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Naomi wrote: I am starting a medical practice where I will be the sole owner and I will have several employees including other physicians. I am wondering if it would be better to be a c Corp with the intention of choosing s Corp status to avoid the double taxation on dividends or just do a LLC. Would the LLC mean a higher level of taxation? For your situation, I would recommend finding good legal and accounting professionals to help you make this decision.  You will likely be wanting to... Read Full Story

Claudia wrote: I came across your website and found it really interesting. Am working for a start up right now and wondered whether you might be able to help... 8 months ago my boyfriend came up with an idea for a start up. For the first three months I worked on it part time with him along with another guy who was also part time. In January we both became full time and my boyfriend brought on another woman who was initially part time, then quit her job to become full time in February. My... Read Full Story

Marusia wrote: My friend and I are starting a retail business and want to go with a NY LLC. When we are up and running, developed a great product and are ready to raise money and go big, we will convert into a DE C corp.  The reason we want to go with a NY LLC are as follows... You're all good here, I suspect.   I don't know the details of one state's LLC vs. another, so you should consult a lawyer for the good legal advice on this.  However in general, an LLC in your state is just fine... Read Full Story

Philip wrote: Jeff, I have a business idea that I believe has great potential. Essentially it a website that I believe can attact a lot of traffic by providing a much needed service. Without getting into the details of my business idea, my question is this:  Where do I start?!? The idea needs some software to be developed, some website design, multiple servers etc.. I have a technology background, but it has been a few years since I've done programming. I have a full time job, a wife and a... Read Full Story

Gary wrote: I have seen your video on "How to write a Pitch Presentation" very very helpful. Thank you!   I have heard horror stories of things going wrong with investors and the investor turning on those they have invested in. So my question to you is, "Are investors worth it in the end?"  I have been thinking about looking for an investor for a while, but I do have my doubts. First of all, I apologize to everyone who has asked questions that have gone unanswered for so long... Read Full Story

One of the questions I get a lot is “When is the best time to start a business?” and sometimes I get its follow on question, “How will I know when I’m ready?” My answers are:  “right now” and “you won’t.” During an interview today I was reminded of something that I say during one of my more popular entrepreneurship pitches on creating good business ideas, and that is “You don’t learn to shoot a basketball by reading books.” Essentially what I’m talking about is simply this:  If you want... Read Full Story

We take a break from our regular posts to get on my soapbox about the Orr Fellowship... Ok, so I'm lying.  I'm not keeping up with regular posts, so this is nothing more than a shout from the soapbox.  Nevertheless... Here in Indiana we have a really cool program called the Orr Fellowship .  The idea is to help new college undergrads find their way into earlier stage, entrepreneurial companies who likely don't have the time to comb college campuses for new hires.  Nearly 1,000 students... Read Full Story

Bernard Writes: If I start an LLC where I have 75% ownership and someone else has 25% and along the way I/we decide to change to a C-corp, how are the 75% and 25% accounted for when we begin to take on new members and investors?   Two parts to this question, and both are straightforward, the only thing you need to change is the way you are thinking about it.  Do not think about ownership in either an LLC or a C-Corp as being a percentage -- instead, think of it as being a fixed... Read Full Story

Following up on my post about Tom Mason and Rose-Hulman, I wanted to touch on something that Tom is a big believer in and used as the focus of his retirement speech:  radical innovation. Radically innovation refers to that type of innovation so powerful and different that it can completely change the profession, institution, industry, business, or person in one fell swoop.  Thinking about how radical innovations come about and how they impact the world around us is a favorite subject of Tom... Read Full Story

I recently attended the retirement festivities for my long time friend and college professor, Tom Mason.  For all intensive purposes, Dr. Mason created and ran the entrepreneurship “department” at Rose-Hulman, my alma matter.  He was recently honored at this year's Mira Awards for his contributions to technology and entrepreneurship in Indiana. You see, Rose-Hulman is widely known (in the very small circle that follows such things) as the #1 undergraduate-focused school for Science... Read Full Story