CHOOSING YOUR BUSINESS ENTITY
By Attorney Ruth-Ellen Post
The four most common forms of business structure are:
LLC (Limited Liability Company)
CORPORATION (Conventional and Subchapter S)
The following outlines provide very general information on some of the main
similarities and differences among these business structures in six key areas:
About the Author
This column is brought to you by the Merrimack Valley Chapter of SCORE, with
nearly 70 current and former business executives available to provide free, confidential,
one-on-one business mentoring and training workshops for area businesses. Call 603-666-7561 or visit merrimackvalley.score.org for information on mentoring, upcoming
workshops and volunteer opportunities. SCORE is a national, non-profit organization
and a resource partner of the U. S. Small Business Administration.
1991-Present State Manager, Wine Buyer, Store/Bar Manager, On/Off Premise Sales Representative, Product Educator, Staff Trainer, Wine Seminars, Writer of Wine Reviews and Food Pairings, Radio Co-Host/Owner of the Entertaining Business Show on 880AM, Event Coordinator-Sales-Curator for the House of Art in Wynwood
Working for local art and framing galleries in Cedar Rapids for many years, Suzy Mc-Grane Hop decided to take the leap and start her own art business. Finding inspiration from within, Suzy named her business, Gilder Pear Gallery after her own art work. This artist who holds certifications from The International Society of Appraisers and Certified Appraiser of Personal Property shows how learning new things can create a masterpiece.
Year Company Formed
How SCORE Helped
In 2011, Suzy attended a local SCORE workshop entitled "How to Start Your Own Business." Soon after, Gilded Pear Gallery was up and running. Within the first year, Gilded Pear's business doubled then tripled the following year. Susan's gallery hosts events for artists and she provides art consultations and appraisals. As the gallery continues to grow, Suzy plans to hire more staff soon.
I have practiced law, in various practice settings since first becoming licensed in 2002 (Texas) and 2003 (Missouri), respectively. In that time, I have handled a variety of legal matters, and have served as general counsel for a number of companies.
I am a former educator. As such, I consider myself a "teaching attorney" for my clients.
Keith Holzman has more than forty years of experience as a major executive in the recording industry. He was a Senior Vice President at Elektra Records while also Director of Nonesuch Records, Managing Director and Executive V.P. at Discovery Records, and President of ROM Records.
For the last decade and a half he has been a management consultant to many independent record labels, advising them on a variety of business and administrative matters.
Keith specializes in assisting start-up labels to get established, and is the author of “The Complete Guide to Starting a Record Company.” He has also taught “The Independent Record Label” course at UCLA Extension. From time to time he has acted as an expert witness in matters pertaining to the record industry.
Mr. Holzman also has wide experience in the theatre and film industries.
A native New Yorker, he has lived with his family in Los Angeles for forty years.
To make an appointment with Mr. Holzman, please send him an e-mail using the form under his name on the scorela.org website.
Starting at a very young age, Vera Smith loved using art as a way to express herself. Having an education in art along with a passion for painting, Smith began giving her paintings away to her friends as presents. In 2003, Smith decided to turn her passion into a business.
Year Company Formed
Smith attributes the help of her mentor Gordon Sanford and attending SCORE workshops as two of the reasons why she was able to have successful commissions in 2013. SCORE workshops provided the artist with useful business tips and tools that allowed her to manage and improve different aspects of her business.
How SCORE Helped
With no background in business or sales, Smith knew she would need some guidance. The artist says it can be tough running a small business alone, "It can be very lonely and scary having a small business by yourself." When Smith met her mentor Gordon Sanford, she knew her business needed help. "At the time of my first meeting with Mr. Sanford, I knew I really needed help. I use to avoid the disagreeable financial news of verasart.com."
The help and advice the artist received from her mentor was invaluable. "I learned to face my business wish honesty, seeing the strengths, and weaknesses. I learned how to plan, evaluate, and come up with strategies for the future."
A&E was started from scratch by the co-founders, who met while pursuing their individual faux finishing (decorative) businesses. They developed their business concept and determined niche markets they wanted to pursue, including local corporations. Next they developed a website, www.artandelixir.com, and have aggressively used online marketing efforts to establish their brand, boost word-of-mouth endorsements, promote online registrations for events and build their business.
How SCORE Helped
"I don't think we'd be where we are without you guys," Terri said. After developing their business concept, they contacted SCORE in May 2013 to help them get the business going. They met regularly every month with their SCORE mentors, who encouraged them to formally establish a partnership agreement, recommend and review marketing campaigns and help them keep on track to meet their goals. They also said the process helped them feel more accountable for what they accomplished, as well as what needed to be done to build their brand, sustain their business and make it grow. Bruce Becker and Doyle Larkin stayed with us until we were successful.