Small Business Owners United
A community forum open to HR and financial managers and anyone involved or interested in payroll processes, compliance, human resource management, and HRIS and software automation. We discuss problems, concerns, and questions and offer solutions and advice to streamline these key business operations.
Recent Questions
If I am served with a lawsuit, can I protect my personal assets?
Making a decision on which business entity I want is a bit tricky. I want to know more about what a limited liability company (LLC) is since it seems to be the popular choice amongst startups. I’m more interested in the legal structure of an LLC and how it impacts me as a business owner. If I were hit with a lawsuit, would my personal assets be protected from the legal action imposed on the business?Asked 6 months ago
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If my business has multiple owners, can I see how profits are split?
I am in the process of deciding how I am going to register my small business. I am leaning more towards the LLC structure for its flexibility, but I still need to clarify a few things before making a final decision. In the case of an LLC, since it does not have a limit on how many members the company may have, will I be able to see how the profits will be divided amongst all owners?Asked 7 months ago
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Do I get pass through taxation if I register my business as an LLC?
I need to know if an LLC is the right business structure for me or if I should just choose to have a corporation. I’ve heard about pass-through taxation. Now I just need to know what kinds of business entities allow it since the kind of entity one chooses affects the tax treatment of the income. Does registering your business as an LLC make one eligible for pass-through taxation?Asked 6 months ago
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How long does it take to register a limited liability company (LLC)?
I was drawn to the most attractive quality of an LLC, which is the limit of personal liability if my business were to ever file for bankruptcy. So I have chosen this kind of entity for my business structure, and now I just need to know how long the process will be to have my LLC registered.Asked 7 months ago
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Can I expedite LLC paperwork processing?
Starting a business has been exciting since the moment I had the idea to The least exciting part for me is the thought of having to file a bunch of documents and them taking a long time to be processed. I want to get this part over and done with as soon as possible. Is there a fee I can pay to rush the processing of an LLC?Asked 6 months ago
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Is it cheaper to register a sole proprietorship LLC than other types?
I just recently learned that there are about eight types of limited liability companies. I genuinely thought that picking a business entity was the hard part, but now I discover that there are various LLC’s. As a solo-entrepreneur, would it be suitable and more affordable for me to pick a single-member LLC legal structure compared to the other types?Asked 6 months ago
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Can I lose my limited liability if I fall into business debt?
The LLC business structure is one of its best qualities, and that’s why I have already decided that I might pick it for my business. I still have one concern about it though. If it were to happen that there was business-related debt, I know that my home, car, and other personal assets would be protected. However, in this case, would business debt result in me losing my limited liability ?Asked 6 months ago
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Do I always need clear boundaries for personal and business assets?
My business partner and I want to be members of our LLC that we are planning to register soon. I am still not clear on the risk with regards to the boundaries between my personal and business finances. I am still not clear on the risk with regards to my personal assets. Do I have to constantly make sure there is a clear separation between my assets and the business assets to avoid confusion if the worst were to occur?Asked 7 months ago
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Can any owner of a member-managed LLC act on behalf of the company?
With an LLC, I have learnt that there can be multiple members or owners of a business. This got me thinking about how the member-managed structure would work. Does this then mean that all the owners have the authority to make decisions on behalf of the company? This is with regard to the various operational and financial tasks of the business.Asked 6 months ago
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Do members need to pay taxes on their share of the company?
I have decided to join a multi-member limited liability company. There is some confusion on my end on the taxation treatment of this kind of entity and LLC structure. Does this mean that all members will have a percentage of the company based on their investment? Does this mean that they will have to pay taxes on their share of the company?Asked 6 months ago
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