Three Benefits of a Single-Member LLC versus a Sole Proprietorship

When it comes to starting a new business, there are many different decisions to make, and getting it right from the outset is so important. Among the tasks that you’ll need to work through is deciding how you want your business to be structured, including whether to just start doing business as a sole proprietorship, or to take the extra steps to form a single-member LLC (Limited Liability Company). While there Read More

6 Situations to Address in Your Partnership Agreements

When businesses are set up as partnerships, the partners must decide on many different aspects such as how workload and profits will be divided. There are also particular situations that may arise during the lifetime of the business, and it is wise for partners to agree on what action to take in any given situation before the partnership forms. The clearer and more specific parties are from the outset, the less Read More

What You Need to Know About Verbal Contracts

As you might have guessed, a verbal contract is an agreement between two people that is only discussed verbally. Nothing is written down to show that an agreement has taken place; instead, it is on the word of each party alone that the deal is created. Can you legally enforce a verbal contract in Massachusetts? Naturally, the problem with a verbal agreement is that if there is a dispute between the parties who Read More

Understanding the Difference Between a Partnership and a Joint Venture

Trying to understand the differences between partnerships and joint ventures leaves many people scratching their heads. The truth is that they are fairly similar. However, there are some differences, and these are essential to understand before entering into such an agreement. Both a partnership and a joint venture involve two or more parties joining forces to launch a business or embark on another type of Read More

The Pros and Cons of Operating as an LLC

Many different kinds of business entities exist, each with its own benefits. When you are just starting a business, one of the most crucial decisions you will have to make is what kind of entity you should operate your business as. There are sole proprietorships, partnerships, corporations, S corporations, and finally, there is the limited liability company—otherwise known as the LLC. An LLC can have one or more Read More

7 Steps to Legally Begin Running Your Business

As a legal educator, John has enjoyed teaching budding entrepreneurs and watching their businesses grow and flourish. Startup entrepreneurs especially have had to adapt to the ever-changing market and demographics of today, but the legal foundations of starting a business remain more or less the same. While the beginning phases of starting a business can be full of positivity and energy, it’s important to account Read More