You may have heard the term "micro-business" and wondered how that type of enterprise differs from a small business. Basically, micro-businesses are a subset of the small business community. However, there's are no precise or agreed-upon criteria for a micro-business.
Many business owners choose to set up their business as a limited liability company (LLC) because it allows them to report and pay their tax obligation along with their personal return. Business owners also like that an LLC comes with built-in liability protection that keeps potential creditors' hands off their assets. It's not uncommon for many business owners to decide to form other business entities to minimize their tax burden. An S Corporation is a typical formation that business owners select.
You're all set to go into business with a partner. While you're confident that things will work out, you're likely to have some reservations. It's natural when making such a big decision.
Many small startups in the Denver area are born out of the contributions and ideas of several individuals. In most cases, the co-founders of a new business agree on many critical principles at first. However, disagreements can arise over time, putting the business at risk of failure.
One of the earliest decisions you will make during your business formation efforts is choosing its legal structure. While it may sound like a relatively simple step, the structure you choose now will influence your business activities going forward. Making an informed decision about your structure early on will save you from problems later.
Owning a successful small business is a dream many Denver residents have in common. You get to decide how much or how little you work while remaining in control of your future. This all sounds wonderful, but the success or failure of a new business cannot usually be predicted.
Creating a new business is exciting and scary at the same time. Many entrepreneurs in the Denver area reach a stage during their business formation efforts when their fear of making serious mistakes becomes overwhelming.
Recently, this blog featured a post discussing why someone might choose to buy a franchise. While the benefits of choosing a franchise are many, it is also wise for those looking into business formation to learn about the possible disadvantages of owning a franchise. First, a very brief outline of some advantages associated with franchise ownership.
We all have our favorite franchises, whether they are department stores, fast food restaurants or other popular business establishments. In fact, many franchises are now household names and have seen decades of success.
When you are developing your new business, you have a lot on your mind. Perhaps you are putting the finishing touches on an invention, or working out the logistics for your new service. You may need to buy or rent a space, hire employees and take care of endless details. Hanging over all this are your considerations and worries about your potential customers.