#Business credibility
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#assessment Small#Business asset protection#Business continuity#Business credibility#business finance#Business protection#Commercial insurance#Cyber insurance#Insurance advice#Insurance coverage#Insurance for entrepreneurs#Insurance policies#Insurance tips Risk#Legal requirements#Liability insurance#Professional liability#Property insurance#Risk management#Small business insurance#Worker's compensation
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Structuring Complete: Why Forming an LLC is Essential for Your Startup Template Business
The template business is exploding. Simply put, designing and selling custom templates offers limitless opportunity, allowing you to provide a necessary service for authors, email marketers, and beyond. But of course, there’s more to a successful template business than just the products themselves. It’s equally critical for your business to have the right legal foundation, ensuring it is equipped for long-term success.
So which legal structure is best for your template startup? There are multiple options and no cookie-cutter solution, as all companies have unique needs and goals. All else being equal, though, most template startups benefit most from the LLC model.
In this post, we’ll provide more detail about what LLCs are and how they work, and also outline the steps for registering one of your own.
LLCs Explained
First, an overview of the LLC structure itself.
LLC stands for Limited Liability Company, and it represents one of the most popular business structures in the entire country. It’s been around since the 1970s, and each year its popularity rises.
To fully understand what an LLC is, it’s important to compare it to some of the other options for legal structure. For instance, when you first start selling templates and generating income, the government will automatically classify you as a Sole Proprietor. The thing about Sole Proprietorships is that they do not create new legal entities; in other words, there’s no legal difference between the business and the business owner.
That’s not so with LLCs. When you register your company as an LLC, you actually do create a new legal entity. As such, you can put all your business assets and debts in one bucket, and keep your personal assets and debts somewhere separate.
What are the Benefits of the LLC?
This distinction between personal and business assets/liabilities is a big part of what makes the LLC structure so beneficial to startups of all kinds. Consider just a few of the unique advantages that an LLC offers.
Personal Wealth Protection
One of the most significant benefits of the LLC is that you can keep your personal assets off the table should your company ever get slapped with a lawsuit, or targeted by aggressive creditors. This allows you to invest more confidently in your template startup, knowing that your personal and familial wealth can be safeguarded.
Flexibility with Taxation
Both single-member and multi-member LLCs are counted as disregarded entities by the IRS. This just means that the LLC doesn’t have to file its own tax return; as the business owner, you declare profits and losses on your personal tax return, and pay your normal rate. But you can also opt into corporate taxation if you deem it advantageous to do so.
Credibility
In order to start an LLC, you have to submit to a legal approval process, basically certifying that your business is legitimate. As such, running an LLC allows you to convey to your customers that yours is a “real” company, not something you’re doing as a hobby or as a side hustle. This can help win the trust of customers. Crucially for startups, it can also help earn the trust of investors.
Administrative Ease
LLCs are also fairly easy to run, affording you plenty of space to determine how you want to allocate duties and responsibilities between yourself and your partners. And while there are some annual reporting requirements, these requirements are exponentially easier than what you’d experience with a Corporation. Similarly, you do not need to issue shares or hold annual shareholder meetings.
These are just a few reasons why the LLC structure makes sense for startups, and in particular template companies. Now the question is, how do you start one?
Registering Your Company as an LLC: A Step-by-Step Guide
The requirements for registering an LLC vary from state to state. A detailed guide for California LLC formation may look a bit different than the guide for Wyoming or for Florida. As such, it’s always best to confirm specific guidelines with your Secretary of State.
With that said, the process follows a few familiar beats no matter which state you’re in. Here’s a general overview of what it takes to register your template startup as an LLC.
1) Choose the right name for your company.
Your template business needs a name, and that name has to comply with certain legal parameters. Specifically:
● You have to choose a name that isn’t already in use by another LLC in your state. Most states will offer you a searchable directory, allowing you to verify whether the name you want is still up for grabs.
