sole proprietorship http://www.artwoo.com Returned search results for sole proprietorship Copyright 2008 Sun, 23 Nov 2008 05:34:40 +0000 http://www.artwoo.com/rss/sole+proprietorship Planning Various Home Based Internet Business Types http://www.artwoo.com/article/planning-various-home-based-internet-business-types http://www.artwoo.com/article/planning-various-home-based-internet-business-types#comments Fri, 15 Feb 2008 19:24:59 +0000 self employment incomesole proprietorshipsole proprietorshipshome based internet businessbusiness nichelegal senseconsistencies http://www.artwoo.com/article/planning-various-home-based-internet-business-types home based internet business tend to be a bit hectic in the initial stage. The reason for a business plan, is to give you the chance to develop a strategic path for your business that you will refer to thousands of times over the course of the life of your home based internet business. One of the numerous things that you need to decide during this time (or at the very least give some thought to) is what type of home based internet business you are going to run. This has nothing to do with the actual itself, but rather the actual legal type of business that you are going to be involved in. There are a number of different business types in the and while those types vary from country to country, there are general along a few major distinctions.

The first of those distinctions is the business type known as a . This is the most common business type simply because it is the easiest one to start with. A sole proprietorship consists of the business being wholly owned by one person and therefore being associated with that one person. The expenses and liabilities for your home based internet business are assumed by that one person, but at the same time that one person has total control over everything that the business does. are free to start in terms of legal registration and do not require a separate tax return in most cases as the income from a sole proprietorship is usually just reported as .

Taking the next step up from a sole proprietorship, we come to the concept of a partnership. There are a number of similarities between the two business types and the most obvious ones to point out are that partnerships are cheap and easy to run in the legal sense. This is because all of the partners can usually just report their share as self-employment income rather than requiring another tax return for the home based internet business. The partners also share responsibility for the home based internet business by default in a legal sense unless there is an agreement that specifically assigns responsibility to one partner.

Up from a partner is a private corporation. This is a business that is a separate entity from the people that run it. All of the liabilities are the businesses and for the most part the people running the home based internet business can not be held responsible for those liabilities. However, the maintenance of a corporation requires regular fees to be paid as well as up front registration fees and regular records of the business affairs must be kept along with regular board meetings. Also, a separate tax return for the home based internet business is required because it is a separate entity.

Thus, for running your own home based internet business, you may have to decide which is the best business entity, be it a sole proprietorship, a partnership or a private corporation. The decision will depend on your goal for your business, the time frame you have set for yourself and the type and amount of business transaction you will be dealing. Will Yap is the owner of http://www.1SuperAffiliates.com. To find the best internet income streams home based business ideas and opportunities so you can work at home visit: http://www.1SuperAffiliates.com ]]> Planning Various Business Types http://www.artwoo.com/article/planning-various-business-types http://www.artwoo.com/article/planning-various-business-types#comments Wed, 07 Nov 2007 03:25:02 +0000 sole proprietorshipself employment incomeone personlegal sensebusiness typesbusiness typetax return http://www.artwoo.com/article/planning-various-business-types
One of the numerous things that you need to decide during this time (or at the very least give some thought to) is what type of business you are going to run.

This has nothing to do with the actual business niche itself, but rather the actual legal type of business that you are going to be involved in. There are a number of different s in the and while those types vary from country to country, there are general consistencies along a few major distinctions.

The first of those distinctions is the business type known as a . This is the most common business type simply because it is the easiest one to start with.

A sole proprietorship consists of the business being wholly owned by and therefore being associated with that one person. The business expenses and liabilities are assumed by that one person, but at the same time that one person has total control over everything that the business does.

Sole proprietorships are free to start in terms of legal registration and do not require a separate in most cases as the income from a sole proprietorship is usually just reported as .

Taking the next step up from a sole proprietorship, we come to the concept of a partnership. There are a number of similarities between the two business types and the most obvious ones to point out are that partnerships are cheap and easy to run in the legal sense because all of the partners can usually just report their share as self-employment income rather than requiring another tax return for the business.

The partners also share responsibility for the business by default in a legal sense unless there is an agreement that specifically assigns responsibility to one partner.

Up from a partner is a private corporation. This is a business that is a separate entity from the people that run it; all of the liabilities are the businesses and for the most part the people running the business can not be held responsible for those liabilities.

However, the maintenance of a corporation requires regular fees to be paid as well as up front registration fees and regular records of the business affairs must be kept along with regular board meetings.

Also, a separate tax return for the business is required because it is a separate entity. Dock J. Murphy is owner of Plug in Profit http://Site.com and writes on a variety on a variety of subjects. To learn more about this topic Dock J. recommends you visit: Http://www.pluginprofitsite.com/main-17106 ]]> The Difference In The Many Incorporation Entities http://www.artwoo.com/article/the-difference-in-the-many-incorporation-entities http://www.artwoo.com/article/the-difference-in-the-many-incorporation-entities#comments Mon, 21 May 2007 17:24:58 +0000 becoming incorporatedsole proprietorshipbusiness entitieslimited liability companythis means thatdoing businesssign contracts http://www.artwoo.com/article/the-difference-in-the-many-incorporation-entities Becoming incorporated is not all that complicated. There are 4 that you can choose from. If you know the difference in the 4 of them, then you should not have any problems knowing which one is for you. However, here is a run down on the entities and what they are.

As is a business entity, and also is sometimes called a , or even a fictitious name. When you have a Doing Business As entity, this business is not separate from you. You the owner are personally responsible for all debt, law suits, and income that comes from this entity. When there is more than one person involved in the DBA entity, that person is also legally liable, and the entity is then known as a partnership.

Regular Corporation is also a type of entity that you may be considering. When you have a corporation, the owners are not personally responsible for any of the company's debt. The regular corporation can purchase real estate, , and can handle its own legal matters apart from the owners.

S Corporation is a entity that a corporation can form after becoming incorporated. With this status, the taxes are then changes so that it is taxed as if it were a sole proprietorship or partnership instead of a corporation.

LLC also known as is an entity that is generally the easiest and cheapest to obtain. It also provides protection for the owners, in the even that the LLC obtained debt, or were to be sued.

