FAQ

 
Business Information
How do I form or start a business?

Before starting or forming a business, you want to choose the entity type that is best for you.  Once you make that decision by talking with a lawyer and likely a good tax advisor, then you will need to file with the state of choice to file the business entity type.

What is a business entity?

A business entity is a way of doing business that is recognized by the law as a separate (not natural) person, with its legal duties and obligations (e.g. paying taxes, complying with regulations, etc.).

What are the business entity types?

Some of the common business entity types include Corporation, Limited Liability Company, General Partnership, Limited Partnership, Limited Liability Partnership, Limited Liability Limited Partnership, and Nonprofit corporation. There are some less common types, such as Blockchain-Based Limited Liability Company, Low-profit Limited Liability Company, and Benefit Corporation. (Sole proprietorship and Joint Venture are not business entity types, although valid ways of business).

What is the difference between a Limited Liability Company (LLC) and a Limited Liability Partnership?

LLCs are for any type of business purpose, while LLPs are limited to certain professional services. They are also different entity types, with LLCs having more limited exposure.

Which state is best for anonymous ownership?

There is no true anonymous ownership. Even if the record owner on the document transfers funds to someone else (a beneficial owner), many states require annual filing of directors, officers, and beneficial owners; each entity is responsible for designating someone for when the government wants to know who the beneficial owners are. The closest state is Wyoming, which does allow a shareholder of a corporation to be identified by a blockchain key or private network key. (However, the SEC is requiring disclosure of private network keys on the OFAC Sanctions List).

 
Origins of the Legal System
Why learn about US legal foundations?

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What was the Continental Congress?

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What were the Articles of Confederation? What was their significance?

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What is the significance of the Federalist Papers?

It was considered the ”user manual for the Constitution.

Who were the founders?

Lawyers, landholders, business owners, leaders, intellectuals.

What were some English influences on the US legal system?

Legal limitations on power of king, Magna Carta. Commonwealth as negative example; unbalanced power, can’t be solely by Parliament.

 
Origins of the Legal System
Why learn about US legal foundations?

Answer