Starting a small business in 2024 involves navigating various legal requirements and we've put together a short list of factors to consider when starting your business. This list is not exhaustive but these quick tips and resources below are important to understand and get in place when you launch. Business structure selection is paramount, ranging from the simplicity of a sole proprietorship to the liability protection of a corporation or the flexibility of a limited liability company (LLC). Each structure carries distinct tax implications and operational considerations. Business name registration is essential, whether through entity names, trademarks, "doing business as" (DBA)... READ MORE

Since this post was written, there are updates to the status of the requirements. Please refer to the most current post or contact our office for the latest. Contact Chase Law Group at 310-545-7700. Starting on January 1 2024, your company may be required to report information about the people who own or control it to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). FinCEN promotes national security and protects the US financial system from fraud and abuse by criminals and corrupt officials. In 2021, Congress passed the Corporate Transparency Act which creates a new requirement for many companies formed or operating in... READ MORE

Just like large companies, small businesses can leverage the opportunities that joint ventures can provide to thrive in today’s economy. Entering into a joint venture with other businesses and entrepreneurs could open the doors to gaining access to more capital, offering more services to clients and may help many small businesses thrive in today’s business landscape. In this article, we will explore some essential tips and considerations before entering into such partnerships. Reasons For Entering A Joint VentureEntering a joint venture can be a strategic move for small businesses to leverage the advantages that collaboration and partnership bring. By tapping... READ MORE

Our occupational therapist clients are some of the most entrepreneurial because they want to be able to provide a holistic experience for their patients by including a variety of other professionals in their care to fully serve their client and patient needs. Historically, many professional service companies could have other professionals as shareholders, officers, directors and professional employees of their corporation, but this did not include occupational therapy corporations. For example, a physical therapy corporation could hire an occupational therapist. However, there was no provision in the California Corporations Code that would allow an occupational therapy corporation to hire a... READ MORE

Selling a small business is a major decision that should not be taken lightly. It's important to consider several factors when deciding whether to sell, including the current market conditions, your personal goals, and the financial health of your business. Here are some key points to consider when deciding whether to sell your small business: Timing: The timing of when to sell your business is crucial. The market conditions, trends, and the state of the economy can play a major role in the sale of your business. Generally, it's best to sell your business when it's in a period of... READ MORE

Solid legal structures based on setting up the right business entity and working with customized contracts are essential for business success. But is your business structure outdated based on where you’re at today? The legal structure you originally set up has worked for your business to this point, but each year brings numerous changes to tax laws, employment laws, and other areas that may impact your business and its liability implications. As we continue to grow and evolve in our business, it’s always a good idea to check in with your business attorney, accountant and tax advisor regarding where your... READ MORE

Your business plan is a roadmap to your business’ success. It is the basis—the foundation—for creating a business that will beat out those SBA statistics, that will survive beyond year one and beyond. For you, the business plan is your guideline. For potential investors or venture capital providers, your business is insight. People who are considering whether to invest are going to be looking for an exhaustive outline of where you plan to take the business and how. And although banks and investors may have specific requirements when it comes to what’s in your business plan, below you will find... READ MORE

You’ve worked out your business idea, but how do you move on to the next step and get your business off the ground? Access to capital is cited over and over by small business owners as one of their biggest challenges. Understanding your options for funding is the first step toward securing it and in this article we’ll cover several options. Before we dive in, though, it’s good to know that most small businesses piece together their funding from several different sources over time. So take stock of where you are and what you need for the near future knowing... READ MORE

Solid legal structures, which include a business entity and customized contracts, are essential for business success. There are several types of business structures in the U.S. Each structure has different tax, income, and liability implications for businesses owners and their companies. Accountants are a good resource when determining the type of business entity. Sole Proprietorship Sole proprietorship is the simplest organizational structure available for businesses. A sole proprietorship is just a single person who does business through a fictitious business name. Businesses that typically form sole proprietorships are home-based businesses, shop or retail businesses, and one-person consulting firms. Partnership A... READ MORE

Licensed professional fiduciaries, like other licensed professionals, may find that they want to form a corporation in order to further protect themselves and better serve their clients. Many professional fiduciaries believe that a professional corporation, which is the type of entity employed by other licensed professionals like lawyers and doctors, would best suit their needs. Most states impose restrictions on who may own a professional corporation and the work it can do, and California is one of them. Unfortunately, there is not currently a mechanism in California for forming a professional fiduciary professional corporation. Though professional fiduciaries are required to... READ MORE