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Frequently Asked Questions

Bookmark this page to get answers to Frequently Asked Questions!

What Is A General Partnership?
Do I Need Any Licenses Or Permits?
What Do I Need To Start A Business?

Q: What Is A General Partnership?
A: An arrangement in which two or more individuals or other persons (such as a corporation and an individual) conduct business as "partners", whether officially or not. In terms of asset protection, general partnerships can be even worse than sole proprietorships. Anything that one partner does affects all of the partners, because each partner of the general partnership is personally responsible for all obligations of the partnership. Thus each general partner's exposure to risk is increased by a factor equal to the number of general partners in the business.
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Q: Do I Need Any Licenses Or Permits?
A: Whether you need a license or permit depends upon the type of business you engage in, the location of your business, and federal, state, county, city, and local rules and ordinances. Some businesses and professions require a license from the state (for example, barbers and beauticians, doctors, lawyers, day care providers, and contractors and building trades persons). Cities and counties require permits for many business activities (such as construction or elevator operations permits). In addition, many local governments require a business license before you start your business (a license requiring payment of an annual fee or tax to do business in that city or town).
Business activities are generally highly regulated by government agencies. Many local governments have information centers for small businesses to assist with compliance to local, state and federal regulations.
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Q: What Do I Need To Start A Business?
To start a business it is a good idea to have an understanding of the business, written business plan, a good understanding of the economics of the business, some experience in a related business, and enough funds to be able to cover your costs until the business becomes profitable.

Before starting a business, it is often a good idea to speak to an accountant and a lawyer so that you understand the tax and legal issues and if desirable, structure the business to minimize taxes and avoid legal problems and reduce the chances for personal liability. A brief, inexpensive consultation can save you huge amounts of money, long term and short term! And if you are a startup looking for financing, you will want to have intellectual property rights already protected.

The legal structure of your business is extremely important. State law enables you to create a legal entity - a separate "identity" from your own person - under which you can transact business, without the risk of exposing your assets to any personal liability that might arise out of your business affairs.
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The Above FAQ information can be found at Freeadvice.com

Timothy W. Tuttle & Associates
Phone: 1.949.218.1500 Email: info@tuttlefirm.com
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