How to Pick the Best Business Structure to Achieve Your Startup Dream

08/25/16 • 35 min

Business Confidential Now with Hanna Hasl-Kelchner

"What business structure should I use?" It’s probably the most common startup legal question that gets asked. What are your choices and how do you decide what’s right for your particular business?

Join No Nonsense Lawyer and host Hanna Hasl-Kelchner as she explores the different business structures available in the U.S. and offers insight on how to narrow the list and have a more productive conversation with your legal and tax advisors.

WHAT YOU'LL DISCOVER ABOUT BUSINESS STRUCTURE:

The key differences between a proprietorship, partnership, limited liability company and corporations in the U.S. and their hybrid cousins.
Why picking the sexiest business structure may not be right for your business.
The myth of “it’s only a tax thing.”
How to pick a business structure that aligns with your business values and goals.
Why the double taxation of a C corporation usually isn’t a big deal for small business owners.
Why downloading legal forms from the Internet for your lawyer to review can backfire.
The chart that lets you easily compare one business structure with another.
The biggest myth about choosing a business structure.
Why some online resources about business structures are misleading.
And much MORE.

HOST:

Hanna Hasl-Kelchner empowers smart executives, managers, and entrepreneurs with big picture thinking and the legal literacy advantage.

She is an ivy-league trained business expert and strategic lawyer who has managed hundreds of lawsuits during her 30+ year career, primarily in various in-house roles where she managed multi-million dollar legal budgets and over the years hired an army of outside counsel to assist with litigation and transactional work.

Today she spends her time interviewing the fabulous guests you hear on Business Confidential Now as well as providing executive education and leadership development in the area of legal literacy and risk management.

Her mission is to help you access the business information you need to succeed.

Hanna accomplishes this through her public speaking, consulting, training, and coaching work at Business M.O., LLC and its education division, the Legal Leverage® Academy, using methods honed while teaching at two top tier MBA programs (Duke’s Fuqua School of Business and the University of Virginia’s Darden School), as a practicing lawyer, and as an entrepreneur. She makes learning simple, easy, and fun.

WHAT YOU'LL DISCOVER ABOUT BUSINESS STRUCTURE:

The key differences between a proprietorship, partnership, limited liability company and corporations in the U.S. and their hybrid cousins.
Why picking the sexiest business structure may not be right for your business.
The myth of “it’s only a tax thing.”
How to pick a business structure that aligns with your business values and goals.
Why the double taxation of a C corporation usually isn’t a big deal for small business owners.
Why downloading legal forms from the Internet for your lawyer to review can backfire.
The chart that lets you easily compare one business structure with another.
The biggest myth about choosing a business structure.
Why some online resources about business structures are misleading.
And much MORE.

HOST:

Hanna Hasl-Kelchner empowers smart executives, managers, and entrepreneurs with big picture thinking and the legal literacy advantage.

Her mission is to help you access the business information you need to succeed.

Previous Episode

Vincent Curatola on Family Business

Building a family business is tough and handing over the reins of a family business can be even tougher. Join host Hanna Hasl-Kelchner as she welcomes Vincent Curatola who has some practical tips for how to navigate it successfully and protect your family legacy along the way. Hear his amazing story.

WHAT YOU'LL DISCOVER ABOUT FAMILY BUSINESS:

The backstory of his 3 generation family business.
The perils of fast money.
How to protect the legacy of your family business.
The key to business sustainability.
The story of the Wall Street trader.
The impact of his sudden celebrity on the family business.
And MUCH more.

GUEST:

Vincent Curatola is a Commissioner on The New Jersey Hall of Fame, appointed by New Jersey Governor Chris Christie. Vincent also served on the Governor’s transition team.

For the past 10 years, Vincent has also served as a member of the Foundation Board at Hackensack University Medical Center in New Jersey.

If his name has a familiar ring, there's a reason for it. Vincent Curatola is also an accomplished actor.

If you’re a fan of the award winning HBO drama, The Soprano’s you’ll remember him in his co-starring role as Johnny "Sack” Sacramoni.

