Entrepreneurs, Startups and Business Owners: 3 Things to Know About the American Dream

3 Things to Know About the American DreamIf you were to take a random poll of people within the United States – asking them to define the American Dream, you are bound to get a wide assortment of responses.

Here are a few that come to mind:

  • Freedom
  • Independence
  • Business Ownership

Of the responses, the one that many individuals seize on – is the idea of being their own boss. Living the dream while taking care of their families and ditching the 9-to-5 are all very appealing motivators to entrepreneurs. Nonetheless, business owners usually give up many of the perks that go along with a more traditional job (e.g., predictable paychecks, retirement packages and other benefits – too numerous to name).

Business ownership is the engine that drives this country. In particular, small mom and pop stores, bakeries, restaurants, hair salons and local professional services (accountants, lawyers and doctors) make up many of the companies living the dream. These companies provide jobs for the community. In addition, they spend much of their revenue on supplies and products needed to run their businesses; further contributing to the local and national economy.

By nature, business owners are risk takers. Even if they are not cliff jumpers in the literal sense, it is my belief that risk taking is in the DNA of those willing to take a chance on starting a business venture; especially when others play it safe by staying in the comfort zone. Some things are worth the risk, and being a business owner is one of them for millions of people.

3 Things to Know About the American Dream: 

1.Starting a business as a sole proprietor is not unusual. However, to grow and expand, a business owner should consider forming a new type of business entity. What protection does each entity provide in regards to personal liability and protection of personal assets?

2. Operating a business as a LLC, Corporation or Partnership should be based on many factors. Some of which include: the number of owners, funding and capital contributions, control and ownership percentages, and type of management preferred for the company.

3. Selling products or services on a local, national or global level can also play a role in what type of entity is best for a company. Which entity provides the broadest array of options for commerce (including import/export activities) should be explored?

With businesses playing such an important role on a personal, local, national and global level, why risk the dream? Take the steps necessary to incorporate or form the proper entity for your enterprise. Get help navigating the particulars of each available option, and continue working on your business as it moves fruitfully toward your American Dream.

Aquanetta J. Betts is an attorney, speaker and blogger. She is licensed in the District of Columbia and Maryland. For more information visit http://www.abettslaw.com. Connect with Aquanetta J. Betts, Esq., on Facebook, Twitter, Instagram, Pinterest and Google+.

The intent of this post is for informational purposes only. No legal advice has been provided.

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