Business Law FAQs

• Q: What steps should I take to start a business?
  A: When starting a new business, several key decisions must be made regarding the organization, financing, management, and operation of the business.  First, you … More
• Q: What are the advantages of a corporation?
  A: Forming a business as a corporation offers many advantages over a sole proprietorship or other entity types.  The corporate form gives the owners (called the … More
• Q: What are the advantages of a limited liability partnership (LLP)?
  A: A Limited Liability Partnership (LLP) has many of the same characteristics as a general partnership. However, there is one important advantage to the LLP … More
• Q: What are the advantages of a limited liability company (LLC)?
  A: A Limited Liability Company (LLC) is a form of business organization which combines some of the benefits of a corporation with some of the benefits of a sole … More
• Q: What steps are required to form a corporation?
  A: A corporation is a legal entity with a corporate charter from a state. To form a corporation, the following simple steps are required: 1.  Select a name for your … More
• Q: What steps are required to form an LLC?
  A: To form a limited liability company, the following simple steps are required: 1.  Select a name in accordance with the state’s rules regarding limited … More
• Q: What is equity financing?
  A: Businesses are usually expensive to open and operate and many businesses need investors in order to make the business successful. One way in which business … More
• Q: What is debt financing?
  A: Debt financing is a way for businesses to get the capital that they need to open or to operate an existing business. Debt financing is when a person, business, bank … More
• Q: Do I need a license / permit to open my business?
  A: That depends on what type of business you own. Many businesses do not need any special licenses or permits in order to operate their businesses. However, some … More
• Q: Do I need business insurance?
  A: Most businesses need some kind of insurance coverage. The type of coverage varies from business to business and many companies need more than one type of … More