You’ve probably also seen him guest star on more than a few primetime network series including Third Watch, Law & Order, Monk, Life on Mars, Person of Interest, BlackList, The Good Wife and Law & Order SVU where he regularly appears as Judge Al Bertuccio.

On the big screen, he’s co-starred with Brad Pitt and James Gandolfini in the crime thriller, Killing Them Softly and soon you’ll see him playing Boston Mayor Minnino in Patriot’s Day with Mark Wahlberg, which will be in a theater near you at the end of 2016.

But, even if you did recognize his name, you probably didn’t know that he was a successful entrepreneur long before we saw that piercing look of his and heard that distinctive voice on camera. Yes, indeed!

Vincent has experienced firsthand what it’s like to build a family business from the ground up and to successfully transition it.

RELATED RESOURCES:

Contact Vincent and connect with him Twitter. Also connect with his family business.

Next Episode

Government Business Programs Every Smart Entrepreneur Needs to Know About

Could hidden, but free publicly available, government business programs and resources help your business grow? Olalah Njengo says absolutely yes. Join host Hanna Hasl-Kelchner as she explores what Olalah is talking about and how you can tap this buried treasure trove for your own business growth and success.

WHAT YOU'LL DISCOVER ABOUT GOVERNMENT BUSINESS PROGRAMS:

The assumptions we make that blind us to the existence of no cost government business programs.
How to find no cost government business programs to help your business in your state.
The 4 key areas of business growth that determine where to look for the right government business programs.
Why government business programs can help you make better decisions faster.
The myth surrounding government workplace development initiatives and career centers.
No cost government programs that can help offset the cost of onboarding new employees.
How to keep from being blindsided and frustrated by burdensome new laws and regulations.
And MUCH more.

GUEST:

Olalah Njenga is an award-winning strategist who, as CEO of the YellowWood Group LLC, helps business owners and business leaders drive better business results faster.

Besides being a highly successful entrepreneur, Olalah also holds two appointments by the governor of North Carolina, both focused on representing the needs of small business owners.

She holds the small business seat on the Governor’s Advisory Council for Small & Historically Underutilized Businesses and is Chair of the Small Business Needs & Assessments Committee. She also serves as the Vice Chair of the NCWorks Commission and serves as the Chair of the Strategic Planning Committee. In these two roles she makes recommendations on policies and strategies to enable businesses and its workforce to compete in the global economy.

Olalah has shared her unique perspective about strategy, modern marketing and leadership to audiences across the United States. She has the distinction of being a Forbes Braintrust® Member and a featured small business expert for the Washington Post as well as a trusted resource for other major media outlets such as The New York Times, the BBC, NPR, Marketplace, and Fox News, among others.

What sets Olalah apart is her deep understanding of both sides of the desk. She gets business AND she has a very important seat at the policy making table that can help us cut through the red tape and figure out what’s going on that affects us.

RELATED RESOURCES:

Contact Olalah and connect with her on LinkedIn and Twitter. Also check out her latest initiative for entrepreneurs: Grow and Win.

Here are Olalah's suggested Internet search terms and links to organizations with information about no cost government business programs as well as pending legislation that may affect your small or mid-size business Olalah referenced during the interview.

US government business programs information:

Internet search string examples to help you find no cost services government business programs to grow small businesses in your specific state:

-economic development programs in [fill in your state name]

-economic development agencies in [fill in your state name]

-department of commerce in [fill in your state name]

-workforce development offices in [fill in your state name]

US Senate Committee on Small Business & Entrepreneurship to find out more about initiatives and proposed legislation affecting small business.

A Guide to State Chambers of Commerce to locate your state’s Chamber of Commerce (as compared to the local Chambers of Commerce you’re accustomed to).

Society of Human Resource Management legislative tracking system that lists pending state and federal legislation by topic of interest.

US Small Business Administration's guide to grant money.

For North Carolina specific no cost services to help you start and grow your small business...