Business Insights

Congress did just that in passing the 2020 National Defense Authorization Act, when it overrode Trump’s veto on January 1, 2021. This included provisions commonly known as the Corporate Transparency Act. It is the United States’ first law to require beneficial ownership disclosure requirements for LLCs and Corporations. Unfortunately, this special interest legislation by the […]

What Are the Main Differences Between Non-Profit and For-Profit Corporations? The primary difference that separates for-profit entities and non-stock corporations in regard to acquiring tax-exempt status is their legal structures. On one hand, traditional for-profit entities can pay out profits and pay big salaries limited only by their managers’ legal and contractual duties to the […]

Becoming an LLC is an easy and inexpensive way to protect yourself from personal liability for business obligations. It’s definitely worth considering if you have your own business—even if that business is you.

Should I Incorporate My Quarantine Business? Once you have your business plan set, it’s wise to incorporate your business sooner rather than later. There are a few reasons for this: Incorporating your business helps separate your personal assets from those of your business, only from the time it is filed. Delaying the filing delays that […]

How Does a Series LLC Work? Take the example of electric scooter rental company Lime Scooters. A company like Lime Scooters could benefit from a Series LLC. It could group each of the 100 cities and college campuses worldwide that it services into 100 separate protected series under a Delaware Series LLC. Another approach could […]

Do LLCs Pay Tax? LLCs conducting business operations will likely incur state and federal tax obligations along the way. The Internal Revenue Service treats LLCs as “disregarded entities” for federal tax purposes. These are also known as “pass-through” entities. The profits and losses pass-through the business to its sole member and are reflected on the […]