4 Helpful Tips To Select The Best Legal Structure For Your Business

              

Starting a business comes with many underlying sub-choices you’ll have to make. Some are not as stressful to get sorted out, while others might take much more mental effort and thought process. One of those decisions falling in the latter category relates to what legal structure your business will have. 

Choosing a legal structure precedes business registration, so this isn’t something you can put off until later. Whatever legal structure you wind up having affects matters like how much you’ll pay in taxes, who has sole ownership and management over the business, who bears in the losses and shares in the profits, and the paperwork that needs to be filed.

Consulting with business lawyers, accountants, and counselors helps, but so is storing knowledge about legal structures. To help you out, consider the following tips below. 

1.      Choose From Among Different Business Structure Options

Suppose you’re unfamiliar yet with the specifications of the different business structure options. In that case, starting with a briefer on the various legal structures for businesses is a good idea. Basic knowledge of those legal business structures helps you frame your choice so you know exactly what each structure entails. 

Here’s a brief run-down of each type:

·         Sole Proprietorship: As its name suggests, as the sole proprietor, you are responsible for everything about your business, including the profits and losses. A sole proprietorship is the most popular type of business structure, given how easy it is to establish, especially for small business owners.

·         Partnership: A business comprises two or more people who agree to share ownership, profits, losses, and liability. In a general partnership, all partners are involved in managing the business. On the other hand, in a limited partnership, the limited partner has little to no involvement in managing the business. Moreover, their liability is limited to the amount of their investment. 

·         Limited Liability Corporation (LLC): This is the best business structure for those who intend to operate and run their business with a small group of owners but still want liability protection. In an LLC, like Northwest LLC, for example, your assets are protected from the business’s liabilities, should any arise.

·         Corporations: This is a legal structure for businesses run and covered by an ‘articles of incorporation,’ also known as ‘charter.’ With this type of business, there’s no limit to the number of investors and investments.

The description above gives only a bird’s eye view of those legal structures. It’s best to read more to learn about them and know which suits your business. 

2.      Factor In The Start-Up Cost

As with all other facets of your business, the start-up cost is always a priority. Setting up a business entails more than just printing business cards and other marketing paraphernalia, plus the capitalization requirement. Now that you’re about to dig deeper into legal structures, there are more expenses you’ll also have to consider.

For business owners, note that the more complex your structure is, the higher the costs will also be. Entrepreneurs must decide how much they can afford to invest depending on the business' capitalization requirement. 

Say your business requires quite a hefty sum for capitalization, and you don’t have that amount. In this case, opting for a partnership or corporation is a good idea. In doing so, you’ll have someone to share the weight of the expenses with and any possible losses or challenges the business will face. 

3.      Consider The Need For Licenses, Regulation Compliance, And Permits

Businesses require necessary licenses, permits, and regulatory compliance to operate. However, these may vary depending on the nature of your business, business type, and location. 

If you have partners to share in the investment and load, it’s worth going through the extra work of obtaining licenses and permits for a partnership or corporation. This latter also applies with greater significance to businesses with plans in the near future to expand overseas, where working with investors and shareholders makes that growth more achievable.

4.      Be Keen About The Extent Of Liabilities You Can Cover

Starting a business is always a considerable risk. If all goes well, then you’ll reap profits. But, if times are hard, liabilities and losses come first before stability and profits kick in. Another major deciding factor is the extent of liabilities you can cover. If such isn’t something you’re confident about, it may be better to have partners or investors with whom you can share the weight of the responsibility. 

The Bottomline

Choosing the best legal structure for your business is one decision with the most significant impact. It affects the reporting requirements, your responsibilities and rights, legal obligations, and how business funds are extracted. Because of its importance, getting this done right can also be quite difficult. There are many things to factor in and consider, but the tips above should be more than sufficient to get you started.

 

 

Incorporating Virtual and Augmented Reality into Classroom Learning

 

Technology has taken learning to a higher level, and everyone wants to experience its benefits. Virtual andaugmented reality (VR/AR) plays a significant role in transforming classroom learning. VR/AR are technologies revolutionizing how learners acquire and interact with the environment.

In their definition, VR enhances the digital environment, enabling the users to immerse in a different setting to explore and interact with it using specialized software and hardware. On the other hand, AR joins the digital components to the real world. Tablets, Laptops, and smartphones have a significant influence here in ensuring VR/AR perform their work to the fullest.

Therefore, incorporating these technologies in the classroom can provide learners a new setting and enable them to acquire more. In addition, they assist in replicating settings that cannot be achieved in normal classrooms. This enhances engagement among learners.

With such technologies, there are many aspects to benefit learners. For example, a good essay writer assists students with their assignments, improving learning. Technology has virtually provided everything students need to achieve their educational objectives conveniently.

Significance of Incorporating VR/AR in the Classroom

We can all agree technology has profound benefits for learners. For instance, tablets and the internet enable students to acquire more and explore materials without struggling. However, when it comes to VR/AR, the benefits are immense.

Increases Learner Engagement

The power of AR/VR creates an immersive environment for learners. This creates a unique learning experience that makes students absorbed in it. The new technology and settings promote their attention and enable them to acquire more. Increased engagement is beneficial to students because they eventually achieve their academic goals. Read More

Apple workers vote to form the company’s first Union.

 

The IAM is one of the largest and most diverse industrial trade unions in North America

Apple store employees in Maryland have voted to form the tech giant's first union, joining a growing demand across U.S. retail, service, and tech industries to organize for greater workplace protections. The Apple retail workers in Towson, Maryland, voted 65-33 to seek entry into the International Association of Machinists and Aerospace Workers (IAM).Organizing Unions in a variety of fields has gained momentum recently after decades of decline in U.S. union membership. Organizers have worked to establish unions at companies including Amazon, Starbucks and Google parent company Alphabet.



