable fees, duties and taxes. If any of the above apply then you may wish to consider incorporating your business or forming an LLC or other type of non-profit entity.

The most common structure for a new business is to be unincorporated with its owner(s) personally owning the assets of the business.

The best way to prevent lawsuits is to make sure that you treat your customers well and know what legal rights they have when it comes to returns, complaints and refunds. Even if you do not think that a particular customer will sue you, it is still a good idea to protect yourself. A simple contract can protect both you and your customer. You are less likely to get sued if your customers feel that they have been treated fairly and taken care of.

Your customers have a right to ask for a refund if they feel cheated, or if they have a problem with the product. Now, you may not have to give them their money back. You may be able to offer some sort of compensation instead, such as giving them store credit that is transferable for next time or giving them a discount on something else so that they will continue to shop with you. There are laws that you must follow in order to protect yourself from lawsuits from disgruntled customers. The Consumer Protection Act of 1977 is one such law. This act protects all consumers from "…unfair or deceptive practices in the sale and advertising of consumer goods, services and housing."

If you are a new business and are still learning about this area, the best advice is to make sure that you deal fairly with your customers from the start. You will be a lot less likely to get into legal trouble if you treat your customers well in the beginning.

Many types of businesses might have their own or no legal structure or address (i.e., a physical office location). An example of an unincorporated organization would be a group of people who get together to play poker. They have no legal structure, legally they are not considered an entity, they have no legal address and do not pay taxes on any income.

Many types of businesses might have their own or no legal structure or address (i.e., a physical office location). An example of an unincorporated organization would be a group of people who get together to play poker. They have no legal structure, legally they are not considered an entity, they have no legal address and do not pay taxes on any income.

Every business needs to know who or what is owned by the business and how it is owned. There are two main types of ownership: Passive and Equity.

Passive ownership is typically found in sole proprietorships. Usually, when you start a business as a sole proprietorship, you are considered to be the owner of the business. You are also considered to be an agent of the business.

The owner(s) can be held personally liable for any debts or contracts entered into by the business, but the good news is that the personal assets of the owner(s) are beyond reach by creditors of the business.

Equity ownership is typically found in corporations and limited liability companies (LLCs). Corporations and LLCs protect their owners from personal liability - meaning that they cannot sue corporate owners or members directly over a debt owed by their company.

The owner(s) of a for-profit business will have a share of the equity in the business.

The owner(s) can be held personally liable for any debts or contracts entered into by the business, but the good news is that the personal assets of the owner(s) are beyond reach by creditors of the business.

When it comes to hiring employees and paying them, you need to be sure that you have accurate and up-to-date information about your company's policies. Every year, there are new laws and regulations that affect hiring workers. These changes may appear minor to some, but they can make a significant impact on your bottom line.

Be sure to review your company policies and make any necessary changes as needed. Additionally, you should be aware of the minimum wage in your locale, as well as health and safety laws.

One major issue that you must consider when hiring employees is how to pay them for their work. There are several options that may work well for you depending on what type of business you have.

The most obvious method of paying employees is to hire employees and pay them an hourly wage or salary. This can be done on an individual basis (like a grocery store employee) or through groups of workers (like construction workers).

Conclusion

To summarize some of the information presented in this article:

Start-ups are businesses that have been built and are not yet profitable.

In order to get a start-up going, you may need to do some work in the beginning. You will want to develop a plan that is realistic and trustworthy, but you also need to keep in mind that it will require hard work and dedication.

When planning your start-up, it is important to follow all of the laws relating to your business as well as acquiring the proper licenses and permits. This will serve you well when you do encounter problems during the beginning stages of your start-up.