Sole Proprietorship
Company Set Up and Naming
• • • • •
Five Choices (US) – That Are Really 2 Sole proprietorship * Partnership LLC – NOT a filing entity! - * S Corp C Corp
Sole Proprietorship • • • • •
One owner Federal designation MUST be an individual In US, must be US citizen Can have a DBA or business name – Filed with county
• EASY, all on personal income tax return • No liability protection - ISH
Partnership • • • • •
Income passes to individual tax returns Partnership pays no taxes No liability protection for partners Can have a DBA No real advantage over an LLC
C Corporation • Investors • Issuing stock • Otherwise…RUN AWAY
S Corporation • • • • •
“Baby” corporation MUCH less paperwork Liability protection – ISH Was the LLC before the LLC No real reason to use now
LLC • The Darling of small business organization • Entity designation that mitigates the liability of the members • State designation, NOT federal • SO…needs a tax designation – Partnership – Sole proprietorship
• Can have outside US members • Setting up LLC - > Sole Prop. EASY!
What’s in a NAME? • • • • • • •
Legal name – bank account etc Display names Brand names DBA’s Blueprint Information Products, LLC Blueprint Stores – display name Maximus - brand
Outside the US? • Do you REALLY REALLY need a US company? • Some rare cases, however, normally if not doing dropship eCom, it’s not required • myUScompany.com
myUScompany.com
Brand Names • • • • • • • •
Web Friendly – danssteaks, dashes, .net’s Who’s the customer? Attributes you want the name to convey Get a GROUP!! Don’t describe…distinguish Trademark search .com, facebook, twitter, youtube etc Don’t box yourself in
Brand Names • If you’re stuck, go with adjective/noun – Black Cypress – North Face – Urban Outfitters – American Apparel
• 2 columns in a spreadsheet – What are you “About? – What are your customers looking for? – Adjectives, nouns, verbs … all good
Trademarks
Q&A
• • • • •
Five Choices (US) – That Are Really 2 Sole proprietorship * Partnership LLC – NOT a filing entity! - * S Corp C Corp
Sole Proprietorship • • • • •
One owner Federal designation MUST be an individual In US, must be US citizen Can have a DBA or business name – Filed with county
• EASY, all on personal income tax return • No liability protection - ISH
Partnership • • • • •
Income passes to individual tax returns Partnership pays no taxes No liability protection for partners Can have a DBA No real advantage over an LLC
C Corporation • Investors • Issuing stock • Otherwise…RUN AWAY
S Corporation • • • • •
“Baby” corporation MUCH less paperwork Liability protection – ISH Was the LLC before the LLC No real reason to use now
LLC • The Darling of small business organization • Entity designation that mitigates the liability of the members • State designation, NOT federal • SO…needs a tax designation – Partnership – Sole proprietorship
• Can have outside US members • Setting up LLC - > Sole Prop. EASY!
What’s in a NAME? • • • • • • •
Legal name – bank account etc Display names Brand names DBA’s Blueprint Information Products, LLC Blueprint Stores – display name Maximus - brand
Outside the US? • Do you REALLY REALLY need a US company? • Some rare cases, however, normally if not doing dropship eCom, it’s not required • myUScompany.com
myUScompany.com
Brand Names • • • • • • • •
Web Friendly – danssteaks, dashes, .net’s Who’s the customer? Attributes you want the name to convey Get a GROUP!! Don’t describe…distinguish Trademark search .com, facebook, twitter, youtube etc Don’t box yourself in
Brand Names • If you’re stuck, go with adjective/noun – Black Cypress – North Face – Urban Outfitters – American Apparel
• 2 columns in a spreadsheet – What are you “About? – What are your customers looking for? – Adjectives, nouns, verbs … all good
Trademarks
Q&A
