February Business Mixer
On February 25, 2016, Thomas A. Ogar, Esq., was our keynote speaker and covered the Topic “How to Choose Your Business/Legal Structure.” He listed the types of four business organizational structures, which are:
- Sole Proprietorship – owned and operated by one individual.
- Partnership – the relationship between two or more persons who join together to carry on a trade or business.
- Corporation – is an entity created under state law with a legal existence separate and apart from its shareholders.
- Limited Liability Companies (LLC) – including a single member limited liability company (SMLLC), is another entity created under state law with a legal existence separate and apart from its members.
- Non profit– any social, civil, religious, political subdivision or educational organization that has been federally recognized thus qualifying them to be exempt from Connecticut sales and use taxes. An organization that was issued a federal Determination Letter of exemption under Section 50l(c)(3) or (13) of the Internal Revenue Code is a ”qualifying organization” for the purposes of the exemption from sales and use taxes.
However, he focused on sole proprietorship and limited liability company (LLC). He highlighted the benefits and disadvantages of these two structures. The key difference between these two structures is that sole proprietorship does not protect you from any liability that you may face in the course of doing business. On the other hand, a limited liability structure will protect you from personal liability doing the course of doing business. The liability is limited to the company and not to any personal asset.
It was a very informative session and lots of learning took place. Even if you don’t have a business, we are encouraging you to come out to these sessions. It is an opportunity for you to learn about the business community and become informed consumers. The events are held at the West Indian Social Club in the Founders’ Room.
February’s event was moderated by Jacqueline Thomas, Jacqueline’s Event Planning/Certified Bridal Consultant.