Sole Proprietorship vs Limited Liability Company

When incorporating your business there are many different things to consider. The business filing will decide a great deal about the structure and formation of your company. Most importantly, it will determine who is responsible for what aspects of the company. This is most critical part. The reason many people file for and LLC is for the limited liability guarantee the business filing provides. In addition to tax classifications and limited liability, the LLC defines the level of regulation and formal governing structure of the organization. When filing for an LLC you name ‘members’ who will act as the owners of the company. In addition Managers may be established who are capable of running the company without the members direct consent. There are still limitations to managers. A member must physically, or through a lengthy and painstaking double verification process through the bank, add the manager to an account with both people being present. If however you are required to give the other manager full control of the business then odds are they have a higher stake in the company than a typically employee manager would. In that case they are typically a percentage owner of the company and capable of filing as a member alongside you. This is an easy process however, it changes your classification from Limited Liability Sole Proprietor to Limited Liability Partnership.

First, what is the definition of an LLC? An LLC means Limited Liability Corporationion. It is a legal classification filed by your state defining you as a business entity. The protection allows you to operate without threat of loss of your personal assets. It is a hybrid form of business classification sharing many similarities to both a sole- proprietorship a partnership and a corporation.

A limited liability sole proprietorship is much like a normal Sole proprietorship. you have full control of your company with no one else to get in the way. All responsibility and management falls to you and all accounts are in your name. If you choose to end the company or sell it you can do so at anytime for any cause. Being that it is a LLC Proprietorship you still have the limited liability that you need to protect yourself.

A limited liability partnership is also very similar to a normal partnership. You have to owners with equally or mostly equal vested interest in the company. They share decision power and both must be consulted on large decisions. Unlike a normal partnership though, filing as an LLc partnership demands that when the Articles of Incorporation are files a written agreement must be written by both owners so that their shares are protected in the company. Typically this involves a solvency clause that determines that steps that should be taken if one of the owners should choose to leave the company. In an LLC proprietorship if the member leaves the LLC dissolves. Similarly with an LLC partnership if one member is to leave, the LLC is similarly dissolved. However, with a solvency clause you can extend that breakdown until it is ideal for the company.  This can be continued indefinitely. Typically though the LLC will file under a new name and continue with the same infrastructure.

The difference between both classifications are subtle however important if more than one member exists. When you move further into an S and C Corp the regulations get stronger and more owners are included. They are called shareholders and the burden is significantly more when you must keep records and regulations to appease them. It is safe to say though that if you are making revenue with multiple and unknown clients you should own an LLC. The classification is up to your unique composition. Either way, you can find more out about the Limited Liability protection which is in the definition of an LLC at www.llcdefinition.info.

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What is a Man Camp?

Often found in North Dakota are temporary facilities that sprawl larger than most cities you will find in these remote locations. Why do you see so many of these man camps popping up all over the Midwest? Well the answer is quite simple, oil, well I guess you could also say money. If you are trying to envision what this looks like a modern man camp is much more sophisticated than a tent city, think of it more as a very basic all inclusive resort. Workers will find everything they need to live a decent life all included in their new job away from home. Companies do this in order to provide facilities that will keep morale high as there is basically nothing available within a reasonable distance and often times not nearly large enough to support the influx of people to this location. A man camp has become the perfect solution for exploring remote locations for oil and are just as temporary as they are impressive.

The original idea was based on buying up anything available within a commutable distance and placing employees into this pseudo remote workforce housing. They thought that this could potentially work but just resulted in an unorganized mess which resembled a frat house. There was high turnover rates and terrible work performance causing the employers to seek a better solution.

Man camps were introduced by pioneering companies like Lone Tree USA who specialize in providing turnkey man camp solutions to their clients. There are many aspects to a man camp because companies are attempting to create a community with all of the comforts of home in the middle of a desert. Did we mention these areas have zero infrastructure as well and needs to be built from the ground up within the matter of months? This is an enormous feat that is being perfected and is rather impressive providing great employment opportunities with a decent quality of life and excellent pay and benefits.

A typical quarter on the man camp will include a few weeks on and one week off allowing the worker to return home to spend time with friends and family while reacquiring some sanity. This balance of life and work allows individuals to pursue fairly normal lives while earning a great living for their family. It is even preferred by certain employees that are looking to get away from it all and not be bothered by so many of the constraints of society.

