Business Structure:
I have chosen the business name of SamRose Productions. I have chosen the legal structure of Limited Liability Company.
Facilities:
I will have an office located in southern California. I will be located near the Los Angeles area.
Business Structure:
I am currently working on which professional organizations that I want to join. The film company will be more successful through networking.
Facilities:
I am currently working on what the zoning requirements are. The zoning requirements are important in picking the area for the location of my company. I am researching what equipment I will need to have for my company.
Governmental:
I am currently researching what business licenses, tax license, and permits are needed to start my company.
Financials:
I am currently working on what I will have as my start up capital. I am working on what part of that capital will come from credit.
Marketing:
I am currently working on a company website. I am currently working on starting social media accounts to link to my company website. I am currently working on the marketing campaign.
Employees:
I am currently working on what type of employees I will need to startup the company. I am currently working on the job descriptions for these employees.
Business Structure:
I will need to complete the break down of the Limited Liability Company structure that I want for the company. I still need to register the business name. I need to join professional
As a hybrid of partnerships and corporations, LLC’s provide limited liability for debts and flexibility to be taxed as a partnership or corporation (Staring and Naming a Business Presentation, 2012, Slide 5). Some specific advantages include being empowered authorities in the management of the business, diversity of members, limited liability, pass-through taxation, and less paperwork (appreciated by many). A drawback of this business structure is the need for a tailored operating agreement that specifies the specific needs of the
Sesamware is a Japanese software company which is very popular for open source software. Sesamware got international approval with an online multiplayer fantasy dimension game, Para World in mid-1990. Para world was very popular in the world between 2001 and 2004. Firstly, it was installed as part of the bundle downloaded by hundreds of millions of gamers around the globe. The open source code helped to easily adapt every facet of computer life for all platforms and operating, networking, navigation and security systems.
a general partnership. It should be noted, however, that the specific steps and requirements to start an
Ellentuck, A. B. (2009). USING A LIMITED LIABILITY PARTNERSHIP AS THE ENTITY OF CHOICE. Tax Adviser, 40(2), 124-125.
In setting up a new business the first step is setting up the best business structure for the need of the business. There are many different things that need to be looked at in order to determine the correct entity that will be used. Will there be partners is a big question in this determination, another questions which is the most correct for the business legally. Another consideration needs to be the legal liability as well as the tax liabilities in considering the best choice for the entity of the business.
The mailing and street address of the principal office of the Limited Liability Company is:
Limited liability partnership (LLP): In a LLP no general partners exist, only limited partners exist to create the business as a limited liability under this form of partnership. LLP’s are typically used for any professional type of business where all partners/owners (a minimum of two are required), have a voice in the taxation structure of the business.
Identify the town and state in which you currently live (permanent address). Provide an overview of zoning for this location, i.e., is it all residential zoning or a mix of residential, business and/or industrial?
The choice of legal status for setting up a new company can be complex and is dependant on various tax, commercial and legal considerations (Accountingweb, 2014).
Some business like pubs and clubs, nursing homes, cinemas, theater, taxis and pet shops need to require a license.
My initial plan was to start off by developing a business assessment for the company. Which would mainly be focusing on managing employees from an HR perspective in a grocery store environment and retail industry. Human resources involves the strategic planning and management of employees to create a
As with any kind of business formation, there will always be, to some extent, negative aspects associated with the creation. To this date there is no perfect form of business entity. When deciding on which entity is best suited for a business, there are many things to be considered. Prior to deciding on a business structure, some major points to be thought about are both the legal and tax ramifications associated with the entity chosen. Another criteria that should be considered are the costs connected with the entity type. These cost include the cost of formation as well as any continuing administrative cost that may be incurred. (“Choose Your Business,” 2011)
The company will be organized as a sole proprietorship, with Jesse Ward as the owner and manager of the company. Jesse Ward has filed Form DR0592 with the Colorado Department of Revenue and gained a D.B.A. certificate for the
Corporation origin from the Latin word Corpus which means body. It is formed by a group of people and has separate rights and liability from those individual. In any means, corporation exists independently from its owner and this principle is called the doctrine of separate personality. Doctrine of separate personality is the basic and fundamental principle in a Company Law. This principle outline the legal relationship between company and its members. Company’s assets belong to the company not the shareholders as assets are the equity for creditors. Company must use up all its assets to pay off the creditors if it became insolvent. The same applies to the corporation’s debts. For limited liabilities company, the shareholder liability is limited which means that the shareholder is restricted to the number of shares they paid and not personally liable for the corporation’s debts. If the company does not have enough equity to pay off debts, the creditors cannot come after the shareholders. However, limited liability company can be very powerful when in hands who do fraud and on defeating creditors’ claims. Courts then can ignore the doctrine for exception cases and lifting the corporate veil. Lifting the corporate veil is a situation where courts put aside limited liability and hold a corporation’s shareholders or directors personally liable for the corporation’s debts.