● You have to include “LLC” or “Limited Liability Company” somewhere in your business name. However, you can use any number of “doing business as” (dba) names to brand your business. The official LLC name is only required for legal and tax purposes.
2) Name a Registered Agent.
Every LLC has to choose a Registered Agent, someone who can receive all tax and legal correspondence on your company’s behalf.
● This can be an individual, or it can be an organization.
● Some states will let you serve as your own Registered Agent, but it’s more common to hire a third-party service.
● Third-party LLC services typically run between $50 and $300 annually.
● When choosing a Registered Agent, it must be someone with a physical mailing address in your state of residence. A P.O. Box will not work!
3) Create an Operating Agreement.
Your Operating Agreement serves as a kind of constitution for your company. Having this document in place can help you run your startup smoothly and efficiently, while also ensuring that you can easily resolve any legal disputes that might arise between you and your business partners.
Some of the specifics that you can include in your Operating Agreement are:
● How you and your partners will share managerial duties and business revenues.
● How you will bring in new partners.
● How you will handle the departure of a partner.
4) File your Articles of Organization
The most important legal paperwork you’ll complete is the Articles of Organization. This is the document you’ll file with your Secretary of State, officially creating your LLC.
● Your Articles of Organization should include information like the name of your business, the scope/mission of your business, your contact information, and the name of your Registered Agent.
● When filing, you’ll also need to pay the filing fee. This can vary by state, and you can expect it to be anywhere from $15 to $300.
● The LLC approval time averages out to three or four weeks. Most states will allow you to pay for expedited approval.
5) Get an Employer Identification Number.
Your EIN functions in much the same way as a Social Security Number, only its for businesses as opposed to individuals. You may not need your EIN right away but you will need it before you can process payroll or file your taxes. Thankfully, claiming an EIN is easy, and for US residents it happens to be free. Just visit the IRS website to learn more.
6) Set up your bank account.
To maintain the separation between business and personal assets, be sure you set up an LLC bank account that’s not linked to any personal checking or savings accounts.
7) Keep up with annual reporting.
There are a few annual requirements that all LLCs are subject to.
● Make sure you keep up with your state’s reporting requirements. Usually, this simply involves reaffirming the name and contact information for your business, and paying a small LLC renewal fee.
● Notify the state if you change your Registered Agent. Also let them know if your Registered Agent has a change in their contact information.
● If you’re in California, make sure you pay your LLC taxes. Right now, California is the lone state that has an LLC-specific tax, which is a flat rate of $800.
Position Your Startup for Lasting Success
Template companies have plenty of opportunity for expansion and growth. First, be sure you have the right foundation. Choosing the right legal structure is essential, and more often than not the best way forward is by registering your company as an LLC.
Amanda E. Clark
Amanda is a contributing writer to LLC University. She has appeared as a subject matter expert on panels related to small business ownership, and also about content and social media marketing.
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#llc#limited liability company#legal structure#wealth protection#tax flexibility#business credibility#operating agreement#articles of organization
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Aged Shelf Company: A Smart Business Solution
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AI-Powered Credit Solutions: Enhancing Business Credit Access
Daniel Reitberg Explores the Evolution of Business Credit in the Age of AI
As the digital age unfolds, businesses are tapping into the potential of AI-powered credit solutions, with insights from expert Daniel Reitberg. This article delves into how artificial intelligence is transforming business credit access.
The AI-Driven Credit Revolution
As Daniel Reitberg elaborates, AI has ushered in a revolution in the world of business credit. Gone are the days of manual credit assessments; AI offers lightning-fast, data-driven evaluations that provide a comprehensive view of a business's financial history. This translates to more informed credit decisions.
Swift and Informed Credit Access
In the fast-paced business world, time is a precious commodity. Daniel Reitberg discusses how AI automation is expediting the credit application process. Businesses can now access critical financial information swiftly, making well-informed decisions in record time.
Personalized Credit for Business Needs
One size no longer fits all when it comes to business financing. As Daniel Reitberg highlights, AI tailors credit solutions to meet the unique needs of each business. Whether it's a startup in need of initial funding or an established enterprise looking to expand, AI ensures that credit decisions align with the business's goals.
