Month: September 2018

Understanding DBA and LLC: Which Is Better For Your Small Business

Starting a business is a huge step, and one of the worst things you can do is choose the wrong business type for your needs. Generally, choosing between DBA and LLC means either opting for a less costly option that still offers you a good business standing or a more expensive one that gives you protection and superior benefits. Platinum Paralegals team advises you to speak with your lawyer or contact us for advice on choosing between DBA and LLC before making your final decision. It is a complicated matter, and you want to be sure you are doing the right thing.

To help you understand this better, we are shedding some light on DB and LLC:

Benefits of an LLC

The benefits an LLC offers are multifold:

  • An LLC is provided personal liability protection
  • An LLC is a separate legal entity
  • An LLC is often preferred when employees will be hired, or liability is a possibility
  • The name of an LLC is the legal name and used when conducting business
  • An LLC provides much higher protection
  • An LLC makes expansion and selling a business much more comfortable as it does seeking funding

We advise you to find a company that offers both an LLC template and LLC Operating Agreement to start your business.

Benefits of DBA

Unlike LLC, DBA doesn’t provide similar benefits. A DBA will:

  • Leave liability with the person that registered the DBA
  • Not be a separate legal entity
  • Not see bylaws, agreements, and other formalities that a corporation may face

DBA is a pretty good option for businesses that are operating under an assumed name. If you are, say, offering freelance services while being a website owner, a DBA allows you to do business under your domain name legally.

Significant Distinctions between DBA vs. LLC

The primary difference between doing business as a DBA vs. LLC is financial. DBA is much more favorable if you want to save some money as it has only two fees: a) a registration fee, b) a renewal fee. Depending on the state, these two fees are generally charged every five years. An LLC, however, requires the payment of state taxes in most cases. It is why LLC is much more costly. Usually, these taxes are a flat fee.

Business owners who don’t want to incorporate usually choose a DBA. That way they can brand and promote themselves without having to deal with the requirements of an LLC.

The best way to choose between a DBA and an LLC is to take all your business’s aspect into consideration and act accordingly. What’s good for one company isn’t for the other, so make sure you consult with the right set of experts on the best options. Our team at Platinum Paralegals will be happy to hear you out, and guide you to find the best choice for your specific business and its operations.

The Importance of Healthcare Directives

Every American remembers the story of Terri Schiavo and the heartache that came with it. In case you didn’t follow up with this unfortunate tale, Terri was a young woman whose heart stopped at the age 25 but who was kept alive by machines for fifteen years. It was because her husband and parents couldn’t agree on what she would’ve wanted – to die peacefully or kept alive artificially. Had Terri had a health care directive, none of this would’ve happened.

If you are in a position where you want to secure yourself against situations like these but aren’t quite sure you know and understand how, here are a few questions answered to help you out:

What Is an Advance Health Care Directive?

An advance health care directive is a document directive naming an agent to make health care decisions for you in case you are not in the position to do so, i.e., are unable to. The agent can be anyone from an immediate family member, or a close relative, or to a neighbor you trust. A health care directive is a combination of a living will and a power of attorney for health care. The person entrusted with this role is the person who speaks to the doctors in case something happens to you.

How to Choose an Appropriate, Trustworthy Agent?

Choosing your health care agent isn’t a decision that should be made on impulse.  What is more, you want to select someone who is capable – both emotionally and morally – of making the most difficult decisions in your name, such as being or not kept alive under certain circumstances.

Do not feel obligated to name your parents or your spouse as your agent. Likewise, if you are the person being named whether by your spouse or someone else close to you, but you don’t feel comfortable being entrusted with a role of this magnitude, communicate your concerns and ask to be unnamed as a health care directive agent. Explain why you don’t feel okay with this role and encourage them to pick someone else who can handle a situation this serious.

What Are Other Provisions That Might Be Included in an Advance Health Care Directive?

Apart from being a legal document entrusting another person with a decision whether or not you should be kept alive, an advance health care directive is also enabling you to make your very detailed and specific end-of-life decisions known. It covers matters from whether or not you would want palliative care even if the dosage necessary to alleviate the pain speeds death. It also refers to the issues concerning your potential organ donation, autopsies, your place of burial and everything involved, along with everything else you may find relevant. An advance health care document is allowing for a virtually limitless number of options to specifically direct anything and everything concerning your wishes in case of your death.

Whether you are in a situation where you need to be thinking about your death, or you want to be responsible, getting a health care directive is the best thing you can do – for both yourself and your loved ones. Platinum Paralegals offers legal advice on any documentation you need, so don’t hesitate to talk to us about this matter.