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3 Advantages of Partnerships (And What to Watch Out For…)

If you have been considering forming a partnership, you probably want to know a little bit more about the process along with some advantages of partnership.

There are 2 forms of partnerships: general or limited partnerships.

While a general partnership is easier to form, each partner assumes the same amount of liability when it comes to paying debts or responding to a lawsuit.

However, a limited liability partnership or limited partnership limits the liability that is assumed by the partners.

If you have any questions about the partnership advantages you’ll be getting, email at sam@mollaeilaw.com with your questions.

I can assist you in setting up a partnership or any other business entity.

Let’s get started…

 

What is a Partnership?

A partnership is a relationship that is created by a contract between two or more people to perform business activities in a co-ownership capacity.

In some partnerships, the partners or co-owners take an active part in the business while other partnerships include partners whose partnership participation is limited.

#1 Business Partnership Agreement Contract Lawyer [Trusted by 2,246 Clients]

If you’re starting a partnership, you’re on the right page…

You should NOT start a partnership until you get a Business Partnership Agreement in writing.

A business partnership agreement allows you to structure your relationship with your partner in a way that suits your business.

In your Partnership Agreement, the details of your roles, rights, details of activities of your business, contributions, distribution of profits, and how disputes will be settled, along with other important clauses will be included.

Most partnership agreement lawyers work on an hourly basis but I work on a flat-rate basis to draft your Business Partnership Agreement which is more transparent and does not lead to any surprises down the line.

If you’d like to get your Business Partnership Agreement drafted or emailed, email me at sam@mollaeilaw.com

 

What is a Business Partnership Agreement?

A business partnership agreement is an agreement between two or more parties on how to run the business and their various responsibilities/duties.

The concept of a simple partnership agreement is quite easy to understand.

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S Corporation Checklist (The Complete Guide in 2020)

Are you considering starting an S Corporation?

When you’re thinking about starting a business, one of the best options you have is to start an S Corporation.

Because there are so many options, including S Corps, things can get confusing easily. It’s hard to decide which structure is best for your business and why.

That’s where I come in…

As a business lawyer, I’ve helped hundreds of individuals start their business and make informed decisions. I’m here to help you, too.

I hope you’ll find this article informative and helpful.

LLC vs Partnership (Which is Better in 2020…)

Are you venturing into the corporate world and are wondering what should be the appropriate business structure for your business?

For many entrepreneurs, it is a hard decision whether to go for a partnership or LLC (Limited Liability Company).

If you’re one of them, email me at sam@mollaeilaw.com so I can help you decide.

You may have come across the general notion that LLC is more beneficial than a partnership. But did you know that LLC is not a one-size-fits-all option?

Remember this: every business is at a different stage. While LLC may be the best option for one, it may not make a similar business sense for another.

So, the million-dollar question is:

Which One Should You Go for: LLC or Partnership?

Though the two options can be similar in terms of management style and also how the IRS treats them, they also have their differences. This may make the decision a bit difficult.

Here are a few points you should consider:

  • How are LLC vs partnership similar?

Do Uber Drivers Need an LLC? (The Answer Is….)

Do I need an LLC as an Uber Driver? What tax form do I use for Uber?

The one downside of being an independent contractor is that you don’t have a proper employer to handle your tax situation or protect you in the event of a lawsuit.

Luckily, you don’t need an employer to enjoy being an independent Uber Driver and have the best of both worlds.

Setting up an LLC is simple to do, and comes with many benefits that will set your Uber Driver business up for success.

What are those benefits?

How do you set up an Uber LLC?

Should you form an LLC for your new rideshare business?

Keep reading below so I can answer all these questions and more to tell you how setting up an LLC is right for you.

If you have any questions about how to set up that LLC, or if you’re ready to get started today, email me at any time at sam@mollaeilaw.com.

What is an LLC?

An LLC is a business structure that separates your business and personal assets which comes with many legal and financial advantages.

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How to Use Your ITIN to Get a Job

Can You use Your ITIN to Get a Job?

Hey, so today we’re going to be talking about can you use your ITIN to get a job.

Hey, this is Sina Bonabi from EIN Express. I’m an IRS Certifying Acceptance Agent and I’ve been both trained and authorized to help non-US citizens all over the world just like you to successfully get their EINs and their ITINs for them.

We’ve helped over 2,240 non-US citizens to successfully get their EINs and their ITINs and we’d love to be able to help you be able to get yours too.

So today we’re going to be tackling the question can you use your ITIN to get a job. The answer to this question has multiple layers and I’ll break it down into two parts, and then those two parts each have their little tidbits to them.

Let’s start with the first part. The first part is if you’re a U.S. resident alien for tax purposes, what does that even mean?

Apply for your ITIN today: https://einexpress.com/itin

U.S. Resident Alien Tax Purposes

To be a U.S.

DBA vs. LLC – Pros and Cons (Which is Better…)

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 DBA stands for?

Well, it stands for “doing business as.”

While both options share a lot of common things, 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 assets from business debts and lawsuits. What this means is that if something happens to your business, then your assets, like your car, house, or savings account, won’t be at risk if your LLC faces a lawsuit or bankruptcy.

Benefits of an LLC (Tax Advantages of an LLC?!)


If you’re on this page, you’ve reached the point where you’re asking yourself a very important question:

What are the benefits of an LLC?

In summary, here are the benefits of LLC:

LLCs do not save in taxes. LLCs, however, enjoy personal liability protection as the most simple business structure.

LLC protects your assets from business debts and lawsuits. What this means is that if something happens to your business, your assets such as personal bank account, car, and home will be protected. Due to the several benefits of an LLC, the first thing successful entrepreneurs do is form an LLC. I highly recommend forming your LLC before you start your business so you can avail of LLC advantages without facing any difficulties.

I’m going to answer those questions so you have a clear picture of all the benefits of an LLC entrepreneur like you can benefit from.

If you’re looking to start an LLC and want to know all the benefits of an LLC, email me at sam@mollaeilaw.com to get started.

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