Staying Legal & Compliant

Business Compliance means your business is properly formed, registered, and licensed according to legal requirements at the local, state, and federal levels.
Compliance depends on your location and business type and involves maintaining good standing by submitting annual reports, state-mandated filings, and paying necessary fees.

Dedicate Time to Compliance: Regularly check deadlines, review documents, and ensure filings are up to date.
File Documents Safely: Use platforms like Google Drive for secure storage.
Legal Guidance: Hiring a lawyer can help navigate complex legal requirements.

Intellectual Property (IP): Protects original ideas, inventions, designs, trade secrets, and branding elements.
Types of IP Protection:
- Trademarks: Protect names, logos, and slogans. Register with the U.S. Patent and Trademark Office (USPTO).
- Copyrights: Cover creative works like writing, art, music, and designs, registered with the U.S. Copyright Office.
- Patents: Protect inventions and designs. Types include utility patents (functional) and design patents (visual).
- Trade Secrets: Protect confidential business information like recipes, formulas, and techniques.

Sole Proprietorship:
- Simple, low-cost setup with full control and single taxation.
- Disadvantages include full personal liability and challenges raising capital.
General Partnership:
- Shared ownership, simple operation, and single taxation.
- Lacks liability protection, so partners are personally responsible for business debts.
Limited Liability Company (LLC):
- It offers liability protection and flexibility and avoids double taxation.
- Owners must pay self-employment taxes.
C-Corp and S-Corp:
- C-Corp: Offers liability protection and potential for public trading but faces double taxation.
- S-Corp: Offers pass-through taxation but has restrictions on ownership and stock classes.

Operating Agreement (LLC): Outlines business operations, ownership structure, and decision-making processes to prevent disputes and add legitimacy.
Corporate Bylaws (C-Corp and S-Corp): Legally required, they define the internal rules and roles of shareholders, directors, and officers.
Partnership Agreement: Details each partner’s role, ownership percentage, capital contributions, and responsibilities, helping manage the partnership efficiently.