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Archives: LLCs

3 Key Differences Between LLCs and S Corporations

New business owners often get confused when it comes to the differences between LLCs and S Corporations. In truth, the entities are similar in many ways. Both are designed to shield the individual owners from liabilities incurred by the entity. This means that in many circumstances, the owners of LLCs or S Corporations cannot be sued personally for the debts of the company. Additionally, both limited liability companies (LLCs) and S Corporations can enter into contracts, incur debts, and initiate lawsuits in their organizational capacity. Note that I’ve chosen to focus solely on S Corps in this article to keep…

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Music Copyright Issue: Can a Restaurant Owner be Personally Liable for Playing Unlicensed Music?

Recently, I was watching a hockey game on TV with some friends. During the breaks in the action, the old familiar Jock Jams were playing on the arena’s speakers. One of the folks in the room asked whether they have to pay to use those recordings. Yes, they do: it’s a public performance, subject to the restrictions found in the Copyright Act. The same applies to other public venues, such as restaurants and bars. Naturally, the restaurant owners aren’t out there asking the Beatles for their OK to play “Hey Jude” during dinner service. Instead, the rights are administered by…

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Should I Form an LLC or a Corporation?

Many entrepreneurs looking to start up a business are often curious about the differences between filing as a corporation or as a limited liability company (LLC). The differences between the two vary from state to state. In California, an LLC operates as a sort of hybrid of a corporation and a partnership. It provides its owners – commonly referred to as “members” – with limited liability to identical to that enjoyed by corporate shareholders. There are several differences between corporations and LLCs, including formalities and certain tax variances, but for the most part, the entities are almost identical from the…

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