Legal Tweet Meet Show on March 15th- “Choosing the Right Business Entity—the 1st time!”

IT’S TIME FOR…Legal Tweet Meet! Every Thursday from 8-9 pm EST, provided by Kendrick Law Practice (https://www.kendricklaw.net) #legaltweetmeet

 

I am your host for tonight’s show and Founder of KLP, @Dar’shun Kendrick. Thank you for joining us tonight for #legaltweetmeet.

 

Who’s checking in this evening?! If you are, mention us at let us know your location in Georgia for tonight’s #legaltweetmeet show!

 

The Title of Today’s Show is “Choosing the Right Business Entity—the 1st time”. #legaltweetmeet.

 

You will be able to ask questions AT THE END of the presentation so STAY TUNED! #legaltweetmeet

 

DISCLAIMER 1: KLP is only authorized to practice law in Georgia. Therefore, our advice is limited to the State of Georgia. #legaltweetmeet

 

DISCLAIMER 2: We only practice business law so we can’t help you with personal legal matters. Sorry L #legaltweetmeet

 

DISCLAIMER 3: These #legaltweetmeet Questions and Answers DO NOT create an attorney-client relationship.

 

PROCESS: Direct message a question and I will “tweet” the response without mentioning your name #legaltweetmeet

 

PROCESS:  OR Mention @kendricklaw and ask your question and I will RT then immediately answer. #legaltweetmeet

 

The hashtag for our Legal Tweet Meet is #legaltweetmeet.

 

Be sure to join us on other social media for advice to help keep you “IN business and OUT of Court”. #legaltweetmeet

 

You can join us on Facebook at www.facebook.com/kendricklawpractice. #legaltweetmeet

 

You can join us on Twitter @kendricklaw (obviously). #legaltweetmeet

 

You can join us on LinkedIn at www.linkedin.com/in/darshunkendrick. #legaltweetmeet

 

You can participate in my weekly blog discussions at www.kendricklaw.wordpress.com. #legaltweetmeet

 

We are now on google plus! Join our circle at http://gplus.to/KendrickLawPractice. #legaltweetmeet

 

You can also listen to our monthly online radio show at www.blogtalkradio.com/kendricklawpractice so join us! #legaltweetmeet

 

Are you ready to learn some information to help keep you “IN business and OUT of Court”? Here we go! #legaltweetmeet

The Show

Choosing the right business structure is one of the most important first decisions you will make as a business owner. #legaltweetmeet

The differences in business entities break down to one common element: money. Who? What? When? Why and How? To get money? #legaltweetmeet

If you would like to hear a detailed discussion of the differences in business entities, including taxes, with a tax attorney/C.P.A., visit www.blogtalkradio.com/kendricklawpractice.

SOLE PROPRIETORSHIP: Absolute “no no”. This means you have not registered with the Secretary of State. #legaltweetmeet

A SOLE PROPRIETORSHIP opens you up for UNLIMITED personal liability for the debts of the business. Get registered! #legaltweetmeet

LLC (Limited Liability Company): Limits your liability a corporation but without the formality and rules of a corporation. #legaltweemeet

KLP is a LLC; this the newest form of business entity. Georgia allows for single member LLCs; some states don’t. #legaltweetmeet

C CORP: Limited liability like an LLC BUT with formal rules to follow AND double taxation of shareholder AND corporation. #legaltweetmeet

When you file with the Secretary of State as a corporation, you are automatically a C CORP., not an S Corp. #legaltweetmeet

S CORP.: You have to fill out separate documents to be an S Corp BUT you are only taxed once (unlike the C Corp.) #legaltweetmeet

 

S. CORPs have limitations- They can only have 75 individual (not corporate) investors as well as other limitations. #legaltweetmeet

 

GENERAL PARTNERSHIPS: Partners are jointly and severally liable for the debts of the partnership. #legaltweetmeet

 

This means that if there is not enough money in the business to cover a debt, the individual partner must pay in FULL. #legaltweetmeet

 

LLP (Limited Liability Partnerships): Like LLCs but there are two types of partners: general partners and limited partners. #legaltweetmeet

 

Limited Partners are the ONLY ONES with limited liability. The general partners are under the general partnership rules. #legaltweetmeet

 

PROFESSIONAL CORPORATION (P.C.)- Same as a C Corp. but limited to actual professionals; there is a statute that names these. #legaltweetmeet

 

The only advantage I see is that it holds you out as a professional corporation, i.e. lawyer, doctor, engineer, etc. #legaltweeetmeet

 

NOTE: Secretary of State registration is the FIRST step. You MUST obtain a business license in your business’ county.  #legaltweetmeet

 

PRE-ENDING

DISCUSSION QUESTION: Can I clarify or explain more about a specific business entity? #legaltweetmeet

ALRIGHT! Now it’s time for the 2nd half of #legaltweetmeet that is an OPEN FORUM to ask me any questions. #legaltweetmeet

 

Remember you can mention @kendricklaw or DM us for answers to your questions. #legaltweetmeet

 

Match your question number (Ex. Q5) to my answer number (Ex. A5). #legaltweetmeet

 

READY…SET….GO! How can KLP help you make or save money through competent legal and business advice and counseling? #legaltweetmeet

 

END

 

THANK YOU ALL for attending KLP’s Legal Tweet Meets. Join us next week and BRING A FRIEND for our  #legaltweetmeet Thursday from 8-9 pm.

 

NEXT SHOW: March 22nd– 7 Steps to a Litigation-Free Office! #legaltweetmeet

 

JOIN US on Facebook- www.facebook.com/kendricklawpractice, BlogTalkRadio-www.blogtalkradio.com/kendricklawpractice #legaltweetmeet

 

JOIN US on LinkedIn- http://www.linkedin.com/in/darshunkendrick and our weekly blog- http://www.kendricklaw.wordpress.com #legaltweetmeet

 

Need a POWERFUL 30 minute business consultation, including legal advice?  Visit http://www.kendricklaw.net/consultations #legaltweetmeet

 

We also offer MONTHLY legal plans to support your business. Visit http://www.kendricklaw.net/partnerships for more information! #legaltweetmeet

 

SIGN UP for our monthly enewsletter filled with company news, special promotions, business legal tips and articles at www.kendricklaw.net! #legaltweetmeet

 

KLP is here to keep you “IN business and OUT of Court” so visit us at https://www.kendricklaw.net for how! Good Night Everyone! #legaltweetmeet

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