While becoming incorporated can be quite confusing to someone that has never owned a company before, it is all quite simple. If you are considering becoming incorporated, just be sure that you know how many people will be in it with you, what name you would like to operate under, and then you can choose which entity is best for you and your business. Find out more about Many Incorporation Entities at http://www.llc-explained.com ]]> Why Incorporate Your Business? http://www.artwoo.com/article/why-incorporate-your-business http://www.artwoo.com/article/why-incorporate-your-business#comments Fri, 16 Jun 2006 00:32:06 +0000 incorporating your businesssole proprietorshipsingle proprietorshipvastpartnershipbusiness venturebusiness ventures http://www.artwoo.com/article/why-incorporate-your-business business ventures without first looking into the form of business that would be most suitable for them given their business experience and financial capability. Deciding on what legal form your venture is going to take will spell the difference when you experience difficulty in your business later on.

A businessman can choose from different business forms including sole or , or a corporation. Each of these legal forms has their own advantages and disadvantages and a businessman should be well aware of their implications on his business venture.

is the easiest business venture to put up because you only have yourself to disagree with. This means you can go ahead with whatever plans you have and you can implement them anytime. It means that when your venture succeeds then you will reap all the financial rewards of your business. The sad fact is that this can also be a disadvantage since it can also mean that you will shoulder all the losses if the business fails.

A partnership will do well for that require more capital and more skills and expertise. You and your partner can concentrate on the different aspects of the business depending on your skills and talents. A partnership form of business means both you and your partner get to share your financial earnings and losses. However, there could be a problem if the business acquires debts because your creditors can run even after your personal money and not just after the capital infused into the business.

The most ideal, although complicated, type of doing business is the corporation. would mean bringing in other people to the business. This would mean no decision can be reached without the agreement of the majority of the Board of Directors. The good thing about a corporation is the availability of financial resources for the business.

A corporation is a distinct legal entity from its incorporators and shareholders so that in case the business incurs debts, the share or stockholders will only answer for the debts depending on the shares they have in the corporation. This is called the theory of limited liability. The creditors will no longer have any right to seek payment from the personal finances of the stockholders.

A business can start as a sole proprietorship but the owner can chose to incorporate the business later as it grows. True, there are more documentation requirements for incorporating a business but the advantages of incorporating a business far outweigh the disadvantages. The author is a regular contributor to http://www.inc-today.com where additional information about incorporating your business is available. ]]> Home Based Business In 3 Easy Steps http://www.artwoo.com/article/home-based-business-in-3-easy-steps http://www.artwoo.com/article/home-based-business-in-3-easy-steps#comments Wed, 07 Nov 2007 10:15:01 +0000 sole proprietorshipaccounting informationlimited liability corporationvery reasonable rateshome based businessirs govbusiness accounting http://www.artwoo.com/article/home-based-business-in-3-easy-steps home based business. Unfortunately, many make the wrong decisions or go about it the wrong way. In this article I'll go over three easy steps that are a necessity when beginning your own home based business.

The first thing that you need to do is either incorporate, become a or form and LLC (). Usually when you go into business for yourself you'll form a sole proprietorship. This simply means your the only member of your company.

When forming an LLC you can also be the sole member or you can also have partners who have a stake in the company. Usually employees are hired as well on a small scale. Corporations on the other hand usually have a board of directors, stockholders and thousands of employees.

When your just starting out with your home based business you'll want to go with either a Sole Proprietorship or and LLC. This can easily be done online at legalzoom.com. They'll take care of everything.

Make sure to either have them apply for an EIN number or get one yourself. An EIN number is like a social security number for your business. You can get one for free at irs.gov.

Now, once you have your company formed you'll need to open a business bank account. It is very important to do so because you want to keep your business separate from your personal accounting information. This will also help out when tax time comes around and can help keep the IRS off your back.

A good bank for small and new businesses is Synovus. They have and are ranked among the top banks for small businesses in the nation.

Finally, you need to decide whether your going to have an online presence or not. Honestly, your crazy if you don't have your own website for your business. More and more individuals are shopping online and this trend is expected to rise dramatically in the coming years.

You can get your own website address and hosting for next to nothing. Yes you may have to hire someone to set the site up for you if you don't know how, buy products and services for your site and possibly open a merchant account, but it's easier than it sounds. People take the plunge and open up shop online everyday and you can too.

In closing, make sure you take the right steps when starting your own home based business. Doing things the right way the first time can save you a lot of headaches in the future. Nothing worth doing is easy; if it were we'd all be millionaire entrepreneurs.

One last thing, so many small businesses fail within the first 5 years after opening shop. Don't let this be you. There is one piece of advise I got from watching Donald Trump and it is, "Don't ever give up, ever". I've taken this to heart and so should you. For more information and deals on home based business products and services please visit our site at http://www.therebategate.com/Home_Based_Business.html . ]]> Work At Home Business http://www.artwoo.com/article/work-at-home-business http://www.artwoo.com/article/work-at-home-business#comments Mon, 27 Nov 2006 02:27:17 +0000 work at home businesssole proprietorshippartnership partnershiplimited partnershipsole proprietorpersonal belongingsbankruptcy act http://www.artwoo.com/article/work-at-home-business work at home business, suffer from failure. This is not because their idea is not unique, it generally has to do with the fact that many people do not really know how to operate a work at home business, even the smallest basics.

When you have decided to operate a work at home business, the first thing you should think about how you will legally operate your business. You will have to decided between four different choices and these are Corporation, , partnership, or ship.

Sole proprietorship is the best choice for someone operating a work at home business, for the simple fact that you are looking to break free of your current job and experience independence and freedom that you had never had in your life.

A Successful Work at Home Business

The first and most important aspect of operating a successful business is having a good rein on the expenses. You do not want to start on the wrong foot. Many people believe that the legal costs, expensive furniture, or a flashy office determines success. However, the good rule of thumb is to avoid purchases that do not protect your investment or fails to make you any money.

Sole proprietorship is chosen for many reasons, one is you have the ability to invest anything and everything without having to protect that investment with a corporation. If any protection is needed you have it within the Federal home provision. Thanks to this act, some areas of your life is protected such as portion of your home's equity, vehicle, , and household items.

