When the earthquake in Haiti was reported, Peter Groverman, a 27-year-old Villanova Law Student, received a text message that sparked a humanitarian mission. He told Philly.com the message from a friend read, “Are we going to Haiti?” He instantly knew he not only want to go to Haiti, but he wanted to form a nonprofit […]
The Small Business Administration’s 2009 business credit survey revealed that 59 percent of small businesses choose to make payments with credit cards, yet 79 percent of entrepreneurs say the terms of their credit cards got worse over the past year. A report from MSNBC.com suggests that choosing the right card might help small companies solve […]
Economic hard times can still be a good time for business formation; the SBA reports success of entrepreneurial pursuits heightens in recession. But finding startup funds can be one of the biggest barriers to business formation in a downturn, so entrepreneurs should think about how to cut costs on founding finances.
A report from the Small Business Administration suggests that an economic downturn might be a prosperous time to start a new business. For those contemplating business formation, Entrepreneur magazine’s biggest tip is to plan.
Incorporation is an important process in starting a new business. Still, business formation doesn’t end simply when the initial shares are sold to stockholders and the entity is legally established. It’s important to properly document all corporate decisions.
Entrepreneurs about to undergo business formation should think carefully about which business types are best suited to their enterprises’ needs. For instance, different entities come with different tax benefits. The Christian Post offers some insight on the advantages of an S corporation.
The Development Corporation of Knox County in Tennessee boasts of its devotion to promoting long-term business development within the state. The state agency offers resources to entrepreneurs interested in starting all business types, and it will soon host its annual startup business competition.
For many philanthropic-minded entrepreneurs considering business formation, forming a 501(c)3 service is seen as a good way to conduct charitable endeavors. But when the charitable nature of an organization is called into question, state filing departments could challenge 501(c)3 incorporation.