When you started your business, you were naturally exuberant. Your initial success gave you a rosy vision of the future, and you anticipated a great deal of growth over the next few years.
For a small company, a buy-out can mean great things. It generally means that you've successfully made some inroads into the market or field.
You can launch a business with a great idea -- or you can see someone else's great idea and think, "I could do that even better." If that's the case, you may be thinking about buying another entrepreneur's existing business and turning it into your own.
You have a brilliant idea, and you're ready to introduce it the world -- but that means getting your business up and running.
Are you hoping to give your business to your children? Are you the adult son or daughter who is hoping to take over the family business?
When you're starting a business, it's easy to get overwhelmed. There's a lot to do -- not the least of which is deciding what type of business entity you want to use. The decision should be made early not only because it may be difficult to change later, but because it will also have significant financial and legal consequences.
There are several aspects to starting a business in Ohio, whether you plan to be a sole proprietor or to launch a start-up designed to grow into a large company. Part of the initial process is choosing how to structure your business. The legal entity you choose for your business may directly impact your financial resources, tax liability and daily management.
In 2016, CNN reported that minority-led and women-owned businesses had a high likelihood of obtaining business funding in Ohio. Cleveland-based nonprofit JumpStart invested only in tech firms within this demographic for three years. They planned to do this for 20 firms and focused their efforts on small companies with fewer than six employees. They pledged to ensure each firm received half a million dollars in funding. The aim is to create greater diversity in the technology industry.
When starting a business in Ohio, there are a few legal requirements entrepreneurs must consider before they can set up shop. One of the main things businessowners need to decide is the business type they want to operate under. Most entrepreneurs choose an LLC. However, this comes with a wealth of other options. This includes whether or not they want to elect to be treated as a corporation, and what kind of corporation that would be. Why then do so many people choose S-corps?