For entrepreneurs who are setting up new businesses in California, one decision they must make is what type of management structure they wish to use. There are a variety of options from sole proprietorships to corporations. When it comes to a corporation, there are two forms that must be reviewed: the traditional C corporation and the S corporation.
Many people dream of being business owners. While fulfilling, starting your own business is a full-time job, and you'll be responsible for all necessary actions to ensure your startup has the best chance of success. Forbes offers the following tips to small business owners so they can have the information they need to push forward with their vision.
Securing a business contract with a government agency can be a boon for your business in Long Beach. Such organizations tend to be much more secure and stable than private companies. Yet at the same time, they are afforded special privileges, such as the right to terminate contracts for their convenience rather than needing to have actual cause. Many clients have come to us here at Russell Mirkovich & Morrow after having agreements ended in such a way distraught at the prospect of losing out on the value of their contracts. If you face the same situation, you should know that you are still entitled to compensation for your services.
Entrepreneurs in California who are looking to start their first company or who are interested in expanding their already existing business ventures must always decide on what type of operating structure they would like a company to use. There is no perfect organization but there can definitely be the right structure for a given business. One option available is the limited liability company, generally called an LLC.
Despite the best intentions, a large number of startup businesses in California fail. The challenge is that it may take some time to understand the industry and the best means for business operation. And in its early phases, mistakes made during day-to-day operations could produce costs that lead to closing the company’s doors.