Expelling a Minority Partner from the Business If there is an agreement or a term in an agreement (such as the shareholders agreement) allowing majority owners of a corporation to force the minority holders to sell at a predetermined price (or a price determined by some other mechanism set forth in the agreement), the majority owners can enforce that agreement. → Read More
Taxing a Limited Liability Company (LLC) One of the main advantages of a limited liability company, or LLC, rests in how the IRS treats the business under tax rules. Usually, an LLC is taxed as a partnership or a sole proprietorship, which means that the LLC pays no federal income taxes. → Read More
Does an LLC Have Shareholders? A limited liability company (or LLC) is not a corporation, but rather a hybrid business entity. It combines the advantages of a partnership and a regular corporation. Even though an individual must file paperwork with a state agency to create the LLC, which includes filing membership and operating agreements, the organizational structure is still more similar to a partnership. → Read More
Reasons to Form a Limited Liability Company (LLC) A limited liability company (LLC) is a hybrid organization that has characteristics of both a corporation and a partnership. Its members, comparable to corporate shareholder, receive interests in the LLC in exchange for property, money, or services. → Read More
Do you need to file a fictitious business name statement for your new business? To answer that question, it is important to understand what a fictitious business name is and how it is used. Here is a simple definition of a fictitious business name: A fictitious business name is one that does not use the business owner’s name. Corporations are generally exempt, as are businesses that use the individual proprietor’s own name. If you are doing business as (d/b/a), John Doe or Widgets Incorporated, then you don’t need a fictitious business name. → Read More
What You Need to Start a Business Since the recession took hold of the economy, many misplaced workers have decided to become entrepreneurs and start their own business. To start a business, you should have a solid understanding of the particular type of business you intend to start, a written business plan, and enough funds to cover your costs until the business becomes profitable. → Read More
How Many People Do You Need to Form a Corporation? In most states, you only need one person to form a corporation. Other state requirements vary, but usually no more than three are required to legally incorporate. An S corporation design is meant for small corporations. The major advantage of filing an S corporation as opposed to a standard C corporation is that you will not be required to file your shares with the Securities & Exchange Commission (SEC). → Read More
What are Corporate By-Laws? Corporate by-laws are a corporation’s operational blueprint. By-laws outline the structure of an organization. They should be customized for each situation. By-laws set forth the rights and powers of the shareholders, directors, and officers and they determine how those in charge are nominated or elected and they help settle any disputes among parties. → Read More
S Corporations vs. C Corporations C corporations and S corporations are different legal structures of the corporate business entity. While both structures are initially formed exactly the same way and have many similarities, there are also some notable differences. The biggest difference between the C corp and the S corp is the way the entities are taxed. → Read More
What is Monopoly Power Under the Sherman Act? Most legal terms or phrases have statutory definitions and interpretations by case law’the term monopoly power under the Sherman Antitrust Act is no different. What is formally monopoly power and what will eventually be considered monopoly power is defined by the definitions and regulations set out in the Sherman Antitrust, court interpretations, and administrative decisions through the Federal Trade Commission (FTC). → Read More
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