I have lived in Burbank, CA for almost 13 years. I'll admit, it wasn't my first choice when I decided to move from Orange County to the L.A. area. I imagined myself in West Hollywood, Los Feliz, anywhere but true Suburbia, but good schools beckoned for my youngest daughter and I found myself on a tree lined street in a traditional California bungalow.
I slowly fell in love with my new town. Great vintage stores, super cool restaurants, and fantastic neighbors. I was involved with my daughter's school events and concerts and certainly felt like I was part of the community but didn't become deeply entrenched, until today.
The 2016 election was extremely important to me. I voted for Hillary Clinton for several reasons, yes – because she was a woman and I believe we were long past due for a female perspective on life in our country. But also, because I felt she was completely qualified and ready to tackle this all-important position as leader of the free world. I was confident and excited.
I sent in a write-in ballot because I would be on vacation in Israel the day of the election. I wasn't worried, I figured I'd be celebrating with friends when Hillary won. Sadly, there was no celebrating, only shock and utter silence. As we somberly and quietly attended our scheduled tours the next day, numerous people would come up to us and ask, “Are you American, have you heard, what do you think…?" It was overwhelming and incredible at the same time.
"If you think I was a Nasty Woman Before, Buckle Up Buttercup"
Once home a week later, and still in shock, I knew I had to do something but didn't know what. I felt paralyzed and completely powerless. When the Women's March was announced there was no question I'd be there, I couldn't wait. Outfitted in my “If you think I was a Nasty Woman Before, Buckle Up Buttercup" tee, I joined a few friends to march with 700k+ other men and women in downtown Los Angeles. It was an experience I'll never forget, we were together, and were on fire. I felt a kinship with women I would have never met, had it not been for the march. I had hope that as a movement we could make a difference.
I trudged along and looked forward to marching again and getting some of that united spirit back.
Over this past year, I must admit, I've lost a lot of that hope. That sadness I felt so far away from my country on November 9, 2016 had returned. I trudged along and looked forward to marching again and getting some of that united spirit back. I had planned to go to downtown L.A. again and then discovered a march was planned for Burbank, my little town that I've grown to love so much, was marching. I was elated!
I arrived early so I could meet the founder of this year's march, Joanna Peresie. When I asked her why she rallied everyone to march this year, she said, very simply, and very powerfully, “I did it for my daughter, Ella."
Joanna was quick to ask that I mention the three women who started last year's march in Burbank, Ashley Gogerty, Rhiannon Clark, and Sylvia Hendershot.
I listened to Joanna speak to the crowd about why she was here and why she took charge this year. Listened as her voice cracked but stood proud and strong. This is a humble woman, a loving mother, and I am honored to have met her today.
I also had the pleasure of meeting our state Senator, Anthony Portantino. He was dressed in a pink shirt and attending with his lovely daughter, Bella. He told me about his wife and both daughters, about his dedication to public service, and his belief in this march; “…it was too important not to be here." When he spoke to the crowd, he opened with “Are you listening downtown Los Angeles, because it's rockin' in Burbank!" The crowd roared! He then told us all that “this was a moment in history, meet the person next to you, say hello, share the sisterhood of this moment…" AND WE DID! It was a powerful experience! As he marched with us, I was filled with civic pride to walk alongside someone I had actually voted for. I thought to myself, 'my super power is voting!'
One of our John Burroughs High School teachers who teaches science, Jill Tobin, spoke and delighted the crowd. Once again, I swelled with pride as she told the kids in the crowd “YOUR VOICE MATTERS, YOU MATTER!" This fantastic past Burbank Teacher of the Year AND LA County Teacher of the Year award-winner is working with our future leaders! Aren't they lucky?!
Even though I knew the answer, I asked about our congressman, Adam Schiff. He was working tirelessly last night trying to stop the shut down of our government. Joanna shared that his office did call her yesterday and our hard-working congressman had wished he could be here. I absolutely believe that. One of the many things I've learned since last year's march is how hard Congressman Schiff works for his district, his people, our people. Community is deep in this man's soul, of that I am sure.
Our Vice-Mayor, Emily Gabel-Luddy spoke, and Burbank City Attorney, Amy Albano who also marched in DTLA last year, really got the crowd inspired! I was positively filled with hope as I stood and listened. More so than last year because these people work for my town every day. “Local" isn't just a buzz word for them, they live it. And I'm so glad they do. As I walked with men, women, children, families, and friends, we chatted, we remarked on so many clever signs, and for two hours on a very chilly Saturday morning we literally came together. We stood together, we chanted together, and we marched together. THIS is community. This is why we march, this is hope.
Business entities can be defined as the corporate, tax and legal structures which an organization chooses to officially follow at the time of its official registration with the state authorities. In total, there are fifteen different types of business entities, which would be the following.
- Sole Proprietorship
- General Partnership
- Limited Partnership or LP
- Limited Liability Partnership or LLP
- Limited Liability Limited Partnership or LLLP
- Limited Liability Company or LLC
- Professional LLC
- Professional Corporation
- Nonprofit Organization
- Cooperative Organization
As estates, municipalities and nonprofits do not concern the main topic here, the following discussions will exclude the three.
Importance of the State: The Same Corporate Structure Will Vary from State to State
All organizations must register themselves as entities at the state level in United States, so the rules and regulations governing them differ quite a bit, based on the state in question.