However, becoming a partner or sole proprietor of a work at home business does not exclude you from taxes. You will still have taxes similar to when you were at a hourly or salary paid employment. Some people choose a corporation because within the laws you have the ability to manipulate the salary you earn to save money during tax time.

If you own a work at home business and incorporate it, there are disadvantages to this as well. Typically when you incorporate a business, there are a variety of legal papers needed when you make major changes within the business. You also need to undertake extremely elaborate account methods, higher taxes, as well as strict operation laws when it comes to your work at home business. Victoria Hargis has over 10 years experience in internet marketing and is the CEO of http://www.YourWebBizHere.com The place where work at home moms find the tips, tricks and tools to start and build their home business. ]]> The Pros And Cons Of Making A Proprietorship Or A Partnership http://www.artwoo.com/article/the-pros-and-cons-of-making-a-proprietorship-or-a-partnership http://www.artwoo.com/article/the-pros-and-cons-of-making-a-proprietorship-or-a-partnership#comments Mon, 21 Aug 2006 08:27:20 +0000 sole proprietorshippartnershippartnershotgunpartnershipspiestarting a business http://www.artwoo.com/article/the-pros-and-cons-of-making-a-proprietorship-or-a-partnership sole proprietorship or a ship" rel="tag">partnership. Which one is right for you will depend on your financial situation and how much freedom you want to have.

1. Sole Proprietorship

Advantages

- Takes only one person to run - Simplest and least expensive business to form - Few legal restrictions - All profits (and losses) go to you - Controlling decisions made by you.

Disadvantages

- Unlimited liability (may exceed your investment) - Heavy responsibility - Your knowledge alone drives the company forward - Limited growth potential

2.

Another legal basis for is the partnership. Keep in mind that partnerships can be between more than two people. Often partners have different skills, or one parner is financially supporting the business while the others do all the work.

Advantages

- Easy to form - Shared responsibility - Capital can be raised faster

Disadvantages

- Again, unlimited liability - If the business goes down the tubes, so might your friendship - More complicated about what to do when one or more partners wants to stop being a part of the business

3. Breaking Up Is Hard To Do

When a partnership ends, it can often be a source of great dispute between the partners. It is highly recommended that you use a clause. A shotgun clause is where, in the event that one of the two partners decides he wants to get out of the agreement, he can allow the other partner to offer an amount of money to buy out his half of the company. The clause then goes on to state that the partner can then fire right back at the other partner and buy out their half for the same amount. In other words, imagine two kids fighting over a . You tell the kids that either one of them can cut the pie into two pieces, but then the other kid gets to choose what piece he wants first. This ensures that if your business partner offers you a dollar for your half of the business, you can fire right back at him and buy his half out for a dollar. This ensures you get a reasonably fair price for your half of the business. For more great business related articles and resources check out http://weknowcontracts.info ]]> Choose The Best Legal Structure For Your Business http://www.artwoo.com/article/choose-the-best-legal-structure-for-your-business http://www.artwoo.com/article/choose-the-best-legal-structure-for-your-business#comments Thu, 03 May 2007 15:42:06 +0000 legal structuresole proprietorshipbusiness structuredividend payments corporationspersonal profitsbusiness profits http://www.artwoo.com/article/choose-the-best-legal-structure-for-your-business legal structure for your small business? Legal structure refers to the way a business is organized. Choosing the best legal structure for your business is critical, as it affects aspects of your business ranging from tax payments to your personal financial liability. The most common types of business legal structure are s, partnerships, and corporations.

The most common and simplest legal structure is a sole proprietorship, or a business owned by one person. The owner and the business are the same entity in terms of taxation: the are and taxed as personal income. The owner is financially responsible for business and their personal assets will be used to cover losses or debts incurred by the business.

Two or more owners of the same business may file for partnership status. This type of is very similar to the sole proprietorship- all partners are held financially responsible for the debts of the business and the tax burden is borne proportionally by the partners.



The most complex business structure, and the most difficult to obtain, is the corporation. In a corporation, the owners and investors are separate from the business in terms of taxation and income and are not held entirely liable for the company's debt.

S-Corporations (Single Person Corporation) are an option for one business owner who wants to create a corporation to save money on taxes. As the sole employee of the business, they receive a salary out of the business profit and pay the appropriate income tax. The rest of the business profit they receive as a , on which much less tax is paid. Therefore, by separating the profit into salary and dividend, the S-Corporation owner saves money on taxes.

When deciding on the best business structure for your business, consider that most businesses start small, beginning as a sole proprietorships or partnerships. These business structures require minimal paperwork and have a simple filing process, and are best suited for smaller businesses where there is less chance for high losses or being sued. Once your business takes on more risk, deals with higher amounts of debt, or requires substantially more capital, you should consider filing for corporation status to safeguard your personal assets and have access to more capital. Your Money and You Staff have written a series of tax related articles. For additional information on related topics, visit http://yourmoney.accion.org ]]> Dare To Be Different: Limited Liability Company http://www.artwoo.com/article/dare-to-be-different-limited-liability-company http://www.artwoo.com/article/dare-to-be-different-limited-liability-company#comments Tue, 22 Aug 2006 22:27:16 +0000 limited liability companyllc memberssole proprietorshippartnershippersonal tax returnspersonal assetsliabilities http://www.artwoo.com/article/dare-to-be-different-limited-liability-company
Good decision-making is a key factor in the success of any business. Sometimes, it seems it solely depends upon these decisions we make. This involves what type of business to go into and of course, what kind of structure to use.

, or corporation. The decision is yours. But before you do, you might want to take a look at this thing called .

A limited liability company is a kind of business structure that offers limited liability to its members. It's not a partnership nor a corporation but rather a fusion of the characteristics of both.

Confused? Let us clarify it a bit.

In a corporation

* The company offers you just that limited liability depending on how much you invest. Just like in a limited liability company.

* There is no limit to the number of members. may be a single person, a corporation or a member of another limited liability company.

In a partnership

* The losses and of the company are shouldered equally by the partners. In LLC, there is a limit to how much a member will shoulder and collectors cannot hound the members to pay the company's liabilities using their .

