Corporations - Learn about types of Corporations Learn more about the types of Corporations below: Corporation A corporation is an independent legal entity distinct from its owners. When most people refer to a corporation, they actually mean a “C Corporation,” but you can also form a special type of corporation called an “S Corporation.” Both types of corporations have more in common than in opposition. A corporation is set-up to have shareholders own the business in a way that allows for limited liability to only the amount of money they put into the corporation. Both have unique features that we have displayed below: C Corporation (C Corps) C Corps allow for an unlimited amount of shareholders and can be owned by other corporations such as LLC’s or even trusts. C Corps have more flexibility as well with shareholder rights and ownership, but typically face tougher tax implications because of this. S Corporation (S Corps) An S Corp is simply a corporation that has filed a document with the IRS to become a special type of corporation.
What is a DMCA Takedown Notice? Copyright laws and the Internet seem almost at odds. After all, how can anyone monitor the over half a billion (yes, billion) websites that exist? Moreover, if your original work does end up on another’s website, how do you file suit? The last two questions can be answered by explaining the function of a DMCA Takedown Notice. Now that probably doesn’t apply to you, but that is the first function of the DMCA. 1. 2. 3. 4. 5. 6. If you’re planning to file a DMCA Takedown Notice, you should first take screenshots of the material that has been illegally used then contact your Internet lawyer to ensure that you follow the procedures carefully. If you’ve been served a DMCA Takedown Notice you should request a full copy to see what material is under fire and the web address that it is located under. Regardless of whether you are on the giving or receiving side of a takedown notice, you should hire a copyright attorney to represent you. About Author Christina Morales Comments comments
S Corporation - What is an S Corp? Learn More about an S Corporation below An S Corporation, commonly referred to as an "S Corp" is simply a corporation that has filed a document with the IRS to become a special type of corporation. The main difference deals with taxation issues, but additionally an S Corp only allows a specific amount of stock to be distributed and all holders must be residents of the United States. Shareholders rights are much simpler here and double-taxation that occurs with a C corporation’s income is eliminated. Advantages of an S Corp: An S corporation has a single level of taxation, where a C corporation is taxed on its earnings, and its shareholders pay a second tax when corporate earnings are distributed to them via dividends Shareholders of an S corporation may deduct their share of the corporation’s net operating loss on their individual tax returns. Disadvantages of an S Corp:
Long Island, NY Trademark Attorneys Our experienced Long Island trademark attorneys & lawyers represent individuals and businesses with everything they need to secure and protect their trademarks. Our attorneys can help individuals with everything from trademark clearance searches to determine whether the desired mark is available for adoption, use, and registration. By reviewing the search reports thoroughly, they can conclusively determine the extent to which a mark is already being used and the potential success of filing a trademark. Trademark licensing can be complex, but our trademark attorneys have experience drafting agreements on behalf of both licensees and trademark owners - thus allowing you to capitalize on your valuable intellectual property.
Crowdfunding Laws: Will They Help or Hurt My Business? It seems like new buzzwords pop up all the time and the one that I am hearing a lot about lately is “crowdfunding.” I know it’s been around for several years, but it seems to be picking up speed and becoming a readily accepted method of fundraising for both nonprofit and entrepreneurial ventures. As this new virtual tool continues to gain popularity, laws have been passed to regulate these financial exchanges. If you are crowdfunding or are just curious about garnering additional funds for your small business, there are a few guidelines that you should be aware of. Let’s get some of the basics out of the way first. “The second and more recent model is investment crowdfunding, where businesses seeking capital sell ownership stakes online in the form of equity or debt. For all intents and purposes, we’re going to be talking about the second model as applied to small businesses. This past June, the Crowdfunding and Securities Exemption Act (CASE) was passed in Wisconsin. Comments comments
upcounsel A Guide on How to Incorporate a Business There are several steps required to legally incorporate a business. The first step is to file a document called “articles of incorporation.” This document is filed with the corporations division of their state department and the cost will vary depending on your individual state of incorporation. Next, you will need: the name of your corporation, the address, the registered agent and possibly the name of the corporation’s directors. Additionally, you will need to state the purpose of the intended corporation as well as the amount and types of capital stock your corporation will be authorized to issue. There are a few requirements that vary when incorporating an S Corporation, but it is relatively the same process as incorporating a C Corporation - just with more finite rules that are tailored to that specific corporation. Need help incorporating a business?