Man camps include everything within their confines that someone would need during the course of a work period. Some facilities are dining halls with cooks, medical facilities with practitioners, exercise and sports equipment along with anything else that you would expect a resort to entail. The construction of a man camp is becoming much more refined and will definitely move exploration industries forward which is positive for both employee and employer.

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How To Avoid NYC ECB Violations for Permits

Something that no construction company wants to deal with is the amount of red tape and setbacks encountered when applying for a building permit in NYC. Many companies have focused their business model entirely around helping clients obtain building and construction permits so they can keep focused on their main responsibilities which is developing a property. These firms are known as expeditors and are especially important in New York City where there is an over complicated process for acquiring a permit. A NYC expeditor will give you the peace of mind that your permit will be obtained in the shortest amount of time possible and avoid all potential fines. The staff at these companies spend all of their time processing paperwork and understand every step of the way required to obtain your approvals.

Why should you use an expeditor?

  • They will stay in constant communication with you as they jump through all of the hoops required for you to start building in the city.
  • Consistent monitoring of the permit status is required and is a complete waste of time and resources for major contractors. An expeditor will stay on top of this and even receives help from the department of buildings to make sure the applications are as fluid as possible. When you are approved they will deliver it to you on site maximizing the amount of time you have to complete the project.
  • The initial application is not the only item relevant to your construction project, there needs to be follow up in the future which is easily overlooked by companies that have many things going on at once. An experienced expeditor will monitor all of these activities and make sure the proper renewals are in place.
  • ECB violations are almost a joke in New York City and have just become a cost of doing business as they are hard to avoid. Expeditors will remove these violations and help you save time and money while rectifying the situation and getting your project back on track.

Both home owners and construction companies can enlist the assistance of a professional nyc expeditor to make their lives easier and projects consume significantly less resources than on the other hand. Click here to contact one of the leading expeditors in New York City with years of experience and a solid portfolio of clients.

 

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Why You Should Hire a Tampa Divorce Attorney

When getting married, many people have vast expectations. Sometimes, these expectations may not come to pass and this can be a major reason for a married couple to separate. Going through a divorce can be a painful experience. To ensure the whole process of filing a divorce goes well, it is important you hire the services of a high-quality Tampa divorce attorney. Some issues such as taking custody of the children are best handled by a knowledgeable by divorce lawyer. Typically, custody may refer to the allocation of parental responsibilities. The two parents have to decide on the residence of the children as well as on the decision making responsibilities.
While going through a divorce, many people may not have a good knowledge of the various legal procedures. However, with a good Tampa divorce lawyer, you will have an uncomplicated time with your divorce case. The lawyer has a deep knowledge of both the state and federal divorce laws. They will therefore guide you through the whole process to ensure you are well represented. With their high level of expertise and experience they will offer you superior advice on your case and offer the best representation in a courthouse. This will increase your chances of receiving a more favorable ruling.
Some divorce cases such as a child custody case can be complicated to handle without the right legal professional. Remember that the jury will make the decision based on the best interest of the child or children. However, with an experienced divorce lawyer, you can rest assured that will handle in the best way possible. The attorney knows how to present facts in a court and bring out evidence. The lawyer will be willing to do anything to ensure that you get your share of wealth.
Different states have different laws. Therefore, it is essential to choose a lawyer who specializes in Florida divorce cases and practices in your state. In addition, determine their level of experience and success ratio of the past cases. This will ensure that you are dealing with a competent Tampa divorce attorney such as Sparkman & Sparkman.
Remember, hiring a lawyer who specializes in other fields of law such as personal injury, accident, property among other cases would not be the right option for your divorce settlement. The best attorney for you is one who has specialized in family law. Past performance records should be critically evaluated to ratify the individual you choose is a performer. Consulting with friends and relatives who been through the process could help settle for an efficient and qualified representative.
Usually, the legal procedure of getting a divorce is quite demanding and problematical if the attorney of your choice is not sufficiently versed with the process. Your representative should be very familiar laws and rules related to your case. The legal aid you opt for should be competent enough to take you through the case in a court of law. You should ensure that you can work and relate well the attorney. Most importantly, you will tell them all the facts of your case. Fees should not keep you from consulting a legal expert as a Tampa divorce lawyer will relieve your legal hassles.

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