Registering a business for the first time can seem daunting, but it doesn’t have to be. There are only six steps you need to go through, and depending on the business structure you choose and the type of business you’re starting, you may be able to skip a few of the more complicating steps as […]
Whether you run a 7-figure business or a small weekend side hustle, financial forecasting helps you to predict how your business will perform financially in the future. It helps you to plan ahead, set expectations and goals, make smarter decisions, and is necessary to have if you ever decide to raise funding for your business. […]
A C-corporation, also known as a C-corp or Subchapter C, is the default corporation under IRS rules. It’s a business structure where owners (shareholders) are taxed separately from the business. Running a business as a C-corporation offers numerous advantages, including limited liability protection, access to capital, perpetual existence, and certain tax benefits. However, there are […]
An S-corporation, also known as an S-corp or S subchapter, is a type of business entity that provides the benefits of limited liability protection and the ability to pass its taxable income, deductions, and losses directly through to shareholders of the business. To qualify as an S-Corp, a business must meet several criteria, including being […]
An LLC, or Limited Liability Company, is a legal business entity that combines the benefits of a corporation and a partnership or sole proprietorship. It provides limited liability protection to its owners, known as members, while offering flexibility in terms of management and taxation. The main reason business owners choose to form an LLC is […]
A partnership is a type of business structure where two or more individuals come together to carry out a business venture. The partners pool their resources, skills, and expertise to establish and operate the business. They share the responsibilities, profits, losses, and liabilities of the business according to the terms outlined in a partnership agreement. […]
A sole proprietorship is the simplest form of business structure. You run the business as the sole owner and operator and you’re not required to formally incorporate with a state filing. As soon as you start doing business, you’re regarded as a sole proprietorship in the eyes of the IRS. Because there are no partners […]
An emergency fund is a key component of any good financial plan. It prevents you from having to borrow money to cover unexpected expenses, which would only add onto the debt load you already have. According to a 2022 survey by Bankrate, 56% of Americans don’t have enough money in their savings accounts to cover […]
A partnership is a business entity formed when two or more individuals or entities come together to form a business for profit. In a partnership, the individuals or entities involved are known as partners. The partners contribute capital, skills, resources, or a combination thereof to the partnership. Partnerships are not considered separate legal entities from […]
