Your sole proprietorship leaves you wide open for liability problems putting all your personal assets at risk along with your business assets. Transforming to a corporation you'll need to still carry sufficient insurance but any losses will be restrict to your corporation's assets.
The corporation has unlimited continuance since it has its own legal identity. Your death or incapacity won't terminate your business.
You can maintain control of your corporation by owning the majority of outstanding shares. This way you control who will be the management officers and can appoint yourself as one. Through your control you can set all salaries for yourself and others and determine how much the corporation will retain earnings rather than distribute...
" Since their inception, a number of LLC statutes have been adopted across the country and becaue of the RULLCA initiative, the various jurisdictional disparities are slowly being replaced with more uniform approaches and interpretations. According to Greubner, LLCs have "evolved [into] a more of a distinct form and less of a hodgepodge of existing corporate and limited partnership rules." The LLC, though, remains a relatively new governance regime compared to the
Business Expansion A business that has been doing well in its current location may decide to taste new waters in an attempt to grow. This can be through establishment of the same business in a different region in a country or even expand to a global scale. Such a decision is made when the business owner who has been successful in a sole proprietorship wants to try out new areas with
Business Plan Description of the Business The business is a gourmet candy shop. The shop will sell gourmet candy that has been sourced from all over the world. The shop will operate with one storefront location, and there will be an Internet/mail order component as well. The rationale for the business is simply. There is a growing trend towards hedonistic approaches to dining. We have seen in the past few years the rise
Business Plan Business Financial Plan for Sweet Tooth Treats Baking has always been a major part of my family life, and for generations there has been infamous cookie recipes past down from one cook to the next. Every holiday season, my cookies are notorious for being the best any gift receivers have ever had. Finally, I believe it is time to make my baking hobby and actual money making enterprise. I know
Business Message: Wyndham Hotel Customer Survey Message Almost every consumer is familiar with this type of form letter request for information from a business. The purpose (intention or goal) of such messages is twofold. First and foremost, it is designed to elicit information that may be useful to the company (the sender or transmitter) in terms of how it offers its services. If, for example, mothers with children complain that there
Businesses are the cornerstone of a capitalistic society. Businesses often drive economic growth and overall societal prosperity. In many instances, business can enhance the overall quality of life of those living in civilization. Looking back briefly at history, provides a unique perspective of business as it relates to societal development. Currently, looking at a minimum wage individual living in America today, they are able to perform tasks and activities that
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