AI Mitigates Risks and Ensures Transparency
AI isn't just a credit assessment tool; it's a risk management solution. Daniel Reitberg underlines how AI identifies potential risks, empowering businesses to proactively manage their financial health and reduce the chances of unexpected challenges. Additionally, AI emphasizes data security and transparency, ensuring ethical and secure credit access.
Challenges and Ethical Considerations
The AI-driven credit landscape isn't without its challenges. Daniel Reitberg acknowledges the need to address data privacy, and transparency, and eliminate algorithmic bias. Regulatory frameworks are emerging to create a fair and transparent environment for businesses.
The Future of Business Credit
Looking ahead, Daniel Reitberg anticipates an even more promising future for business credit. AI-driven credit assessments will become increasingly sophisticated, offering enhanced algorithms, better risk management, and more accessible financial growth.
Daniel Reitberg: Advocating for AI-Enhanced Business Credit
Daniel Reitberg passionately advocates for the fusion of AI and business credit. His insights into AI's role in credit assessment emphasize the transformative power of this technology. Businesses can navigate the financial landscape with a newfound edge, thanks to AI's influence on credit decisions.
#artificial intelligence#machine learning#deep learning#technology#robotics#business loan#business credit#business growth#financing#credit rating#credit score#credit report#credit repair#entrepreneur#startup#risk management#business credibility#entreprenuership
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How to Establish Business’ Authority with Web Design and SEO?
In a digital landscape teeming with options, establishing your business's authority is paramount for conversion. Our blog simplifies this process, offering top tips for building trust and credibility through web design and SEO. By adopting a strategic marketing approach, interactive web design, content marketing, white-hat SEO, and compelling case studies, you can rise above the digital clutter and forge lasting customer relationships.
#business credibility#website design#search engine optimisation#search visibility#Sydney digital agency
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Reviews online are one of the most influential factors that make a business more efficient, marketable, and profitable nowadays. These positive or negative ratings can greatly impact your online reputation as they have become the basis of prospective customers, whether they will frequent a business or not, according to the patterns of reviews written by different customers.
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Local Citation Building: How to Boost Your Business's Online Reputation
In the digital age, online reputation plays a crucial role in attracting customers to your business. Local citation building is a powerful strategy that can significantly impact your business’s online reputation and local SEO (Search Engine Optimization) rankings. By establishing your business’s presence on reputable online directories and platforms, you gain credibility and visibility in local…
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#Business credibility#Business directories#Local platforms#Local SEO rankings#Niche-specific listings#Online trust
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Enhance brand credibility & better position your business with Dun & Bradstreet's business credibility reports. Connect with us to grow your business globally
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Stubbornness.
#oc#haven#i worked genuinely hard as fuck on this one#tfw you follow someone to their home to demand they speak with you face to face because you want to commit extreme violence on them#over a business dispute. and because they do not want you to do this they simply do not come outside. and you eventually make it clear you#will not be leaving until they come outside so you can discuss (read: harm them over) said business dispute. so they turn on their#sprinkler system and go to sleep. and you decide on the spot that this isn't that big a deal and if you leave now you'll lose ALL#credibility FOR EVER. so you decide to stand around and wait until they come out and . by the time the morning arrives you have#contracted Hypothermia and The Beginnings Of Pneumonia and also Did Not Maul That Guy#started this as a proof of concept test of doing an overpainting on super vivid red#expecting to spend like#maybe forty minutes on it#and then about uh.... like... at least seven hours later i was like okaayyyyy now im done#stay tuned i have two variants that didnt make the cut also#also the picture is big as fuck so i recommend straight up opening it into a different tab to look at details#not that there are that many#i painted it 80% at zoom-out scale
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which book were you reading? <333
this one bestie!! i was supposed to pick it up after I was done w some books still sitting in my bookcase but. I literally could not help myself I just went ahead and bought it and it’s been so interesting ugh I wish I had more time to just lose myself in it
#but this bitch has to study physics and biochem today#I looked into edward w. said btw and he’s pretty credible#I’ve been very up and down w recreational reading bc of how busy I’ve been but I rly wanna get serious about spending daily time reading it#(& so many other books)#ask
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Interesting. For something that 'has been in the pipeline for over a year' her LLC, Mama Knows Best 🤢, only filed for the American Riviera Orchards Trademark on February 2, 2024...
