Huckabee, Weiler, & Levengood, P.C.

Business Formation Archives

The pros and cons of going into business with a spouse

Some Pennsylvania couples decide that they can share a business just as well as they share a home, and many married couples do successfully run a business together. But is forming a business with a wife or a husband the right call for you? As with any business formation, there are pros and cons to working with your spouse that should first be considered.

Dealing with articles of incorporation

There are many ways someone might go about forming a business in Pennsylvania. Some of these are very simple, such as recording independent earnings and using those records to file as self-employed on annual tax returns to establish a sole proprietorship. Other methods could require applicants to compose complex documents and complete several stages of official approval.

The pros and cons of going into business with a friend

You may be planning to form a business partnership and are considering asking your friend to be your partner. There are sound reasons to approach a friend to be a part of your business, including familarity with that person and personal trust. However, while such a partnership can work out, joining up with a friend in a Pennsylvania business relationship can still present possible pitfalls.

What is a buy-sell agreement?

Whether you have an established business or are starting a new one in Pennsylvania, you should always have your eye towards the future. Things come up often that could drastically change your business. It is better to be prepared than be caught off guard. One situation you want to be ready for is any change in your partnership or owner status. You can prepare for this with a buy-sell agreement. 

Deciding if a sole proprietorship is right for you

Aspiring Pennsylvanian entrepreneurs may be a little overwhelmed when first tackling all of the rules and regulations associated with starting a business. One thing they may have heard is that sole proprietorships are the easiest of all business structures to manage, but just how true is that?

Why the name of your business could land you in court

Picking out a name for a Pennsylvania business seems like a no-hassle proposition, especially compared to the legal hoops a business owner has to jump through in filing the correct paperwork, drawing up articles of incorporation, and preparing the right bank accounts. However, you might find a hidden liability sneaking up on you just by naming your business. It seems strange to believe, but giving your business the wrong name may actually land you in court.

Is your business a sole proprietorship?

One of the important aspects of forming a business in Pennsylvania is deciding on the business form you will use. You have options, but the most common for a person forming a business by themselves is a sole proprietorship, as explained by Entrepreneur. This business form is the easiest to create because it requires no legal steps. You are operating the business as the sole owner, so you do not have to worry about partnership agreements. You are not forming a legal entity, such as a corporation, so you do not need to file any special legal documents in forming your business.

What should you know about starting an LLC?

Some Pennsylvania entrepreneurs decide that for their new startup company, forming a limited liability company (LLC) is the way to go. According to an article in Forbes magazine, an LLC is a popular choice because of the limited liability it offers to its owners, as well as a lack of double taxation that is usually found with C corporations. As with other business formations, there are a number of general requirements expected in forming an LLC.

What steps do you take to form a general partnership?

One of the first decisions you must make when starting a business in Pennsylvania is what your business structure will be. One of the most common options is a general partnership. This is a business with two or more owners who usually share equally in ownership rights. It is important to understand what you must do legally when forming your business, so you avoid any issues.

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