When entrepreneurs in Indiana decide to form a new business, they may want to consider their options for how to structure their company. Some people may want to stick with a sole proprietorship or form a partnership, while others may be interested in developing a full corporate structure. The limited liability company (LLC) framework may provide appealing options for small business owners seeking greater levels of protection without all of the complexity of a full corporate structure. An LLC can have several owners, called members, and these can include individuals, corporations and even other LLCs.
Owners of a Colorado limited liability corporation may be treated as a sole proprietor or a partnership for tax purposes. The specific tax rules that the owner of an LLC will follow depend on how many members the corporation has. If an LLC has a single member, it will be taxed as a sole proprietorship by default. If the LLC has multiple members, it will be taxed like a partnership by default.
Whether you are an individual employee, contractor, partner or distributor working with a company or you are a representative of a company working with one of those individuals in Indiana, you may be in a position that warrants the sharing of confidential business information. In most cases involving these two types of parties, it is the larger company that must disclose information that it wants to control. There is a special type of contract called a confidentiality agreement or a nondisclosure agreement commonly used to do just this.
All companies have their secrets, from the most successful corporate entity to the smallest startup. Standing out from the competition and having a unique formula are what help businesses thrive. Like other Indiana business owners, you want to protect the confidential information that keeps your company in the running – whether it be a list of loyal clientele you worked hard to cultivate or a top-secret recipe.
Many Indiana residents may like the idea of starting a business but realize they do not know what steps they need to take. There are several things people should consider as they put together their business.
When hiring and firing professionals is part of your job description in Indiana, chances are, you want to simplify the process and make sure to look out for your employer’s, or your business’s, best interests. One way to do this is to rely on a carefully worded employment contract. At Katzman & Katzman, P.C. we recognize that a meticulously drafted employment contract can protect your business or that of your employer in the event that an employer-employee relationship does not work out. Similarly, we understand that there are certain common areas that a strong employment contract ought to address.
People in Indiana who start a new business need to identify the best operating model for their ventures. There are a variety of factors that should be considered before making a final decision. These factors include the need to protect or separate personal assets from business assets and what level of decision-making flexibility is desired. Another important consideration is taxation.