However, the method of taxation in a partnership and a limited liability company is the same. On both types, the members put whatever income or loss they experience on their . This means that the company isn't the one paying the taxes but the individual members themselves. And there is no doubling of taxes involved.

The advantages of an LLC are:

* Less paperwork and administrative duties involved. This is because the company can be classified into different forms like sole-proprietorship, partnership or corporation regarding the way it is taxed. If they are registered as a sole proprietorship business, then tax involves less stress and work.

* General meetings and meeting minutes are not necessary

* There is more flexibility in the management of the business. All management policies depend upon the agreement between all of the members.

However, how good it might sound, there are always drawbacks. Disadvantages are:

* A limited liability company cannot last forever. Unlike a corporation where in succession takes care of the problem of management, the death of members or going bankrupt is usually enough reason for the company to break up.

* Also, the lack of stricter rules may cause a dissension between members and result to poor management.

* And it might be pretty difficult to find people willing to invest in the company. Note that a limited liability company is a relatively new trend and these investors might not be confident in investing in something that they don't fully understand yet, compared to the familiar grounds of a partnership or a corporation.

Yes, the road to success may be small, hard and long. Putting up your own limited liability company will take hard work and patience. But who knows? You might reap the best rewards. Be daring and be different.

All Rights Reserved. Content may be reprinted as long as links remain intact. Protect yourself and your business but getting an LLC today. Checkout http://perfectllc.info for more information. ]]> Affiliate Marketing Businesses Vs Sole Ownership http://www.artwoo.com/article/affiliate-marketing-businesses-vs-sole-ownership http://www.artwoo.com/article/affiliate-marketing-businesses-vs-sole-ownership#comments Sun, 03 Jun 2007 01:34:57 +0000 affiliate marketingmarketing productssole proprietorshipgreat dealsole proprietorcreating your own businessquality reputation http://www.artwoo.com/article/affiliate-marketing-businesses-vs-sole-ownership ship or form and business. Both can be rather valuable if they are successful.

Business requires a large deal of work regardless of the path you take. The more you're put in the more you are apt to get back. On the other hand, the sole proprietorship requires a more time and commitment and a a lot larger degree of danger. is very difficult. Unless you have a unique idea that is viable you are going to have competition with other businesses. You have to form tragedies to attract customers away from the already well recognized businesses in your region and over to yours. If you succeed the rewards can be great but if you fail you could loose everything.

Affiliate marketing businesses offer several advantages in this region. First, you are that are already in existence. Fairly identified brands are not so hard to sell particularly if the have a high-. High-quality and trusted products will attract customers a great deal quicker than something new and unheard of. Affiliate marketing takes care of all of this for you.

Being a sole proprietor is very perilous. If your business fails like the vast majorities do your basis of income has ended. Depending on how a great deal debt your business had and how your financed the undertaking, you could loose a great deal more than income.

Affiliate marketing takes the danger away. You are compensated according to how well you perform. You do not need to be concerned how the business is performing on the whole. You get your commission based on what you sell. Affiliate marketing businesses are typically well established so you don't have to be concerned about them folding up at a moments notice.

Advertising is a huge part of any business. If you're a sole proprietor, advertising depends on you. You have to have enough in your budget to hire someone or create a campaign yourself. The first costs money and the latter requires a huge deal of time.

With affiliate marketing, the advertising is taken care of for you. You're generally given all you require in the form of leaflets, catalogs and other product information. You also apt given high-quality guidance on how best to sell the products. Affiliate marketing programs should try to help you as a great deal as possible. They better you do the better they do.

Finally, many times you could do with support and guidance when you run a business. If you're a sole proprietor, you'll have to hire out professionals for this. This runs into additional costs for your business. With affiliate marketing, there should be a representative on hand that you can get in touch with for support and guidance. This service is generally free to all members.

Business is hard no matter how you slice it. Either way you take will necessitate hard work and commitment. On the other hand, if you desire to work for yourself, why not join a program where most of the work is done for you. With affiliate marketing, the hazard is taken away. This allows you time to concentrate on what needs to be done. Making profits and creating your business. Jon Roussel is a five year veteran of the home base business industry. He owns a business in Beverly, MA and teaches business owners and others how to start and success with a home based business that will generate a long term reliable leveraged residual income. Learn more at http://www.adminder.com/c.cgi?jonroussel1andisnare ]]> Work At Home-Based Business Opportunity http://www.artwoo.com/article/work-at-home-based-business-opportunity http://www.artwoo.com/article/work-at-home-based-business-opportunity#comments Sun, 24 Sep 2006 00:27:07 +0000 sole proprietorshipbusiness opportunitysole ownerfinancial ruinpartnershiphelpbusiness types http://www.artwoo.com/article/work-at-home-based-business-opportunity business opportunity, they are wrong. There is no success guarantee, there are high stakes, however, there is also no failure guarantees at the same time.

There are both upsides and downsides to joining a work at home-based business opportunity. If you are successful, of course you have high upsides. This includes unlimited earning potential, independence, schedule flexibility, and financial freedom. However, if you are not successful the downside is also high and not where you want to be, which might result in .

Now you are probably wondering how you can become involved in a work at home-based business opportunity without suffering any of the downsides?



You should first know the basics. It is important to understand that a work at home-based opportunity is an actual business and it should be treated as such. It is not just some fly by night, spare time opportunity you found. Because it is an actual business, you need to define it as a general or a . When it comes to sole proprietorship, as the of a work at home-based business opportunity, everything you own is at stake. If you enter into a general partnership, you at least have another person to lean on and you with the work and investment needed to operate a business. While there are other types of business, these are the two main types that generally go along with a work at home-based business opportunity.

In the Beginning

As you start your work at home-based business opportunity, you may find that the prospect is both exciting and scary. It is very normal to feels this way as you get the feel of your business and begin to learn how you can address various issues that fall into your lap. The best thing to do is take a deep breath and relax. Because almost every new business owner goes through the same thing, the following can help you deal with the anxiety that you may find.

Keep it Real

This is ultimately important and should be applied to all aspects of the work at home-based opportunity from the beginning to the outcome. Instant wealth and get rich quick methods simply do not work. It takes most successful entrepreneurs of a work at home-based business opportunity a year before they start to see the success.

