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6 Key Steps BEFORE Opening Your Doors for Business
1. PROPER CAPITALIZATION IS KING: Under capitalization is the biggest and most common factor for a new business failing. Plan on investing or acquiring at least 50 to100% more capital than you think you originally need to get your business started. The type of business entity you choose may also dictate how much and from what source you are able to acquire the necessary capital.
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SCorp versus LLC- Which is Best for You?
What form of small business entity is most appropriate for my business? There are several options that you have for selecting and forming a small business entity. The two most popular forms are sub-chapter S corporations (S corporation) and Limited Liability Companies (LLC). Both S corporations and LLCs are separate and distinct legal entities that operate separately from the owners of the business. Both business entities may own property, enter into contracts and conduct business under its own name.
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Do's and Don'ts When You Incorporate Your Business
QUESTION: I have a small construction business with a few employees. I have just finished the incorporation process in that I have filed my Articles of Incorporation and am told I am now officially a corporation. This sounds too easy. What can I do to ensure that I really do receive all of the benefits I set out to achieve when incorporating?
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7 Strategies to Slash Your Legal Expenses
Strategy One:
With over 800,000 lawyers in the United States, we have found ourselves in an oversupplied market. Obviously with this oversupply of lawyers, one would question, "shouldn't attorney fees be more competitive", the answer is most obvious, Yes...
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How Should I Choose a Successor Trustee?
QUESTION: I am in the process of creating a living trust, can you give me any guidance or advice on whom I should elect to become successor trustee after my wife and I pass on?
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What is Long-Term Care?
QUESTION: What is long-term care? How do you decide if you need it, and which type to purchase?
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What Is Common Law Marriage?
QUESTION: My girlfriend and I have been living together for 8 years. I was wondering if we qualify for a common law marriage in California? What exactly is a common law marriage?
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What Costs Can Landlords Deduct From Your Security Deposit?
QUESTION: What costs can a landlord deduct from your security deposit when you move out?
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Mistakes Landlords Should Avoid Making
QUESTION: I am a property owner who is seriously considering renting out a house I just bought. I could use the extra money to help with the payments, but I have heard some horror stories about landlords who have been tied up in court with tenants who just would not pay their rent on time, and, worse, refuse to vacate. I am told that it often takes longer than it should to get a tenant who is not paying their rent out of the property. My question is, is their anything I can do to reduce the risk of having my property tied up in this way, and, even more importantly, what can I do to ensure I do not get sued by a tenant?
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The Problems with Joint Tenancy
QUESTION: My wife and I own our home as joint tenants. Will this avoid probate in the event that something should happen to one, or both of us. Additionally, if one of us becomes incapacitated, will this restrict the others ability to control the property and/or sell it?
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Restrictions and Tips for Changing Your Name
While you have a lot of flexibility in choosing your new name, there are certain restrictions that you want to be aware of. For instance, you may not choose a name which has a fraudulent meaning. Specifically, choosing a name with the intent to further some illegal activity, such as to avoid debt, evade the law, or avoid being included in pending litigation is prohibited.
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