Is your business legally structured as a proprietorship, a partnership, a regular corporation also called a C-corporation, a Sub-chapter S-corporation or a limited liability corporation?
Do you effectively have a managing partner or owner, or salaried manager who oversees day-to-day operations of the business?
How many members are on your company’s Board of Directors?
How many of those Board members currently own and operate their own business, or did own and operate one?
Do one or more of your Board members have legal expertise?
Do one or more of your Board members have finance expertise?
Do one or more of your Board members have marketing or sales expertise?
Does the Board of Directors exist as a true advisory body, or does it primarily exist to fill legal requirements?
Has the legal status of this business changed in the last three years?
What was the prior legal status? A proprietorship, a partnership, a C-corporation, an S-corporation, or an LLC?
Volume 4, Issue 7, 2004
ISSN - 1534-8326
William J. Dennis, Jr.
NFIB Research Foundation
NFIB's mission is to promote and protect the right of our members to own, operate and grow their businesses.
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