Open Enrollment is Around the Corner! Here's What You Should Know. November 15, 2014 is the first day of open enrollment under the Affordable Care Act for the 2015 year. The Affordable Care Act, also unofficially known as Obamacare, was enacted in 2010 in order to provide more affordable health care insurance to Americans. Here are the important dates to remember: Open enrollment period begins November 15, 2014 and ends February 15, 2015.If you want your coverage to be effective January 1, 2015, you should enroll by December 15, 2014.If you want to change the coverage plan you purchased in 2014 for a new plan in 2015, you must also enroll by December 15, 2014. This will be the second year that open enrollment will take place and it’s important that we all be aware of the repercussions if we choose to opt out of enrollment. If you’re an employer, the penalties you’ll face in year two will finally kick in if you choose not to provide employee health coverage. If you’re an individual, your penalties will increase if you opt out of coverage. So keep in mind:
Affordable Care Act - Learn More on UpCounsel Learn More about the Affordable Care Act You’ve heard the term over and over throughout the years, but what exactly is the Affordable Care Act? The Affordable Care Act (ACA) is a shorter name for the Patient Protection and Affordable Care Act which was signed into law by President Barack Obama in 2010. The Affordable Care Act, most commonly refered to as "Obamacare" was implemented to regulate the health care industry, provide more Americans with affordable health insurance, and improve the quality of health insurance and health care in the United States. The Affordable Care Act - What does it do? In 2013, over 44 million Americans were living without health insurance, mainly because of the high costs to obtain it. The Health Insurance Marketplace The Health Insurance Marketplace is the online marketplace where Americans can now shop for more affordable health care insurance. Each state has its own marketplace. How the Affordable Care Act Relates to Business Owners
Startups and The Angel Investor Partnership You can have the best idea in the world to create a startup, but without the funds to back it up you may feel like you are at a stalemate. It takes cold, hard cash (or plastic or checks or even PayPal) for an entrepreneur to make the dream a reality to pay the rent, payroll, office supply company, and electric bill. Bank loans are the typical option to consider, but angel investors are becoming more prominent (especially with tech startups). Angel investors tend to be wealthy business people and many times are successful entrepreneurs themselves. having a net worth of over $1 million, orbring in an income that exceeds $200,000 per year (for individuals), orthey need to represent a nonprofit, corporation or partnership with assets exceeding $5 million. If your potential investor is an institution, it must be registered as a bank, insurance company, investment company, business development company, or small business investment company. [Photo credit: Sonia Roy] Comments comments
What are the Pros and Cons to Buying a Franchise? My sister recently mentioned over lunch together that she recently looked into buying a franchise to one of our favorite local treat shops. They only offer ice cream sandwiches, but the line of customers is consistently long regardless of the time of year. With a frozen product there is minimal spoilage and waste, low labor costs for this simple indulgence, and it would only need a tiny rental space to set up shop. However, it required $30,000 just to buy into the franchise in addition to setup costs including equipment, renovating commercial space, and committing to opening an additional two ice cream sandwich shops in the future. After this synopsis, my sister quickly concluded that she is going to stick to teaching sixth graders. While this option may not be right for everyone, there are definite pros and cons to consider when speculating whether opening a franchise is right for you. Pros Cons The biggest complaint is the expense. About Author Christina Morales Comments comments
My Employee Shared Our Trade Secrets. Now What? You’re only as good as what sets you apart from others in your field. That’s what identifies Apple from Microsoft, Google from Yahoo!, Coke from Pepsi, and Nike from Adidas. It’s the intellectual property (IP) and the people who create it that holds real value for a company. And this is exactly why Nike is suing Adidas for $10 million in damages. Your employees are an incredible asset… that is, until they become a threatening liability. Let’s set the stage for the Nike/Adidas case: the lawsuit (which was filed in Oregon where Adidas has its U.S. headquarters) alleges that some of its biggest designers, Denis Dekovic, Marc Dolce and Mark Miner, began to build a blueprint to replicate Nike’s famous Innovation Kitchen while still employed by Nike. In the Portland Business Journal, the designers submitted a rebuttal through their law firm and commented, “We find Nike’s allegations hurtful because they are either false or are misleading half-truths. About Author Christina Morales Comments