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The Importance of Trademarks and Copyrights in Business

In today’s digital age, it’s more important than ever to protect your brand and original works. Trademarks and copyrights play a crucial role in ensuring that your brand and creations are protected and recognized in the marketplace. In this blog post, we’ll explore the importance of trademarks and copyrights and how they help businesses and individuals safeguard their intellectual property. Trademarks A trademark is a symbol, word, or phrase that distinguishes a company’s products or services from those of other companies. Trademarks serve as a source identifier for consumers and help to establish brand recognition. They also protect businesses from infringement and unfair competition, allowing them to stand out in a crowded marketplace. For example, if you see the iconic

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S-Corporation

What is an S-Corp? An S-Corp or S-corporation is a common small-business structure that allows for certain Tax advantages over C-Corps.  To be approved for the S-Corporation status there are certain requirements that need to be met: Must be a domestic corporation Have only allowable shareholders (Individuals, certain trust, states) Partnerships, corporations, or non-resident aliens cannot be shareholders. Must not have more than 100 shareholders Only one class stock NOT be certain ineligible institutions. (Certain financial institutions, insurance companies, and domestic international sales corporations) To become an S-Corp, The corporation must submit  Form 2553, Election by a Small Business Corporation signed by all the shareholders. What Tax Advantages does it have? LLC’s and S-Corp are both pass-through entities meaning that they

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S-Corporation v. C-Corporation

Even though both are corporations, both corporations have traits that differentiate their structure and way to conduct business. Formation To qualify as an S-Corp corporation must file form 2553Must meet stablished requirements. When you file articles of incorporation, C-Corp is the default type of corporation.Easier to form & less paperwork Taxation Pass-through tax( Income made by the corporation  is not taxed and directly goes into income taxes of owner(s) ) Separates shareholders and company as different entityDouble taxation ( On profit made by the company & personal taxation on distribution or dividends made to shareholders) Ownership Limited to 100 shareholdersAll shareholders must be American citizens. No ownership limit Can be owned by other corporations. Each Corporation has its advantages and disadvantages

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The Importance of an Operating Agreement of an LLC

The Importance of an Operating Agreement of an LLC. What is an Operating Agreement? An operating agreement of an LLC is a document stating the terms of the company according to the specifics needs of its members. It outlines functional and financial decision-making in a structured matter. An operating agreement is not necessary to open an LLC in most of the states. Only Missouri, California, and New York it’s a mandatory requirement. If it’s not mandatory, why should I do it? While it might seem like an extra step, the benefits of the Operating agreement are extremely necessary in the incorporation of an LLC. First, without an operating agreement, the ownership of the business follows the states default LLC rules.

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General Partnership

What is it? A General Partnership is a business arrangement in  which two or more individuals agree to share in all assets, profits, and financial & legal liabilities of a jointly owned business. What kind of protection does it have? In General Partnership, partners also agree to unlimited liability. This means that liabilities have no limits and can be paid through the seizure of any of the partners assets. Furthermore, any partner can be sued for the business debts. Ex: Juan and Pepe decide to start selling empanadas, they decide that they want to work together and then create a general partnership where both are equally responsible for anything that happens in the business.                     PROS           

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