The International Association of Machinists and Aerospace Workers and the Apple employees who wanted to join said they sent Apple CEO Tim Cook a notice last month that they were seeking to form a union. The statement said their driving motivation was to seek rights they do not currently have. Some current and former Apple workers last year began criticizing the company's working conditions online, using the hashtag #AppleToo. The IAM is one of the largest and most diverse industrial trade unions in North America, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, health care, automotive, and other industries. The Apple store unionization comes against a backdrop of other labor organizing unions nationwide.

READ MORE

A Real Squid Game on Netflix

 Netflix Approved a Reality TV Show- Squid Game- The Challenge

 

Netflix is doing “Squid Game” for real but without the gore and blood. The game will pit 456 contestants against each other in a series of games inspired by the hit show with the same name.

 

Netflix says it is providing $4.56 million as a winning reward, which is the enormous cash price in reality TV history. Netflix said, “As they compete through a series of games inspired by the original show - plus surprising new additions - their strategies, alliances, and character will be put to the test while competitors are eliminated around them. The stakes are high, but in this game the worst fate is going home empty-handed.”

 

Netflix announces the recruitment opening for the front-man who should be “English-language speakers from any part of the world.” The competition series will be of 10 episodes. This series will be filmed in the UK and co-produced between Studio Lambert and The Garden, which is a part of ITV Studios.

 

The company is highly impacted by inflation, competition from rival firms, and withdrawal of covid-19 restrictions. This show could bring more traffic to the platform as “Squid Game,” released in 2021, was the most-watched show on Netflix. People dedicated 1.65 billion hours of viewing time in the first 28 days of its release.

 

Netflix also announces 12 June 2022 as the release date for Squid Game Season-2.

READ MORE

 

In Canada, Individual cigarettes to have health warnings

 

In 2001, Canada created news by requiring picture warnings on cigarette packages

Canada intends to place health warnings on individual cigarettes. Canada would be the first country in the world to do so. In 2001, Canada created news by requiring picture warnings on cigarette packages. This measure had become stale for the 13% of Canadians who smoke regularly. Adding health warnings on individual tobacco products will help ensure that the message will reach people, including the youth, who often have access to individual cigarettes in social situations.


Despite decades of efforts, tobacco use remains the leading preventable cause of illness and premature death in Canada. Approximately 48,000 people each year pass away due to the effects of tobacco. Health Canada, the nation’s health agency, is proposing that the warning, “Poison in every puff,” be printed on the cigarette paper around the filter. Researchers expressed skepticism that the warnings would have a substantial effect. A better way to reduce smoking among the youth would be to decrease the availability of cigarettes, commonly sold at corner stores and gas stations in Canada, and raise taxes on them, said Robert Schwartz, the executive director of the Ontario Tobacco Research Unit and a professor at the University of Toronto. Smoking is on the decline in Canada, according to 2020 data from Statistics Canada.

READ MORE

FDA to consider Pfizer’s Covid-19 vaccine for children under five

 

Three doses of Pfizer’s vaccines have 80% efficacy in children younger than five

Covid vaccines have played a massive role in bringing back the pre-pandemic world. In an attempt to protect kids, Pfizer and BioNTech have asked the FDA to authorize three doses of their vaccines for children between 6 months and five years. Children under five are advised to take a three microgram dose, which is just a tenth of the 30 microgram shot administered to adults. Pfizer’s study shows that the three doses of their vaccines have 80% efficacy in children younger than five years. Pfizer’s claims will be reviewed by FDA’s Vaccines and related Biological Products Advisory Committee.


Pfizer CEO Albert Bourla has stated that the vaccine has been studied on thousands of children and was well tolerated and produced a robust immune response in them. The interim results from the trial also show that the vaccine was 80% effective against the Omicron Variant. They are also bound to submit their findings to the European Medicines Agency and other regulatory authorities worldwide. A study conducted by Kaiser Family Foundation revealed that only 18% of the parents were okay with their child being vaccinated, and 38% of the parents preferred to wait and see how the vaccine was tolerated by children who had taken them.

READ MORE

Sweets And Snacks Expo 2022 Serve as Avenue for Hershey’s To Share Key Insights on Retail

 

New survey is important as instead of guessing what the customers want, Hershey’s asked the retailers what they want

The Sweet and Snacks expo 2021 was dominated by the US confectionery giant Hershey’s. It used the opportunity to study the needs of retailers such as Cadbury, Jolly Ranchers, Reese’s, Kit Kat, and ROLO, including SkinnyPop popcorn and Pirate’s Booty. In a study conducted with Retail Dive, Hershey's explored the critical requirements of the retailers. Around 160 retailers participated in this survey. Post-pandemic, retailers plan to upgrade the front–end store space to provide a more convenient and efficient shopping experience to customers, including cashier less checkouts and pay points. The retailers were keen on finding ways to redesign strategy to meet evolving customer expectations, streamline operations and increase basket size. The new survey is vital as instead of guessing what the customers want, Hershey’s asked the retailers what they want. According to the study, 61.6% of the retailers planned to renovate or update their store space within the next five years.


Retailers surveyed also stated that online shopping would make up most of their sales moving forward. Hershey’s also announced its renewed partnership with Team USA, LA28 Olympics, and Paralympic Games. Hershey’s also announced its entry into the new category of better–for–you (BFY) range. The sweet treats in this range will have less than one gram of total sugar and be gluten-free and fair trade certified.

READ MORE