What this means is that a Texas LLC for example will not operate under the same rules and regulations as an LLC registered in New York. Also, an LLC in Texas can have the same name as another company that is registered in a different state, but it's not advisable given how difficult it could become in the future while filing for patents.
To know more about such quirks and step-by-step instructions on how to start an LLC in Texas, visit howtostartanllc.com, and you could get started with the online process immediately. The information and services on the website are not just limited to Texas LLC organizations either, but they have a dedicated page for guiding fresh entrepreneurs through the corporate tax structures in every state.
Sole Proprietorship: Default for Freelancers and Consultants
There is only one owner or head in a sole proprietorship, and that's what makes it ideal for one-man businesses that deal with freelance work and consulting services. Single man sole proprietorships are automatic in nature, therefore, registration with the state is unnecessary.
Sole proprietorships are also suited to a degree for singular teams such as a small construction crew, a group of handymen, or even miniature establishments in retail. Also, this puts the owner's personal financial status at jeopardy.
Due to the fact that a sole proprietorship entity puts all responsibilities for paying taxes and returning loans, it directly jeopardizes the sole proprietor's personal belongings in case of a lawsuit, or even after a failed loan repayment.
This is the main reason why even the most miniature establishments find LLCs to be a better option, but this is not the only reason either. Sole proprietors also find it hard to start their business credit or even get significant business loans.
General Partnership: Equal Responsibilities
The only significant difference between a General Partnership and a Sole Proprietorship is the fact that two or more owners share responsibilities and liabilities equally in a General Partnership, as opposed to there being only one responsible and liable party in the latter. Other than that, they more or less share the same pros and cons.
Registration with the state is not necessary in most cases, and although it still puts the finances of the business owners at risk here, the partnership divides the liability, making it a slightly better option than sole proprietorship for small teams of skilled workers or even small restaurants and such.
Limited Partnership: Active and Investing Partners
A Limited Partnership (LP) has to be registered with a state and whether it has just two or more partners, there are two different types of partners in all LP establishments.
The active partner or the general partner is the one who is responsible and liable for operating the business in its entirety. The silent or investing partner, on the other hand, is the one who invests funds or other resources into the organization. The latter has very limited liability or control over the company's operations.
It's a perfect way for investors to put their money into a sector that they are personally not experienced with, but have access to people who do. From the perspective of the general partners, they have similar responsibilities and liabilities to those in a general partnership.
It's the default strategy for startups to find funding and as long as the idea is sound, it has made way for multiple successful entrepreneurial ventures in the recent past. However, personal liability still looms as a dangerous prospect for the active partners to consider.
Limited Liability Company and Professional LLC
Small businesses have no better entity structure to follow than the LLC, given that it takes multiple good ideas from various corporate structures, virtually eliminating most cons that are inherent to them. Any and all small businesses that are in a position to or are in requirement of signing up with their respective state, usually choose an LLC entity because of the following reasons:
- It removes the dangerous aspect of personal liability if the business falls in debt or is sued for reparations
- The state offers the choice of choosing between corporation and partnership tax slabs
- The limited legalities and paperwork make it suited for small businesses
While more expensive than a general partnership or a sole proprietorship, a professional LLC is going to be a much safer choice for freelancers and consultants, especially if it involves risk of any kind. This makes it ideal for even single man businesses such a physician's practice or the consultancy services of an accountant.
B, C and S-Corporation
By definition, all corporation entities share most of the same attributes and as the term suggests, they're more suited for larger or at least medium sized businesses in any sector. The differences between the three are vast once you delve into the tax structures which govern each entity.
However, the basic differences can be observed by simply taking a look at each of their definitive descriptions, as stated below.
C-Corporation – This is the default corporate entity for large or medium-large businesses, complete with a board of directors, a CEO/CEOs, other executive officers and shareholders.
The shareholders or owners are not liable for debts or legal dispute settlements in a C-Corporation, and they may qualify for lower tax slabs than is possible in any other corporate structure. On becoming big enough, they also have the option to become a publicly traded company, which is ideal for generating growth investments.
B- Corporation – the same rules apply as a C-Corporation, but due to their registered and certified commitment to social and environmental standards maintenance, B-Corporations will have a more lenient tax structure to deal with.
S-Corporation – Almost identical to a C-Corporation, the difference is in scale, as S-Corporations are only meant for small businesses, general partnerships and even sole proprietors. The main difference here is that due to the creation of a pass-through entity, aka a S-Corporation, the owner/owners do not have liability for business debt and legal disputes. They also are not taxed on the corporate slab.
Cooperative: Limited Application
A cooperation structure in most cases is a voluntary partnership of limited responsibilities that binds people in mutual interest - it is an inefficient structure due to the voluntary nature of its legal bindings, which often makes it unsuitable for traditional business operations. Nevertheless, the limited liability clause exempts all members of a cooperative from having personal liability for paying debts and settling claims.
This should clear up most of the confusion surrounding the core concepts and their suitability. In case you are wondering why the Professional Corporation structure wasn't mentioned, then that's because it has very limited applications. Meant for self-employed, skilled professionals or small organizations founded by them, they have less appeal now in comparison to an LLC or an S-Corporation.