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Tuesday, September 4, 2018

Small Business Blog: Defining a corporation


A corporation is treated similarly to a person with the rights and responsibilities of a person. A corporation can buy and sell property or own a business (a subsidiary company). It has a responsibility to act lawfully such as by filing corporate taxes. The corporation also has “rights.” Directors and officers of a corporation have both waivable and non-waivable fiduciary duties to the corporation such as the duties of care, loyalty, and good faith. They must act in the interests of the shareholders and the corporation, and not in their own personal interests.


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Tuesday, August 21, 2018

Small Business Blog: The importance of keeping and maintaining records in a business

By Joseph Kang 

Every great business comes with great responsibility. It’s not a verbatim quote from our former president, but regardless, it’s true. Consistent and accurate recordkeeping, while not glamorous, is essential to running a smooth business operation. By maintaining proper documentation of your business’s operations, transactions, meetings, and members, you will be well equipped to handle the rocky waters when they come. 


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Tuesday, August 7, 2018

Small Business Blog: Why you should form an LLC

By Joseph Kang

The most important feature of becoming a limited liability company (LLC) is having limited liability in your business. The definition of liability is the state of being responsible for debts or other financial obligations. LLCs provide its members with protection from creditors by making their businesses a separate entity from the individual owner(s). Why is it important to not be liable for one’s business? It is so that you, the business owner, are not responsible for the debts and lawsuits of your company. A member of an LLC has a safeguard from creditors and lawsuits to shield his or her personal assets.


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Tuesday, July 10, 2018

How to Find a Lawyer

Transcript:

Hello! My name is Kimberly Shin. I am a business law attorney. I have my own practice that’s based in Washington, D.C. and New York.

I wanted to get on here to answer some commonly asked questions that entrepreneurs might have.


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Tuesday, June 26, 2018

Small Business Blog: Did you know that you may already be the owner of a copyright? Should you register your copyright?

If you created an original creative work such as a photo, a blog, a YouTube video, training material, or a website, you are immediately protected under copyright law so long as it is fixed in a tangible medium and is not simply an idea in your mind. You immediately own your work and you have the exclusive right to reproduce or copy your work, prepare derivative works, distribute, publicly perform, and publicly display your work.


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Tuesday, June 12, 2018

Small Business Blog: Why you don’t need to fear the paperwork

 

We know what it’s like to be a business owner. You begin to get mail from the IRS, the Secretary of State, the Department of Taxation and Revenue, the Department of Labor, etc. It seems like everybody has something to say about how you are to run your business. Even federal agencies you thought had nothing to do with your business such as the Securities Commission, Federal Communications Commission, and the Environmental Protection Agency have a regulation you must follow. The truth is that your business does have legal obligations to these administrative bodies. What’s not true, however, is that you need to be afraid of working with them.


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Tuesday, May 29, 2018

Small Business Blog: How does your business classify its workers? (employees vs. independent contractors)

 

The distinction between employees and independent contractors is not always clear. The consequences of classifying a worker as an independent contractor can result in either a huge tax-saving boon or devastating economic losses for the employer. As a business owner, you may be surprised by the frequency in which this issue arises. Whenever you hire an intern, a part-time worker, a full-time worker, a graphic designer, a cleaning service, a business consultant, or even accept volunteers, you will be faced with this question. Here we discuss when you should classify a worker as an employee and when you should classify the worker as an independent contractor.


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Tuesday, May 15, 2018

Small Business Blog: Selecting the right legal entity for your business



When forming a business, choosing a business entity should be next on your list of things to do right after choosing a business name. This can be straightforward or complex depending on your business. If you are a new business owner, seek out legal counsel to make sure you are selecting the business entity that is best for you.


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Tuesday, May 1, 2018

Should Independent Contractors Form an LLC or an S-Corp? (Tax Reducing Strategies for VIPKID Teachers)

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Independent contractors are rightfully concerned about taxes taking a large chunk of their earnings. If you are an independent contractor, you are taxed at a higher rate than an employee. You are taxed a personal income tax as well as a self-employment tax (Social Security and Medicare). This is approximately 30%, but it could easily be more or less depending on your personal financial situation and the state in which they are located. Always consult with a tax professional.


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Tuesday, May 1, 2018

Small Business Blog: Businesses need both accountants and attorneys

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Some business owners are intimidated by the cost of working with an attorney to form a new business. In fact, they may forgo professionals altogether to take a DIY approach to forming a business. If you have any risk of getting a lawsuit or an audit, which all businesses do, you should work with an attorney from the onset and not when things have already gone awry.


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