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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.
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.
This document is a sample executive employment agreement covering base salary, incentive bonus, equity incentives, benefits, termination, restrictive covenants, intellectual property, and more.
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.
The U.S. Congress enacted IRC Section 409A in the midst of corporate scandals that saw highly-paid executives receive deferred compensation payments while other employees lost their retirement savings. Public and private companies must comply for deferred compensation to keep preferential tax treatment status. This article outlines the risks of not complying and what compensation is involved.
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.
This tool will help you identify areas in your plan that need additional atttention before it is complete.
This article discusses the sources of equity capital for entrepreneurs starting and growing new ventures.
Use this tool to evaluate growth opportunities based on your vision, business growth readiness, and market potential for opportunities you have already identified.
This helpful tool identities the four major steps in analyzing and planning a business's growth--growth indicators, industry potential, growth opportunities, and market potential.
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