University of La Verne SBDC Small Biz Blog

  Ever wondered if an S-corporation is right for your California business? You've heard they offer tax benefits and shield you from personal liability, but the setup process seems daunting. Fear not, aspiring S-corp owner, because this guide unravels the mystery and empowers you to take control. What is an S-Corporation? An S-corporation , also known as a Subchapter S corporation, offers a unique blend of legal and tax benefits. It separates personal liability from business liability, similar to a C-corporation, but typically avoids double taxation and provides pass through taxes like that of a sole proprietorship or partnership. However, there are some key characteristics to keep in mind: Limited shareholders: Only 100 shareholders are allowed, and they must be U.S. citizens or resident aliens. Single stock class: All shares must have the same rights and privileges. Ineligible corporations: Certain entities like financial institutions and insurance companies cannot be S-corpor

California, a trailblazer in various social and economic matters, is once again at the forefront of change, this time in the realm of work and regulations. From expanded worker protections to increased business transparency, a wave of new legislation is impacting industries and employees alike. This blog post delves into 5 of recent changes in California law and federals laws that impact small business owners from now into the future.  New rules for contractors to have workers' compensation insurance (SB 216) California is overhauling its approach to worker safety in the construction industry. Effective July 1, 2023, most contractors, including concrete crews, HVAC technicians, asbestos abatement specialists, and tree service professionals, will be required to provide workers' compensation insurance, even if they have no employees. This requirement aims to protect workers from financial hardship if injured on the job, while also ensuring a level playing field for responsible c

  Do you have a passion for photography and dream of turning that passion into a thriving business?  In this video, I'm going to show you how to start a photography small business. I'll share actionable tips on everything from starting your business to marketing your work. So if you're ready to turn your passion into a reality, let's get started.  From portrait and wedding photography to commercial and editorial work, a photography business allows you to express your artistic vision and specialize in the types of photography that you enjoy most. So whether you're a seasoned pro or just starting out, this video has something for everyone. Get ready to turn your love of photography into a thriving business and start capturing beautiful moments that will be treasured for years to come.   Business Planning When starting a photography business, it's important to first develop a solid business concept that outlines the services you plan to offer. This includes determ

Ready to start your small business? Don't forget the licenses and permits! They can make or break your success. In this video, I'll show how to navigate the red tape with valuable tips and get on the fast track to entrepreneurship. Path to Startup Biggest issue when talking with clients about the licenses and permits they need to start up is the order to do them in. Let’s go over the order of operations before diving into each one: Business entity Formation When you start a business, you have to choose a business entity formation. This is how your business will be legally recognized. The most common types of business entity formation are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each of these options has its own advantages and disadvantages.  Sole proprietorships are the easiest to form, but you will not have liability protection.  Partnerships are similar to sole proprietorships, but they involve multiple owners.  LLCs offer lia

Are you a professional looking to start your own business but don't know how to set it up? If you are a professional like a doctor, lawyer, or accountant then you may need to form a professional corporation. In this video, I’ll explain what a professional corporation is, who needs to form a corporation, and how to set one up .  What is a Professional Corporation? So, what is a professional corporation? According to the Moscone-Knox Professional Corporation Act: "A corporation organized under the General Corporation Law or pursuant to subdivision (b) of Section 13406, that is engaged in rendering professional services in a single profession, except as otherwise authorized"  CALIFORNIA CORPORATIONS CODE, §§ 13400-13410 This means anyone who is licensed under the provisions of the Business and Professions Code as a professional needs to form and operate the business as a corporation. If you are new to the business, a corporation is a separate business entity you want to lear

If you have a passion for fixing things and enjoy working with your hands, starting a handyman business may be the perfect way to turn your skills into a profitable business. Starting a handyman business can be an excellent opportunity for those who enjoy working with their hands and want to be their own boss. With the demand for home repairs and renovations on the rise, starting a handyman business can be a lucrative venture. In this guide, we'll walk you through the essential steps to get your handyman business up and running successfully. Business Planning One of the first steps in starting a handyman business is identifying your target market and competition. Your target market includes the specific group of people or businesses you will be serving with your services. This may include homeowners, property managers, real estate agents, and small business owners. Another important step in starting a handyman business is creating a business plan and setting goals. Your goals shou

If you’re planning to start a business, forming a corporation can be a great way to protect yourself from personal liability, raise funds, and manage your company more effectively. In this video, I’ll explain what a C-corporation is, how to form one, and stay to the end and learn the little-known details about corporations like issuing stock and taxes. So let’s get started! What is a Corporation? A C-corporation is a type of business structure that is considered a separate legal entity from its owners. This means that the corporation can enter into contracts, own property, and take legal action in its own name.  Advantages Some advantages of forming a C-corporation are: Limited liability protection for owners who are called shareholders and are generally not personally liable for the corporation's debts or legal liabilities.  C-corporations can raise large amounts of capital by selling stocks to investors. C-corporations can exist indefinitely, even if the owners or shareholders ch

  Identify the licenses and permits you need to start your business legitimately. If you are confused about what licenses you need and where to start, then this webinar is for you.  In this webinar, we will cover:  The 6 major licenses and permits needed by most businesses  Specialty licenses used in many major industries  How the University of La Verne SBDC helps small businesses with license and permit obligations Entity Formations   Forms of Ownership LLC 6 Most Common Licenses and Permits Fictitious  Business Name Statement Federal EIN State Seller's Permit  / Resale Certificate State Tax Registration (State EIN) State Payroll Withholding (EDD) City Business License Specialty Permits Health Permits Restaurants, S pas Tattoo Food Safety Certifications Restaurants, Bakeries, Cottage Food  ABC License  (Bars, Distilleries or restaurants serving alcohol) Contractors License   (60+ specialty trades) Professional Licenses  ( Doctor , Lawyer , Architect , Insurance , Real Estate ) Cos