You know all about the personal incentives for starting your own business. You get to be your own boss. You get to set your own hours. You get to do something that you love. As the business grows, you really set yourself up for the type of success that you could never find if you were working for someone else.
If you are a co-owner of a business, at some future point, you may be chomping at the bit to break your contract with your business partner. It could be due to a breach of the terms or a failed relationship between the parties.
Most entrepreneurs are so consumed with starting their own company that they fail to stop and consider all the costs that are involved in getting their business off the ground.
As you grew up, you may have known that you did not want to sit around helping others achieve their dreams while yours sat by the wayside. As a result, now that you are an adult, you want to become the entrepreneur you always wanted to be and set yourself up to achieve your career dreams.
One of the most difficult things to do as a business owner is to make a decision as to what type of entity you want to incorporate as. Setting up a limited liability company (LLC) is the go-to choice for many entrepreneurs. They appreciate how easy it is to set one up, how it provides them with built-in liability protection and the tax benefits it affords.
As your Cincinnati company grows larger, it's easy for its leadership to lose track in managing all of its obligations. That's why it's important for there to be a corporate governance structure to be in place to help you manage internal and external aspects of your Ohio business.
Like many in Ohio, you may have reached the point in your career where you are tired of working for someone else, and may be thinking of venturing off on your own. If you are thinking about starting a new business, it's important to understand that doing so involves more than just launching a website and selling your product or service. There are legal issues to address, including taxes and liability.
Ohio's economy suffered through the last decade, as the period known as the Great Recession took hold of the assets and investments of working-class Americans. The rate of foreclosures on homes and layoffs in different industries left many Buckeyes less able to maintain their independence.
When starting a business, it's important to carefully consider exactly what type of business you want to run. One of the more popular options these days is the limited liability company (LLC).
You run a small business in Ohio, and things are going well. You can make payroll for your few employees, keep the inventory stocked and pay yourself too. Friends have recommended you should incorporate your business, but why? Things are good.