Determine your Product

No matter what you decide to offer services or product, the key is to make the decision before you start. If you are going to operate a work at home-based business opportunity with products you need to determine how you are going to come up with the products. This means you need to evaluate delivery, operation, and manufacturing of the products. Some people opt to sell products created by others, known as affiliate marketing. This has turned out to be quite lucrative for many people.

Residual commission is one of the greatest advantages of providing services as a work at home-based business opportunity. What this means is that as long as the customer keeps using that service, you will have a monthly income. A web hosting service is a great example of a work at home-based business opportunity. http://www.YourWebBizHere.com ]]> Why Opt For A Limited Liability Company? http://www.artwoo.com/article/why-opt-for-a-limited-liability-company http://www.artwoo.com/article/why-opt-for-a-limited-liability-company#comments Thu, 15 Jun 2006 18:32:09 +0000 limited liability companysole proprietorshipsingle proprietorshipbad faithpartnershipapparentlycorporation members http://www.artwoo.com/article/why-opt-for-a-limited-liability-company single proprietorship, enter into a or form a corporation.

Each of the three legal structures has its own advantages and disadvantages. A is the easiest type of business to put up and operate because only one person is responsible for decision making and for running the business. However, being alone in business means you are solely responsible for whatever happens to you business and you only have to rely on your own capital and resources.

A partnership is better considering that two or more heads are always better than one. A partnership offers more possibility in terms of capital base and of brain power. However, partnerships do not always work due to conflicting business decisions.

The next if not the best option is to form a corporation which would be composed of incorporators who will put up the seed capital for the business. A corporation can provide more sources of funds and the owners are only liable to as much as the money they have invested in the business. Provided of course that the corporation does not indulge in illegalities or does things in . Doing so would necessitate the application of the principle of piercing the veil of corporate fiction. This means that the owners can be made accountable even beyond the amount of their investments if they are found to be in bad faith in certain transactions.

While the corporation has proven to be the best option for business owner, there is another option called the which offers the characteristics of both partnership and corporation. Members of a Limited Liability Company can enjoy the limited liability enjoyed by corporations unless a personal guarantee has been signed. This legal structure also offers tax benefits much like the benefits available to corporations.

A Limited Liability Company does not however require the bureaucracy of a corporation in terms of the taking of minutes. And unlike in a partnership where the partners can only participate in decision-making depending on their partnership status, members of a Limited liability Company can take part in decision making without losing their limited liability protection.

However, while a corporation can last for 50 years renewable for another period, a Limited Liability Company can be easily disbanded particularly when a member dies or becomes bankrupt. It is also more feasible to form a corporation if there are plans to do a public offering.

Despite the disadvantages of forming a Limited Liability Company, it is still the best choice for business start ups that are still testing the waters but already want to give their business a legal structure. The author frequently writes for LLC Your Business http://www.llcyourbusiness.com where additional information about business and LLC resources is freely available. ]]> Understanding LLCs - The Ups And Downs Of Incorporating http://www.artwoo.com/article/understanding-llcs-the-ups-and-downs-of-incorporating http://www.artwoo.com/article/understanding-llcs-the-ups-and-downs-of-incorporating#comments Fri, 18 Aug 2006 22:27:16 +0000 personal bank accountssole proprietorshippersonal assetsforming an llcestimated taxeslimited liability companiesstarting an internet business http://www.artwoo.com/article/understanding-llcs-the-ups-and-downs-of-incorporating starting an internet business, you're starting an actual business--and that means constructing a legal entity, usually a , a LLC, or a corporation. By default, you have a sole proprietorship, but this formation offers you little in the way of protection or tax benefits. So what about your other options?

(LLCs)

• The Upside: Your aren't exposed in a lawsuit relating to your business. This is especially important if you sell products that are costly, or inherently risky, like heavy machinery or used manufacturing equipment. With an LLC, an unhappy customer can only sue your business; they cannot come after your personal assets, such as your home, cars, or .

• The Downside: You, as an owner, are legally unable to draw a salary. You may, instead, take a percentage of the company's profits. This usually means that, after the business expenses are paid each month, you and any partners equally divide the remaining profits. But you need to remember that, because you don't deduct taxes from a regular paycheck, you have to pay once a quarter. So you need to be escrowing between 30-40% of your gross income--otherwise, when your taxes are due, you'll to be in serious trouble.

Corporations

• The Upside: A corporation may work best for you if you have more than a few employees and are contemplating setting up a benefits program for them. According to attorney Cliff Ennico (http://www.cliffennico.com), "You may get a bigger bang for your tax dollar by setting it up as a corporation... [because] you can do a lot more creative things with benefit programs. LLCs are limited in how they can deduct things."

• The Downside: Forming a corporation is significantly more costly. It can cost double or more than .

How Do I Get Started?

"There are some excellent services online right now that can help you [get] set up," says Ennico. http://LegalZoom.com and http://MyCorporation.com both have solid reputations. However, be very careful because there are also many sites that will only take you through two or three of the five or six steps that are required for you to become fully incorporated. You don't want to find yourself being audited because your "service providers" didn't tell you that you have to register for sales tax in your state.

An attorney is a more costly alternative, but they take you through every step of the process. If they miss anything, they're liable for malpractice and can lose their licenses, so they're very motivated to make sure you're set up correctly. When forming an LLC or corporation, you should never pay an attorney by the hour. Any lawyer who's been practicing for any length of time knows exactly how long this process will take them, and should be charging you a flat rate that includes all out-of-pocket costs and filing fees.

