A: LLCs are a new type of business entity that emerged in the early 1990s. They have many important legal and tax characteristics, but the key ones are these:
Liability shield. LLCs provide their owners (called “members”) with a statutory liability shield that is essentially identical to the corporate shield.
About the Author
John Cunningham is a N.H. business lawyer whose practice is focused on LLC law and tax. He chaired the N.H. Business and Industry Association committee that drafted the Revised New Hampshire Limited Liability Company Act, a radical revision of New Hampshire LLC law that went into effect on January 1st. LLCs are, by a wide margin, the entities of choice for N.H. business start-ups.
I’ve recently taken my business plan for a new and innovative consumer product to several banks seeking funding, but have had no success. What are some other financing options that might be available to me?
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. Have a question you’d like answered in this column? E-mail it to firstname.lastname@example.org, with “Ask SCORE” in the subject line.
Growing up in Norway, Evelyn Squires had a passion for ballet from an early age. Upon settling in Sarasota, Florida she founded Revelle Academy to bring dance to the next generation. The academy has a strong underpinning of ballet but has responded to market demands by offering tap, jazz, flamenco, modern, lyrical and hip-hop dance instruction. Evelyn says, “Our goal is to teach our students to work together, to believe in themselves, to appreciate the arts and music and to take a chance. The training they get here, they can use for the rest of their lives.”
Two years into the business, Revelle has 10 part-time employees in an 8,200 square foot facility catering to 175 students.
SCORE mentor Charlie Sax commented on Revelle’s success saying, “In a very bad economy, they grew their business dramatically. She has a real passion for what she is doing.”
In 2009, Revelle Academy was named Manasota SCORE Small Business of the Year. The business was recently chosen by Sam’s Club Holiday Cheer for Small Business program to receive a $1,000 gift card and funding to attend a 2-day SCORE “High Speed Growth Seminar” in Dallas, TX. The award was given in recognition of the business’s growth and Evelyn’s commitment to ongoing learning.
How SCORE Helped
Evelyn’s mother-in-law, Heather, encouraged her to contact SCORE to fill in the gaps of her business knowledge. SCORE mentors Charles Sax and Richard Radt taught Evelyn how to develop a business plan and then reviewed the plan with her. The two mentors also brought in a banking specialist to advise on obtaining a loan. When presented with an offer to buy out a competitor, her SCORE mentors helped Evelyn evaluate the possibility.
“They made me think about a lot of things I hadn’t thought of before, how to develop a mission statement, where was my money coming from,” she said. “I would have made a lot more mistakes if they (SCORE) hadn’t helped.”
Published Jan. 16, 2013
My partner and I have been running our laser engraving business ourselves for the past two years. We’ve reached the point now where we’re both completely maxed out, so we’re considering hiring at least one employee. Where do we start Read more.....
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.
Have a question you’d like answered in this column? E-mail it to email@example.com, with “Ask SCORE” in the subject line.
Principal - KIS Management Services, Retired as Assistant Vice President of FM Global in 2007. Corporate Office liasion Underwriting Officer to its Western and International Divisions. Served as Interim CFO/COO of a small non-profit organization in 2009/10. Certified Instructor of: Business Risk Management, Commercial Property Insurance and Insurance Laws & Regulations.
ASEE - Roger Williams University; BSIE - Roger Williams University; MBA - Norwich University (concentrations in Operations and Financial Management)</p>
Norm Brown combines a business and legal education with extensive experience in everything from large corporations to tiny start-ups; his last position before joining SCORE was VP Technology Commercialization for a Fortune-500 defense contractor. A patented inventor and former Angel Investor, Brown focuses on New Products, New Businesses, and Intellectual Property. He's adept at building winning relationships via Development & Co-Marketing Agreements, Technology Licenses, Strategic Partnerships, and other complex agreements. He managed an incubator ranked #3 in America by the National Science Foundation in the percentage of new companies created around NSF-funded technologies. He has served on a number of start-up company boards, and he has supported the launching of over 30 companies based on licensed or transferred technologies.
George Washington University —</p>
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Masters, International Relations</p>
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Doctorate, Business Management</p>
Expert in Business Start ups, Buying and Selling a Business, related Business Valuation, Business Plans, Business Legal Forms, Obtaining Financing. Specialize in Restaurants, Retail, Medical Services, Manufacturing and Natural Resources. 1965 to 2003 W.R.Grace & Co. Corporate Vice President of Finance. For last 25 years negotiated worldwide acquisitions and divestment's of various businesses ranging from $25 million to over $1 billion. Coordinated due diligence, both in house and third party, including work of independent accountants, investment bankers and attorneys. Negotiated financial and purchase price sections of relevant agreements and reviewed other documents. Resolved all post closing purchase price adjustments and business issues. Worked closely with investment bankers in achieving corporate value objectives. Director of Internal Audit for two years. Prior to 1980 was responsible for both internal and external world wide financial reporting. Corporate business plan and financing initiator. Start up business initiator. 1960 to 1965 PriceWaterhouseCoopers LLC. CPA
Columbia University Graduate School of Business. MS degree in Accounting. University of Pennsylvania, Wharton School of Business. BS in Marketing
I am a semi-retired professor of Building Construction. I have licenses and have practiced as an Architect (RA), Professional Engineer (PE), Class A contractor (GC _ A), a real Estate Broker and am a certified Project Management Professional (PMP). I teach project management as well as Real Estate Development courses on line globally. I travel extensively and reside in Miami Beach 33139, over the winter months. I would enjoy working with an upstart company entrepreneur on a one to one basis. I have made enough mistakes in my lifetime so I know I could be of some assistance.
Business Expertise · Enterprise Information Systems · International finance · Strategic Planning, Policy and Procedures · Human Resources Management · Crisis & Consequence Management and Continuity Planning
Career Background · US Department of Defense civil service: Senior Strategic Analyst – Developed continuity plans and policy for homeland defense · US Army, Active Duty military and civil service: Army Europe, G-3 Operations, Plans & Training – Managed Theater Army component command analysis branch; U S Army Corps of Engineers – Managed National Emergency Management Programs Branch; numerous and varied other unit command and staff positions of responsibility.
University of Nebraska, BGS, Business Management (Macroeconomics)· US Army War College, Masters of Strategic Studies · US Army Management Staff College · USC, Systems Management masters studies · Florida Notary Public