11 Actionable Steps to Starting Your California Professional Corporation (New Guide)

Are you a professional (dentist, lawyer, accountant) looking to start your business? Then you WILL need a California Professional Corporation. Learn inside!

5 Ways To Get a Virtual Business Address (Even Without Having a U.S. Address)

Privacy can be a big issue for your business if you decide to register your business using a home address or an office address. A virtual business address is a smart alternative. A virtual business address is a physical mailing address combined with a virtual dashboard that can be used as your legal business address. A business address is simply the address where a business is sent mail and important documents. If you care about your privacy, or if you don’t have a business address, you may want to use a virtual business address instead of the address of your home or business. The prices for these services typically range from $100 to $200 per year. In this blog I’m going to explain what a virtual business address is and I’ll suggest 5 different services that you could use to get one. If you have questions about getting a virtual business address or need help starting your business, email me at sam@mollaeilaw.com to get started.   What is a Virtual Business Address? A virtual business address is a real physical …

How to Convert Sole Proprietorship to LLC (& Why You Should in 2019!)

If you started your business as a sole proprietorship, it’s time to start thinking about changing to an LLC. Naturally, there are a lot of questions that come with changing sole proprietorship to an LLC. “How do you change sole proprietorship to an LLC?” “What are the benefits of changing sole proprietorship to LLC?” In this article I will discuss the advantages of an LLC and how to change your sole proprietorship to an LLC in order to get personal liability protection. The #1 reason to form an LLC is for personal liability protection. By forming an LLC you create a “protective wall” between your business assets and your personal assets so if your business is sued then your personal assets (like your personal bank account, home, cars, properties, investments or anything that you personally own) will be safe and secure as they will not be considered a part of the business. If you don’t form an LLC, your personal assets will be at MAJOR risk if your business get sued. You owe it to yourself to understand the differences between …

IRS Revises EIN Application Process – What it ACTUALLY Means for Non-US Citizens

The IRS released an update on May 13, 2019 saying that from now on in order to get an EIN, applicants will need to provide an SSN or ITIN. Read more about how the IRS has used very confusing language (they are only speaking to people that have an SSN or ITIN; mostly Americans) and they made no comment about people who don’t have an SSN or ITIN… As you can imagine, this would dramatically affect my business if I can’t help non-US citizens get their EIN without an SSN. I offer a service for non-US citizens called EIN Express that helps non-US citizens get their EIN without SSN or ITIN. In the past 4 years, I’ve helped more than 1,200 non-US citizens get their EIN. You can see my past client reviews here. I’ve done a thorough research and talked to the IRS repeated times and this is the conclusion: There are NO changes to obtaining EINs for our foreign applicants who do not have SSN or ITIN after May 13th. This update from the IRS was for Americans …

What’s a Single Member LLC? (Updated in 2019!)

If you’re a sole-entrepreneur and you’re interested in starting a business, you may need to consider forming a single member LLC California provides options of. As a single-member LLC California owner, you’re the only owner of the LLC. Before forming a single-member LLC, you should consider your business type, overall risk, and personal assets. Typically, an LLC means that the members are not typically responsible for all the LLC’s lawsuits or debts. What this means is that the members of the LLC do not have to use personal funds to pay off business-acquired debts. Therefore, the members do not have to give up their personal assets (such as a home or car) to pay a business debt. Knowing how to benefit from the single member LLC California offers as an opportunity to entrepreneurs is helpful if you’re starting a business. If you’re an entrepreneur looking to start a single-member LLC, email me at sam@mollaeilaw.com to get started… On this page, I’ll discuss what a single member LLC is and how you can form your own single member LLC.   What …

DBA vs. LLC: Which Type is Better For Your Business?

When you are in your business start-up phase, or considering to restructure an older one, one of the major questions that may most confuse you is what business structure you should use. During this phase, most of the sole proprietors and partnerships are unable to decide whether they should register as a DBA or an LLC (Limited Liability Company). In other words, all it takes is having detailed information about LLC VS DBA. Wondering what does DBA stand for? Well, it stands for “doing business as.” While both options share a lot of common things with each other, yet it is hard to figure out which one is best when it comes to choosing between DBA and LLC even if you know what does DBA stand for. Of course, you need to know about LLC VS DBA pros and cons to make the right decision. LLC protects your personal assets from business debts and lawsuits. What this means is that if something happens to your business, then your personal assets, like your car, house, or savings account, won’t be at …

Partnership Dissolution Agreement

A business partnership is like a marriage. When things go well it can make your life so much better, but when it’s time to end you’ll be wishing you had a prenup. Having a partnership dissolution agreement in place in the partnership agreement or written during the dissolution of a partnership does so much for you and your business. Not only does it protect you from liability, it affects your future credit score and keeps your personal and business assets safe. Still, what is a partnership dissolution agreement? How do you write a partnership dissolution agreement? Can you dissolve a partnership without one? I’ll answer these questions and more in the article below. Contact me today at sam@mollaeilaw.com with any other questions you have about how to write and use a partnership dissolution agreement to protect you and your business.   What is Partnership Dissolution? A Partnership Dissolution happens when a partner leaves the business, thus ending the partnership. There are a lot of reasons where a partner might voluntarily leave the business, such as entering into a new business …