People are often surprised and somewhat nervous to realize there are legal implications to establishing a business, but it's not all that complicated. It's just a matter of choosing the business structure that provides the best tax advantages and legal protection, and then getting set up accordingly. Chris Malta and Robin Cowie of WorldwideBrands.com are the Writers and Hosts of The Entrepreneur Magazine EBiz and Product Sourcing Radio Shows. http://www.worldwidebrands.com/EMRinfo for more FREE eBiz info from Entrepreneur Magazine Radio! ]]> Tax Rules and Benefits For The Self-Employed http://www.artwoo.com/article/tax-rules-benefits-for-the-self-employed http://www.artwoo.com/article/tax-rules-benefits-for-the-self-employed#comments Sun, 16 Dec 2007 13:14:58 +0000 irs web sitetax software programssole proprietorshipspayment couponssole proprietorquestionable decisionsmeticulous records http://www.artwoo.com/article/tax-rules-benefits-for-the-self-employed questionable decisions can make a normal nine to five job grow stale pretty fast. Today, more people than ever are enjoying the freedom that comes with starting a small business and being their own boss, but what about the taxes? How much should you pay, and how often? What can you claim as business expenses? What can be deducted?

One good thing about those regular, nine to five jobs is that they take care of tax payments for you by withholding them from your paycheck. If you start up a small business of your own, you will be responsible for withholding your own taxes and paying them on a different schedule.

ships, the category which many small businesses fall under when they are created, have relatively simple tax rules. The sole proprietor pays estimated taxes four times a year. If they fail to pay quarterly, they will be penalized at tax time, to the tune of 8% of their annual income. Those who fail to pay their taxes at all can expect the IRS to come knocking =96 literally or figuratively, depending on how much they neglected to pay. To avoid the dreaded audit, make sure to keep of your income and business expenses, and pay your taxes on time. Tax can be printed from popular , or downloaded from the .

This is more inconvenient than having your taxes withheld from the get-go, but small businesses also get special tax benefits that you won't enjoy as someone else's employee. If you do most of your work from home, you can claim a deduction for your home office, including the depreciation on the space. Remember, a home office doesn't have to be an entire room. Part of a room will suffice. Rent can also be claimed as a business expense. The forms can be confusing, though, so be sure to read them carefully and enlist a tax professional if you need help.

Self-employed workers can also write off business equipment purchases as tax deductions, to a maximum of $18,500 per year. If you need a better computer to keep up with your business needs, you can feel good about buying one, because it counts as a valid business expense. Contributions to retirement plans are also deductible. And don't forget the expenses you incur from marketing, advertising, and promoting your business. Gasoline and auto repairs can be deducted if you use your car for your business or if you have a company-owned vehicle. Office supplies are another deduction.

Other, less tangible expenses can be used as tax deductions. These include the interest and fees from carrying credit card debt on business expenses. This area gets tricky, though, so I recommend hiring a professional to help you wade through the forms and procedures.

Tax rules get a little more confusing when you hire employees. A husband and wife can work together and maintain a sole proprietorship, but if you hire an outside employee, you'll need to apply for a tax identification number from the IRS. Then you will be responsible for keeping records for each employee, withholding the appropriate amount of tax from their wages, and paying it to the government. The good news is that you can deduct the employment taxes you pay.

To find out more about the tax rules and tax benefits that apply to you, take a look at the IRS web site. Other great resources exist online. All you need to do is a little research to avoid getting caught up in a tangle of tax trouble. This article has been provided courtesy of Destroy Debt, http://www.destroydebt.com ]]> How To Start A Craft Business http://www.artwoo.com/article/how-to-start-a-craft-business http://www.artwoo.com/article/how-to-start-a-craft-business#comments Mon, 27 Nov 2006 12:27:07 +0000 crafts marketsole proprietorshipcraft organizationretail craftcraft businesscraft showsinformal survey http://www.artwoo.com/article/how-to-start-a-craft-business Craft Organization Directors Association (CODA), unveiled a study that showed just how strongly the fine affects our national economy. As a $13.8 billion industry, it is creating nearly twice the sales of cosmetics, and almost half that of the toy industry.

A whopping 53% of those sales are done through wholesaling to companies/businesses that retail the end product to consumers. Those companies in turn are supplying the American market with quality crafted goods made by talented artisans. Not only are they purchased as personal items, home décor, but gifts as well, all of which is contributing to a steady growth in business opportunities.

If you are interested in this type of business for yourself, it's a good idea to check out the sales statistics for your area, and the type of crafts that you are interested in. Visit retail/ and take note of how many vendors there are of each type of craft, and who appears to be selling the most. Make up an for friends, co-workers, or groups you belong to, and ask what crafts appeal to them, and which they buy for gifts.

Once you're satisfied that a is a viable opportunity for you, the first option may be a business that you own and operate as a , which means a significant initial financial investment, and establishing sales channels with craftspeople who will guarantee you a steady supply of goods. Or, you can become part of the sales network for an established company that has already tapped into the craftsmen's network on a scope that you could not reach. In this case, you would become a consultant offering their stock products to potential customers at home parties, via a website, or at informal luncheon presentations.

There is a lot of scope to the crafts business, and you may want to investigate it fully before deciding where and how to start. For more information, visit http://www.craftbusinessopportunity.com ]]> Entrepreneur's Beware! http://www.artwoo.com/article/entrepreneurs-beware http://www.artwoo.com/article/entrepreneurs-beware#comments Wed, 10 Sep 2008 08:22:27 +0000 limited liability corporationtrue entrepreneurtax deferralsole proprietorstarting your own businesspersonal assetsbusiness deduction http://www.artwoo.com/article/entrepreneurs-beware starting your own business. Working for others may be a necessity so you can get on your feet, gain some experience and a book of business, and move forward securely, but it is hardly the ideal for a who has the spirit and passion to go out on their own.

While this entreprenerial spirit can be positive, and indeed most of the great pioneers in American history have been truly entrepreneurial in nature, this personality type does lend itself to some signficant flaws. Primary among them, entrepreneurs are often too positive in nature, too willing to take on risks that maybe they should not, and too passionate to move forward without often doing the necessary research to do so in the best manner possible.

This is often true with regard to the structure of the business. Indeed, many entrepreneurs do not even bother incorporating. Especially for an online venture where it is simply too easy to open a new website to try selling a new product or service, the process of incorporating can seem to just "get in the way" of going ahead and making money!

However, there are some very important advantages to incorporating a business, and a good entrepreneur would be wise to take heed before moving forward. One advantage is that if your business is a , this means your individual assets are not at stake as they would be if you were the . As a shareholder, your risk is determined by the amount you have invested. What belong to the company belongs to the company, and what belongs to you belongs to you-- you will not be risking your own .

