Sometimes two (or more) people are needed to get a business going. Unfortunately this arrangement does not always end well - not because of the business model but due to the partners not being able to work together.
The following is an excerpt from an Inc. article that details how two friends in NYC have been able to coexist and succeed as business partners in one of the most difficult industries, restaurants, for almost thirty years without a single argument(!): Read more
Congratulations! After turning down opportunities for additional work and/or spreading yourself too think – it is now time for you to bring on anther person. Transitioning from an entrepreneur to an employee may seem simple enough, but before signing that first paycheck there are several matters you must handle: legal obligations, liabilities, expenses, and paperwork. Read more
In the previous post, we discussed two entities that are available to Michigan businesses. In this post we discuss the final three entity types - corporations, limited liability corporation, and non-profit corporation: Read more
For novice business owners, choosing a business structure typically comes down to answering four questions:
- How many people will own the business?
- How much personal liability protection will be needed?
- How do you want your business to be taxed?
- Would your business benefit from being able to sell stock?