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When identifying an appropriate legal form of business, most often entrepreneurs consider these factors—control, taxes, liability, transferability of ownership, longevity of the business, and raising capital. The key is to identify the legal structure that best meets your needs and the needs of your business.
In an ideal world, you would select a legal form of business, understanding every legal and tax implication. The reality is that you must rely on the advice of attorneys and accountants to help you make this decision. They can anticipate your concerns based on their experience and on information you provide. Still, the legal structure of the business is your decision to make and live with.
The six legal forms of doing business are:
This article will delve deeper into the characteristics, advantages, and disadvantages of each structure.
Using the four basic growth strategies--Market Penetration, Market Expansion, Line Expansion, and New Business Development--this tool helps identify potential growth opportunities for a business.
This document is a sample of an actual filed patent, and includes key sections such as product abstract, diagrams, and detailed description of the invention.
This is a sample term sheet for a Series B round of financing.
This tool was designed to assist an entrepreneur who set up a bonus system that keyed off the company's EBITDA. By having a bonus program tied to EBITDA, top team members were forced to think like an owner thinks about expenses, opportunities, and investment.
This document is a sample executive employment agreement covering base salary, incentive bonus, equity incentives, benefits, termination, restrictive covenants, intellectual property, and more.
As you are determining the right executive compensation program, you might find this tool helpful in establishing and communicating an overall compensation philosophy for your company.
Review this sample Cash Flow Report and Cash Flow Statement for this year old business to understand the primary differences in these two reports and the value in using them in reporting financial information.
Along with this sample Balance Sheet for a year old business, this tool provides a line-by-line explanation of the most common categories used to report the value of the company's assets, liabilities, and equity.
Although the type of distribution channel you choose depends on your industry, type of products or services, and the business model, many entrepreneurs slightly adapt their distribution strategy to better meet the needs of customers.
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