O'Donnell Law Center : Lake of the Ozarks

As an aspiring entrepreneur, hundreds of decisions lie ahead of you. Where should your business be located? What type of loan will you need to secure in order to obtain proper funding? Will you need to hire employees? If so, how/when will you conduct the hiring process? How do you want to setup your office space? The list goes on and on. One of the questions you will need to answer relatively early on in the process is how you want to structure your business. There are multiple business formats to choose from - limited liability company, sole proprietorship, partnership, corporation, and more. Our Lake of the Ozarks business attorney is here to help you determine which business entity may be best for your specific situation. Asking yourself these questions can get you started in the right direction. Question #1: What Resources Am I Able To Dedicate To Setup And Ongoing Administration Costs? Depending on the type of business entity you select, you may be faced with rather ...

When you're setting up a business at the Lake of the Ozarks , choosing the right business entity is absolutely critical. Your business entity will impact the way your company's income is taxed, the way important decisions and processes must be handled, and how its eventual sale or dissolution must be conducted. A limited liability company (commonly abbreviated as "LLC") is a particularly popular business entity with a unique set of advantages. However, it also comes with its share of potential drawbacks. This week, O'Donnell Law Center explores some of these pros and cons. PROS An LLC can have an unlimited number of members. Owners of an LLC can enjoy greater flexibility than those with other business entities. Unless the operating agreement outlines specific procedures for a certain task, owners are able to structure their company in whatever way best meets their needs. Members/owners are protected with "limited liability," which helps to prot...

Thinking about starting your own business at the Lake of the Ozarks ? Congratulations - that's a big step! There are a lot of things to consider as you get your new startup off the ground. One thing to think about is the manner in which you want to form your business entity. There are a couple of different types of entities, and they each come with their own pros and cons. Here is a quick look at a few your options. Sole Proprietorship Sole proprietorships are possibly the simplest form of business corporation. Sole proprietorships have only one owner, and businesses will automatically be categorized as sole proprietorships until the owner selects otherwise. PROS Allows for easier taxes (only one tax return is required for business and personal) Allows for lighter paperwork As the sole owner, he/she is free to make all key decisions and adjust as quickly as desired CONS Owners are personally liable for all of the business debts and obligations The bu...

Are you thinking about starting your own business? Congratulations! Embarking on an entrepreneurial adventure is one of the most exciting steps one can take in their lifetime. It's your opportunity to branch out on your own and finally pursue the line of work that you feel truly passionate about - an opportunity you've been waiting for your whole life. The only problem is, you're not a licensed attorney at the Lake of the Ozarks . You know your business, but you don't know all of the legal factors that need to be addressed when starting your own business.  O'Donnell Law Center is here to help! If you're thinking about starting your own business in 2015, here are some important legal considerations to keep in mind. Business Licenses If you plan on being a practicing business with clients and/or customers, you must register for a business license with your local  government. This registration requirement is non-negotiable. Business Trademarks...