Second, there are some tax advantages to incorporation. When your business's tax credit is applied, your taxable income is likely to be significantly lower than it would be without this . You will also be eligible for . While these are important points in general, they are even more beneficial to a business which is relatively new and not yet secure in its financial assets. When your business is incorporated, dealing with your annual income taxes will involve a little less money and much less worry.

Incorporating your business has the potential for helping your business to grow. This can cover a variety of aspects from attracting more customers to making more sales to having your business more widely recognized. Your small business simply has the potential of doing more business and better business if it is incorporated. While it is not a guarantee, there usually is a much higher responsiveness to a limited liability corporation than to a business that is a sole proprietorship.

If you have decided, or are considering, incorporating your small business, it is wise to seek assistance from an attorney. While incorporating your business is not extremely difficult, there are many steps and much paperwork necessary for this process, and the process will be easier and accurate if you do not try to do it all on your own.

All in all, the entrepreneurial spirit and the American Dream are what keeps this country moving forward. It is wonderful, and nothing should take that away from a true entrepreneur. But, that does not mean that you should not move forward with caution, and with respect to first setting up your business structure properly and legally, could mean the difference between success and failure.Sandy Pensner has been an entrepreneur for a number of years, and has set up numerous entities. She lives in Atlanta, Georgia, and consults with the Incorporation Specialists at http://www.formacorpga.com as well as the Atlanta Attorneys at Persily and Associates]]> Home Business Buzz: What To Consider When Starting A Business http://www.artwoo.com/article/home-business-buzz-what-to-consider-when-starting-a-business http://www.artwoo.com/article/home-business-buzz-what-to-consider-when-starting-a-business#comments Sun, 27 Aug 2006 06:27:04 +0000 multi level marketingmarketing materialsnetwork marketingsole proprietorshipsole proprietorgrow your businessaccomplish http://www.artwoo.com/article/home-business-buzz-what-to-consider-when-starting-a-business accomplish, and how much time, money and effort you are willing to put in to accomplish it.

**Starting From Scratch

If you decide to start your business from scratch there are many things to consider:

ship or Partnership? Incorporate? Where will you operate, will you need a factory/warehouse? Where will you purchase supplies, materials, and products? Will you set up your such as flyers, catalogues, order forms, etc or pay someone else to do so? Will you need to develop a look, a logo, and a style for your business?

There are many advantages to owning your business and being the person who started the business from scratch, there are also many responsibilities that you will need to be prepared to handle as the sole proprietor of your business. When you start your business from scratch you will need to seek out support so that you can learn how to run your business, find resources for supplies, meet new contacts to .

**Joining An Existing Business

The business opportunities available are as varied as you can imagine, with this type of variety there is something for just about everyone. When you join an existing business as a distributor you will have a product (or service) that is already developed and often proven. Joining a company as a distributor means that you can focus on developing a plan of action to grow your business and you do not have to focus on development of product or marketing materials.

, also know as Multi-Level-Marketing, is a very powerful type of business and if you haven't considered it before you may be missing something very big. Now maybe you associate MLM with pushy people who try to drag you into their business by telling you that you can have the life of your dreams, the car of your dreams, a huge home and all the things you've ever wanted. This is not the true picture of Network Marketing. There is no shame in representing a company that you believe in, selling a real and high quality product, and building a team of people that will do the same. This is the power in this type of business!

Here are some things to consider if you are thinking about becoming a representative for a company that allows you to recruit new partners:

What do they represent? - Make sure you know what their product is and if it is high quality. You need to represent something you are proud of, something you believe in, and it will shine through.

What kind of support and training do they offer? -- The training and support a company offers can be invaluable to your success. If they have solid training that has been used and proven by others then you will start you business of on the right path my following it closely.

How do they allow you to promote their products? -- Can you sell online? Are you limited strictly to home parties? Can you do fundraisers? These are questions to ask of a company you are considering joining.

Are there any minimums that they require for you to remain active? -- Many companies will have a minimum purchase amount for you to remain active as a representative, find out what they require and determine if you can handle this.

So when you are looking to work from home consider all the options, you never know what might pop out when you start considering everything that is out there. Just remember what you want to get out of your business and follow your passion! Angela Wills has been working from home since 2002 when she had her first child. She now runs an online Gourmet Soy Candle Business and is always looking for sharp partners. You can find out more and contact Angela at http://www.moneymakingscents.com. Join her free business newsletter by emailing mmsnews@aweber.com. ]]> Incorporate My Business Why? http://www.artwoo.com/article/incorporate-my-business-why http://www.artwoo.com/article/incorporate-my-business-why#comments Tue, 11 Sep 2007 07:20:00 +0000 sarbanes oxley actincorporating your businessstate of delawaresole proprietorshipstock exchangesillicit activityshare dividends http://www.artwoo.com/article/incorporate-my-business-why Incorporating your businesses is the process of converting a business into a corporation. Incorporating your business means that your business is now finally a separate individual in the context of the governing laws of the land. After successfully incorporating your business, you will be allowed to use the corporate qualifier Inc. after the name of your company.

Here are some of the reasons why you should consider incorporating your business.

1. The most important benefit of incorporating your business is that your personal assets are now separate as your business is now a separate entity for the law. This means your business is responsible for its own debts and credits. Unlike the , you will not be personally held responsible for any loans taken by the company, nor will you remain personally liable for any going on in your company's name.

2. By incorporating your business, you can easily sell it or transfer to any other person without a lot of paperwork and other bureaucratic complexities. If you are incorporating your business in the , you will not be needed to do any filing of change of ownership.

3. After incorporating your business, you are now eligible to get retirement pensions and other benefits from your company as required by the federal and state laws.

4. The fourth and the most lucrative reason for incorporating your business are taxes. Both the federal and state taxes levied over businesses in the U.S. are much lower than those which are levied from the individual. After incorporating your business, you also become able to buy shares of other companies and what's more you even get up to 80% discounts on earning from the .

5. The most favorable reason of incorporating your business is that now your business can raise money by getting listed in . After incorporating your business and ensuring compliance to the , you become eligible to release an IPO and raise money by selling company stock.

