What to Know Before Investing in a Small Business

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With the country emerging from pandemic lockdowns and economic activity beginning to expand, small business owners are optimistic about the future. Supporting local businesses can help them grow and thrive in a post-pandemic economy. But what if you could help a business while also helping yourself? Investing in a small business can be a great way to diversify your assets …

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Five Reasons Business Owners Need Estate Plans

Rincker Law Business/Commercial Law, Estate Planning Leave a Comment

Business owners are notorious for engrossing themselves in the day-to-day management and functions of their businesses. As a business owner, you are likely the heart and soul of the company you lead. Your clients love you, and you have built unique relationships with your contractors and suppliers. Suppose, however, that tragedy strikes: You, as the business owner, are in a …

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Why You Need an Employer Identification Number

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There are many essential tasks to complete if you are thinking of forming a new business. An important but often overlooked step is obtaining an Employer Identification Number (EIN). An EIN is a nine-digit federal tax identification number obtained from the Internal Revenue Service (IRS). It uniquely identifies a business entity and serves many purposes for a new company. The …

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Ask Cari: How Does LLC Ownership Work?

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The limited liability company (LLC) is a popular business structure for new businesses, but what does it really mean to own an LLC? LLCs provide unique opportunities to customize business ownership to fit the particular needs and circumstances of the owners. Here is what you should know about LLC ownership. The Basics The owners of LLCs are often called members. …

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Ask Cari: What are the Steps for Forming an LLC?

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One of the first decisions to make when starting a business is what type of business entity to form. The limited liability company (LLC) is one of the most popular business structures because it offers a level of flexibility and legal protection that is attractive to many people who are starting their own businesses. The following six steps will help …

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Ask Cari: What Are the Benefits and Risks of Forming an LLC?

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If you have decided to start a business and are researching the available business entity types, you may repeatedly come across the terms “limited liability company” and “LLC,” but you might not understand what this type of entity is or whether it is right for you. A limited liability company (LLC) is a business entity that protects its owners, referred …

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Business License and Permit Requirements

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If you are starting a new business, it is important not to overlook federal, state, and local business license and permit requirements. Almost every business, even one that is home-based, is required to obtain some form of license or permit in order to operate legally. Failure to do so can lead to fines, and in some cases, the closure of …

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LLC Management: Who Should Run the Shop?

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Determining who will manage the day-to-day affairs of your business is an important decision. You need to know, at the outset, who will manage operations, both for the success of your business and because the Limited Liability Company (LLC) operating agreement demands it. Luckily, LLC operating agreements are very flexible and the management structure can be tailored for your business. …

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Can Your Business Survive the Loss of a Key Person?

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You’ve likely protected your business with general liability coverage, property insurance, commercial automobile coverage, and workers’ compensation insurance. But for some businesses, operations would come to a grinding halt without certain essential contributors—key persons as we call them. If your business includes any key persons, key-person insurance should be a part of your business insurance planning. What is a key …

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8 Simple Cost Saving Measures for Small Business Owners

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All successful businesses do their best to save money, improve efficiency, and increase profits whenever and wherever possible.  This is especially necessary for small businesses on a tight budget.  While there are numerous ways to save money, these eight cost-saving measures are among the easiest to implement: Bargain. Bargaining with vendors is one way to save money.  Examples are working …

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I’m Starting a New Business – Should I Use an LLC (Taxed as a Partnership) or an S Corporation?

Rincker Law Business/Commercial Law 1 Comment

Entrepreneurship has been called the new American dream. Hanging a shingle starts with an idea that develops into a business plan, but not without careful financial and legal considerations. Among the decisions that new business owners grapple with is whether to form a limited liability company taxed as a partnership (LLC) or a corporation making an S election (S corp).* …

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