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Many professionals are content to do business as sole proprietors and it’s a fine option for small, low-risk businesses. In a sole proprietorship, there is no legal difference between the business and the business

Short Answer: For S corps or LLCs taxed as S corps, you must pay yourself a reasonable salary before taking any other money out. For LLCs, you can take money out at your discretion.

Short Answer: Technically no, practically yes.

Short Answer: Generally, yes.

Short Answer: Business owners should sign business contracts on behalf of their company by putting their title and the business’s legal name every time they sign.

Short Answer: Literally anyone can sign a contract on behalf of your business.

Short Answer: Handshake agreements are sometimes legally binding but they are hard to enforce.

Short Answer: S corps have pass-through taxation and some structural limits; C corps are subject to double taxation and can grow bigger in some ways.

Short Answer: Sole proprietorships and partnerships are the default legal structures when people start doing business without officially creating an LLC or corporation.

Not all agreements are legally-binding. For a contract to have legal teeth, it must contain these 6 elements:

Short answer: Technically no. Anyone can write a contract for themselves, but unless you have a strong understanding of contract law, it’s best to get help from a lawyer.