#megxit#royalty is not celebrity#megain#merch your royalty#not classy#Not tagging the stupid pretentious new business name#using your office for personal gain#can't buy credibility#lies and the lying liars who tell them#unsussexful#votsekmeghan#f'ing grifters#more like poop than goop#formerly royal#british royal family
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everyday i say and do something more autistic than the last
#me crushing the babybel wax and being amazed that my coworker does not LIKE to crush the wax but thats the most fun part!!!! the feeling!!!#or needing to have something in front of me at all times if im sitting at a table#need to have my hands busy or draw or something because then i can direct that energy somewhere and relax#self diagnosing has alwahs been weird to me bcuz i never wanna take credibility or pretend like i know what its Like to have something if a#professional hasn’t told me#but sometimes i do things that feel slightly like adhd or autism and i dont want to label myself but i at least. have tendencies#i don’t feel like i identify with everything and i dont think i have full fledged adhd or whatever#i think years of ed have shot my memory in all honesty#but in the end it does not matter
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not now bro im thinkning abt how Ollie was the one to teach Remy and Abio how to drive oI-<
#remy having 0 credible father figure in his life and Abios father being to busy to be able to#Ollie using his shitty run down car that he barely uses and take them out for drives and making them drive to the most random ass places#ollie making them drive to a gas station bc hes 'late for a really important meeting' (getting chips and a soda)#him acting like he aint got them shit but ofc he has and gives it to them like 30 mins later#him doing the ol ''were we goin?'' when they miss a turn he told them to take#UGHhh#dad ollie got me agin#ollie#abio#remy
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ghezikjfjekzjkezn i cannot fucking WAIT to move out
#my mom went in my room while i was gone AGAIN#and she threw out stuff AGAIN#it wasnt even the guest room i squat in. i wasnt even gone 24 hours. it was MY room the one nobody else ever has to interact with.#she threw out the carboard boxes i wanted to keep to see if i could craft smth with them#and i knowwww i have a hoarding problem but man. it was a couple of packs of cereals. it was nothing.#i want to throw out everything i've ever fucking owned i want to live in an EMPTY APPARTEMENT i want to own nothing but a mattress#im going to try to talk to her reasonably about it#and like. i feel like a monster because theoretically it's lovely and in credibly nice of her to clean my room#but i did not fucking ask!! holy shit i think i'm old enough to have some fucking responsability over how my room is#it was rank but it's MY room it's out of the way nobody else ever HAS to go in#and i understand i understand yes age is a factor but also as long as i live w my parents (or anybody else) ill have to compromise some#but holy shit!! what if it's filthy? let me live in my filth until i learn to clean it up properly#you could at least fucking ASK. or WARN me. or i dont know. mind your fucking business.#jesus christ im starting to remember why i dont ask for help#broadcasting my misery#vent
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When you find yourself ready to tag shit with Obi-Wan Kenobi and/or Anakin Skywalker's names while mentally picturing TCW-era explosions and negotiation tactics, yet the actual post is "incorrect" Loki quotes... it really makes you wonder how many gods of mischief D+ can handle.
#star wars tcw#Anakin Skywalker#obi wan kenobi#mcu loki#Mischievous god and demi-god baton relay!#Tag you're it#Yes Obi-Wan you count too#Just ask anyone you've negotiated with in bed you absolute skank#Or go ask general grievous#Or whatever's left of him#Probably as much as is left of Satine and of your own credibility#But that's none of my business 🐸☕
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