The name of the game this week is “Professional Corporation,” which happens to help protect your personal assets. That’s right, we have a triple “P” ABCs of MyCorp post, so buckle up for some serious alliteration.
A Professional Corporation is one of the more common types of entities for business owners to choose. The paperwork is a bit on the extensive side (especially compared to an entity like a Sole Proprietorship) but all that paperwork is well worth it because, as our title suggests, a Professional Corporation protects your personal assets.
This week on the ABC’s of MyCorp, we’re focusing on the letter “O” for operating agreement. State laws are fairly lax when it comes to operating agreements – a handful of states require that an operating agreement be drafted, and even fewer require that Limited Liability Companies hold onto written copies of it. So, typically, LLCs choose to either forgo creating an operating agreement, or simply say that their operating agreement was agreed to orally.
However, the lack of government oversight for operating agreements does not make them any less important or valuable. Even if your LLC was created in a state without laws governing operating agreements, it is still a good idea to draft one and keep copies of it on hand for a few important reasons.
For our ABC’s of MyCorp this week, we’re focusing on N for Non Profit which is also referred to as an NPO for non profit organizations. As stated on businessdictionary,com, non profits are generally charities, associations, and other organizations formed to further cultural, educational, religious, professional or public service objectives.
Before forming and looking into funding a non profit organization of your own, certain considerations need to be put into place to ensure that the formation is detailed and clear in the societal issue it is working on addressing. You can find out more information about the following eight points at our MyCorp “Forming an NPO” learning center!
Ok maybe you saw this coming, maybe you had ‘M’ all figured out way back at “E is for Entrepreneur,” but can you blame us? Having pride in your small business is a good thing. And wanting to share a little bit about your business in order to educate and entertain your customers is also a good thing.
So let me take you back to when (‘M’ is for) MyCorp started to become what it is today. Deborah came onto the team in 2004 not by hopping on board as the CEO, but as vice president of legal and business affairs. Not until 2009 did Deb purchase the devision, becoming the CEO of MyCorporation.
We are back with our ABC’s of business – hopefully you didn’t miss us too much! This week the letter is L, and how could we not take that as a sign and talk about a couple of our favorite legal structures? Many business choose to putt around as a sole proprietorship, clinging onto their default structure.
However, choosing to forgo an incorporation or LLC formation may put your personal property at risk if the business does not work out. To avoid this, consider incorporating your business, or forming an LLC.
We’re midway through our ABCs for small business and this week decided that the word that best defines the letter “K” is one that we use on a fairly regular basis – or if you work in SEO, a word that holds a lot of meaning to the success of getting your business found in an online search. The word this week is “keyword” which is defined differently in database and internet marketing terms. Continue reading
It’s that time in the alphabet, MyCorp blog readers- time for some ‘J!’
And today’s letter J is brought to you by Joint Ventures.
A joint venture is a firm formed to accomplish specific objectives with a partnership; a temporary arrangement between two or more firms. They’re great as a risk reduction tool when entering a new-market and for pooling resources for large projects. Continue reading
This might have been just a little bit obvious, but Corporation is in our name so you have to expect at least a few posts about the topic. We’ve done a C is for C-Corp already that explored the benefits of that particular business structure, but what about incorporation in general? Why put in the effort? What does it offer a small businesses? Continue reading
If you’re not quite ready to open a brick and mortar storefront for your business yet, our ABC’s for business this week focuses on the next best bet for your start-up - a home based business. Operated out of the home of the owner, the advantages that starting your business from the homestead include:
This week, our ABC’s for business focus on the kind of standing your company is in, specifically keeping it in good standing. Good standing is defined as the status of a firm which is current with the payment of statutory dues and filing or required periodical reports. Keeping your company within good standing is absolutely necessary to your business and a big responsibility for any entrepreneur to take on.
Sometimes some proof of said standing is necessary, which is where a little thing called a certificate of good standing, or tax compliance, comes into play. This certificate is issued by a state official as evidence that your corporation or LLC exists and is authorized to transact business within the state as well as to make sure that you are running your business by the rules and regulations required by the law. Continue reading