Beauty Business Banking EPISODE 17 l LEARN YOUR BUSINESS

Understanding the different types of business structures and intellectual property protections can be crucial for entrepreneurs. Here's a brief overview of trademarks and the common business structures:
Trademarks
- **Trademark**: A trademark is a symbol, word, or words legally registered or established by use as representing a company or product. It protects brand names and logos used on goods and services.
Key Differences
- **Liability**:
- **Sole Proprietorship**: The owner has unlimited personal liability.
- **LLC**: Members have limited liability, protecting their personal assets.
- **S Corp**: Shareholders have limited liability.
- **Taxation**:
- **Sole Proprietorship**: Income is taxed on the owner’s personal tax return.
- **LLC**: Can choose to be taxed as a sole proprietorship, partnership, or corporation.
- **S Corp**: Income is passed through to shareholders to avoid double taxation, and it is reported on their personal tax returns.
- **Formation and Maintenance**:
- **Sole Proprietorship**: Easiest and least expensive to form, with minimal ongoing requirements.
- **LLC**: Requires filing with the state, ongoing fees, and compliance with state regulations.
- **S Corp**: Requires filing Articles of Incorporation, adopting bylaws, issuing stock, holding shareholder and director meetings, and maintaining corporate minutes.
- **Management Structure**:
- **Sole Proprietorship**: Managed by the owner.
- **LLC**: Can be member-managed or manager-managed.
- **S Corp**: Managed by a board of directors elected by shareholders.
Understanding these differences helps in choosing the right structure for your business based on your specific needs, liability concerns, tax considerations, and management preferences.
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