In corporate law, there are few more important concepts than that of the "Corporate Veil." This is the concept that protects shareholders from unlimited liability for the debts of the corporation.
In the olden days - that is to say, as recently as the 1980s - people weighing their business-formation options had relatively few choices as to form.
Whether an individual plans to start a business or has just started one, it's important to know the federal tax responsibilities he or she has. There are some basic tips the U.S. Internal Revenue Service (IRS) wants new business owners to know. For instance, it's important to know the type of business the company does early on. This may sound simple, but not many people decide if the business is an S corporation, sole proprietorship, limited liability company or partnership. Each type of business reports its activities differently on a federal tax form.
Although Harvard Business School graduates have been lukewarm about starting businesses in Boston, the city has much to offer a start-up company. The act of business formation should always take into account the benefits as well as the disadvantages of company start-ups, and Boston, which many feel is not friendly to entrepreneurs, can actually offer some benefits to the novice business owner. Although some experts state that entrepreneurs see Boston as having an inferior lifestyle and being unfriendly to business, the city has many advantages for business owners. Plenty of "start-up ready talent" is available in this college city, as well as mentorship from some of the country's best business owners. Boston is also full of people who have the vision to solve big business problems, including those who brainstorm creative solutions to the problems facing business owners.
Many Massachusetts residents wonder what it takes to be a successful entrepreneur. As jobs become scarce, a business formationgains in appeal to those who have always dreamed of owning their own company. However, venturing into the business world without the right tools can be disastrous.There are common traits among successful entrepreneurs, and it pays to study them so that you can evaluate your own personality and determine whether you have what it takes to run your own company. For example, one trait that most successful business owners share is passion for their work, which serves as a strong motivating factor. It is likewise imperative that they are also resilient and able to change with evolving realities in their field. Business owners must have a strong sense of themselves and be willing to listen to others who disagree.
Labor and utility costs could be blamed for the high cost of business formation in Massachusetts, according to a recent report. The Economic Competitiveness Benchmarking Report, published by the Business Leaders of Michigan, ranked each state's business climate in terms of obstacles and benefits. Massachusetts costs were said to be 22 percent more than the national average even though the Commonwealth scored well in the areas of education and talent. Experts are concerned that Massachusetts has reached a saturation point in terms of how many new business it can expect to support given the high cost of owning a company. Using figures from Moody's Analytics, experts state that Massachusetts business owners have higher costs than anywhere else in the country.
A business group in western Massachusetts has announced its endorsement of Mohegan Sun's business formation of a destination resort and casino in the city of Palmer. This new casino represents one of four proposals for the license granted to the region. The Quaboag Hills Chamber of Commerce cited the city's proximity to a major highway and four other states as factors in its decision to back the Mohegan Sun project. The Chamber expressed hopes that the casino will contribute to economic growth in the area. The Quaboag Chamber of Commerce represents businesses in 15 cities in the region. Mohegan Sun stated that it hopes to work in cooperation with the Chamber to promote an operator loyalty program for casino owners that will encourage local patronage of the business.
Companies interested in business formation for the purpose of selling medical marijuana are taking a closer look at Massachusetts. The state legalized the sale of marijuana for medical purposes in November's general election, and companies that already have stores in place to sell marijuana in other states are considering opening businesses in Massachusetts. One method of supplying marijuana is in pot-infused food products like sodas and chocolates; marijuana can even be added to bath salts. Companies are racing to put sales protocols and store locations in place to take advantage of the growing customer base as more states approve the medical and recreational use of the drug.
Massachusetts residents may have heard of the company Rectrix. In a recently announced new business formation, Rectrix Commercial Aviation Services has acquired the Westfield company AirFlyte Inc., which operates an executive terminal that offers full fixed-base operations to aviators and includes full-service maintenance facilities as well as hangars. Rectrix hopes that this acquisition will establish a "'strategic link'" in East Coast operations for the company. Rectrix was attracted to the purchase by AirFlyte's reputation among commercial aviators as a full-service site. Currently, AirFlyte is held in high regard and considered to be a valued asset for Rectrix, as they are reported to have explained that the pairing suits them well. The current president of AirFlyte will remain in his position during the acquisition to ensure continuity in operations and business.