Many businesses fail because the founder didn’t know what he didn’t know. As entrepreneurs, we always want to project that we have all the answers even when we do not. Moreover, admitting our ignorance to others makes us feel inferior which bruises our ego.
There are a number of common mistakes many founders make that can destroy everything they worked so hard to achieve. Most occur when there is some business success. Some mistakes are made out of ignorance during the initial filing process with the Secretary of State and others are the result of failing to finish the process.
There is a gross misunderstanding when it comes to the protection afforded to business owners of a Limited Liability Company (LLC). This video identifies who’s liability is protected and who is not.
Most people associate registering their business with the Secretary of State as the proper way to secure their unique business name. While this reason is partially true, it is not the real reason a business needs to register their entity with the Secretary of State. In this short video, we discussed the real reasons why a business needs to register [...]
Research shows that what you name your business can powerfully influence the way your prospects see your product or service offering. Here are a few considerations when naming your business:
- The name of your business should be easy to pronounce and spell. This is especially true if you do business internationally. For example, consider the Korean automaker “Daewoo” or the [...]
That got me thinking about the role licensing plays in business. A common belief is that state licensing is necessary to protect the public from bad actors. The reality could not be further from the truth. Can you imagine a group of people getting together and spending their time and money to create a petition requesting that [...]
Many new business owners make several mistakes during and after the registration process that can come back and bite them later.One common formation error is that the registering agent fails to include an entity identifier in the name, such as LLC or Inc. Once registered, many LLCs fail to produce an operating agreement. Many S-corps fail to adopt bylaws, appoint a board [...]