They say there’s no teacher like experience. No matter how many books you read or how many successful business owners you talk to, you truly won’t know what it’s like to run a business until you get your hands dirty and… well, run a business. We asked our small business experts what they’ve learned since opening their businesses. Here’s a list of our favorite answers… (more…)
One of the first decisions every business owner needs to make is what entity to file their business as, and that choice is typically between LLCs vs. Corporations. Really the decision comes down to what fits the needs of the business owner and the business, but there is still discussion on which entity is best. Here at MyCorp, we gathered together a panel of professionals to get their expert advice on LLCs vs. Corporations and which is the best to form for your business. Which side are you on?
1. “Generally speaking, corporate status is preferable. Banks typically don’t view LLCs as favorably during the loan application process and corporations don’t pay taxes on fringe benefits. These include group-term life insurance, medical reimbursement plans, medical insurance premiums, and more.”
– John Boyd, Principal, The Boyd Company, Inc.