6. The sixth reason for incorporating your business is that now your business will not be getting into legal complexities in case you die. Nor will it have to go through a probate before your heirs can take charge of its assets. Thanks to the decision of incorporating your business, your company is not a property of anyone, rather it is an enduring entity which can hold property in its own name.

Above all these reasons, the most important reason for incorporating your business is that it will boost the credit rating of the company. Because the company is now a separate entity for the law of the land, it will now be holding its own history of credit. Nelson Taylor is the CEO of Ready4Business. His website has helpful information for any entrepreneur in the early stages of starting a business whether it be online or offline. For details visit http://www.Ready4Business.net ]]> Elliptical Reviews - 3 Of The Best Models For Your Money http://www.artwoo.com/article/elliptical-reviews-3-of-the-best-models-for-your-money http://www.artwoo.com/article/elliptical-reviews-3-of-the-best-models-for-your-money#comments Sat, 16 Jun 2007 01:35:02 +0000 elliptical trainerselliptical reviewselliptical motionelliptical trainerworkout routineproformvoice coach http://www.artwoo.com/article/elliptical-reviews-3-of-the-best-models-for-your-money elliptical reviews to help you choose the right one. These models are considered by many to be the best bang for your buck.



20.0

Ellipticals are known for their fancy special features. You can program these things to do just about anything with your workout. But, what's more important than having some good tunes to get you through your elliptical routine?

At around $800 retail, the Proform 20.0 goes where no ellipticals (at that price, anyway) dare to go. It offers you advanced stereo features, including an iPod and mp3 player, and an excellent speaker system to play them on. You can rock and roll to your favorite songs, or listen to your favorite relaxing music while you work out.

Another feature that uses the speaker system is your personal electronic . If you have a varied , your coach can help you get through each of the steps. Many people love this feature, and it's usually only available with higher priced machines.

The Proform 20.0 also offers a couple of interactive games to liven up your workout. You won't find these features available anywhere else at such a low price.



Smooth CE 3.2

s are great for their smooth, natural movement. The CE 3.2 lives up to its brand's name and offers a smooth ride at a reasonable price.



Newer machines are always upgrading, and the Smooth CE 3.2 offers the heaviest flywheel in its price range. The flywheel is an important part of the elliptical trainer that gives it its fluid, .

It also has a fancy braking system that makes stopping a breeze. The foot pivots are comfortable and especially designed to be easy on your joints. They are also designed to keep your feet in the right position for the best possible workout.

In addition to its comfort and motion features, the Smooth CE 3.2 has all the electronic features you would expect. You can easily program your own workout. The electronic options are much better than those of Smooth's earlier models. For more info see http://bestellipticalreviews.com/ on elliptical reviews

You can get a Smooth CE 3.2 for a little over $1,000, and at that price it's a great deal.



Sole E95

With each new model, Sole keeps improving. The Sole E95 is another great improvement at a price that can't be beat. The Sole E95 is available for under $2,000.

The Sole E95 is full of comfort features that you wouldn't expect to find on such an inexpensive model. The hand grips, in particular, are noted for their comfort. The foot pedals are adjustable, and angled perfectly for the best workout.

The E95 has 20 programs you can use, and 20 levels of resistance that you can set. This makes it the most flexible machine yet from Sole. It is also built more sturdily than any model before it. The E95 can withhold up to 400 pounds, much more than most ellipticals.

The Sole E95 has been rated by many websites and fitness magazines as the best buy elliptical trainer for under $2,000. With its special features, comfort and strength, the Sole E95 is a great machine.



These are just a few of the most popular and least expensive elliptical trainers out there. Compare elliptical reviews and you will see that these models consistently outrank others in the same price range. See more information at http://www.bestellipticalreviews.com/ on Best elliptical and http://www.bestellipticalreviews.com/Sole_Elliptical/ on Sole Elliptical. http://Bestellipticalreviews.com is a comprehensive resource to get reviews about elliptical. ]]> Being A Writer Is So Taxing http://www.artwoo.com/article/being-a-writer-is-so-taxing http://www.artwoo.com/article/being-a-writer-is-so-taxing#comments Fri, 01 Sep 2006 06:27:10 +0000 irs 1040 formsole proprietorship businessreceiptshobbyideacomputerwriting related http://www.artwoo.com/article/being-a-writer-is-so-taxing idea of trying to figure out how to manage taxes related to writing is laughable because they are still dreaming of selling their first article, story or manuscript. However, you may well find yourself receiving payment for your writing one day -- and when you do, it's important to know some tax basics as they relate to writing.

In America all income is taxable and that includes income from writing. Some writers will file as a although this is not always necessary.

The IRS is primarily looking for a profit/loss statement. In effect, they want to know how much you made with your writing and how much you spent to conduct your writing.

The first year I had income from my writing I simply provided my tax preparer with all from my income without providing any deductible receipts simply because I had no idea about what was deductible.

I've learned a few things since that time.

Did you know?

You can deduct the costs of paper, pens, pencils and other office products related to your writing?

You can deduct the value of your home office (only the actual room you use - figure out the percentage of the home it takes up and derive a cost associated with the use of that room for your business).

If you purchase a new you can deduct the percentage of the total use of the computer for work.

You can deduct the actual cost of tax preparation in associated with your writing.

If you make less then $400 annually in writing you can claim the income in the 'miscellaneous' category on your .

Deductions can also be made for postage, professional memberships, writing conferences, and publications that deal with writing.

Schedule C is the form you would use to list your deductions.

Should your deductions exceed your income it is possible the IRS will claim that writing is simply a . Since losses associated with a hobby are not deductible it may be advisable to only claim deductions that do not exceed your actual writing income.

You should keep records of your writing expenses and deductions for three years. Your receipts should be saved in the event of an audit.

This article is presented as general information, for full details and to gain specific insight on your rights and applicable deductions contact your tax preparer, accountant or the IRS. Scott Lindsay is a web developer and entrepreneur. He is the founder of FaithWriters (http://www.faithwriters.com) and many other web projects. FaithWriters has grown to become one of the largest online destinations for Christian writers. Members include writers from all around the world. Please visit the website at: http://www.faithwriters.com ]]>