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What is an LLP?

A limited liability partnership (LLP) is type of business structure in which all partners have limited liability for the business. That’s means they can’t be held personally liable if the company — or one of their partners — is sued.

In an LLP, all partners are allowed to participate in running the business. A company has to have at least two partners to become an LLP.

When it comes to taxes, LLPs avoid the double taxation that some types of corporations are subject to. In a partnership, the profits are taxed solely on the partners’ personal tax returns. In some other types of business formations, the profits are taxed first as corporate income tax and then the shareholders’ dividends are taxed on their personal tax returns...

You’ve probably heard of Maslow’s Hierarchy of Needs, right? Just in case you’ve been living under a rock — here is a quick recap:

In 1943, a psychologist named Abraham Maslow proposed that humans have a five “levels” of needs, usually drawn in the shape of a pyramid.

The needs at the bottom of the pyramid are physiological needs that are necessary for survival: food, water, warmth, rest.

The next level up is “safety,” followed by “belongingness and love,” then “esteem,” and, at the very top of the pyramid, “self-actualization.” The basic idea is that humans need to meet those basic needs first, before they can be concerned about the needs further up the pyramid.

Makes sense, right? You can’t really think about transcendence when your stom...

Trying to figure out a way to make those big startup business goals reachable? Not a fan of visual mapping or assigning each of your goals to a hierarchy?

Well, you’re in luck. Setting S.M.A.R.T goals is a tried and true method that has worked for a lot of people.

The idea of S.M.A.R.T. goals traces back to 1981 — so the meaning has changed a little big over the years. Originally, the acronym stood for

Specific

Measurable

Achievable

Relevant

Time bound

Over the years, different meanings have been added to those letters, but we’re going to stick with the old school, for now.

Specific

Let’s start with “Specific.” When you’re figuring out if your goal is specific enough, ask yourself the five “W” questions: Who, why, what, where and which. Fo...

Looking for minority business loans? You’re not the only one. It’s no secret that the tech world is overwhelming male and overwhelming white. Study after study has shown that not only do underrepresented groups pitch less to angel investors and venture capitalists, they also receive less money when they do pitch. And when it comes to loans? Same problem. Underrepresented groups consistently receive less money than white men on loans.

For example, a 2014 study from researchers at Brigham Young University recruited nine “mystery shoppers” to go and seek small business loans. Three were black; three were Hispanic; and three were white. They all wore the same clothing, had nearly identical backgrounds, and asked for $60,000 for identical busine...

Don’t miss out! Check out the previous editions here:

–Getting Your Idea Going: There is no perfect idea
–Getting Your Idea Going: Popular Excuses for Not Starting
–Getting Your Idea Going: When to Jump Ship
–Getting Your Idea Going: Don’t Quit your Day Job

A long, long time ago—in a galaxy far away, someone invented the myth that if you have a great business idea for a startup, you need to keep it top secret.

That you should shroud it in mystery, several Non-Disclosure Agreements and only share it with someone at a secret location at a prescribed time in a lead room—without any windows.

The myth went on that if someone were to hear your startup business idea—they would steal it! Ah, the idea thieves and their dastardly ways. The instant t...

Our minds approach solving big problems — or big business goals — differently. Some people are analytical; some people are logical; some people are creative; others are visual.

Visual Mapping

Visual mapping is a straightforward strategy that takes your largest business goal and breaks it down into chunks that you can easily act on.

If you’re the type of person who needs to see how everything connects, and the thought of putting everything into a spreadsheet makes you feel like sleeping — Well, you’re in luck, you visual learner, you. This business template is perfect for the way you think.

Alright, grab a pen and paper (or download our handy template here)

Go ahead and write your “ultimate business goal” right in the center. Then, write d...

Don’t miss out! Check out the previous editions here:

–Getting Your Idea Going: There is no perfect idea
–Getting Your Idea Going: Popular Excuses for Not Starting
–Getting Your Idea Going: When to Jump Ship
–Getting Your Idea Going: Don’t Quit your Day Job
–Getting Your Idea Going: Share your Idea with Everyone

Long before you set up shop and hang your shingle, your job as a Founder is to spend as many cycles as you can validating whether your business idea even merits a logo.

Validating your business idea isn’t a dark art. It’s literally asking people whether they would use or buy what you’d make.

The challenge is: How exactly do you go about doing that? Since most Founders are only validating a business idea for their first time, they d...

Looking for small business grants that are geared towards immigrants and minorities? Well, you’re not the only one. Business grants are often described as “free money,” so they tend to be pretty popular.

But, here at Startups, we hate the term “free money.” It’s a word that people throw around a lot when they’re talking about grants. The reason we don’t call small business grants “free money” is because they take a lot of work to get. And there’s a lot of competition, so oftentimes that work doesn’t even result in a payday. Sure, you don’t have to pay back a small business grant the way you do a business loan — but it’s certainly not “free money.”

However, we also understand that minority business grants can really boost a startup, if they ...

Although plenty of established corporations have begun to embrace niche areas of the green movement, they’re often slow to change. Consequently, achieving true sustainability can take a long time — but it doesn’t have to. Thanks to a new breed of disruptive entrepreneurs, the majority of vertical markets are tackling green initiatives and spurring widespread interest in smarter stewardship of natural resources.

This evolutionary process toward greener values, policies, and models hasn’t been lost on stakeholders. From the consumer to the employee to the potential new hire, people universally are increasing their expectations of brands when it comes to aligning with their environmental values. Investors know this innately; even larger ones a...

What are some aspects of business travel that startup leaders absolutely must invest in to help their companies in the long run?

Almost every traveler has an opinion about what’s worth the splurge, from programs like Global Entry to more indulgent items like upgrades and private guides. But unlike individual travelers, a company can’t use a single nice suitcase or pair of comfortable shoes for all its employees’ subsequent trips, so what should a business spend money on to make travel as productive, painless, and cost-effective as possible?

Here are my top five ideas:

1. Time

The old adage is true — saving time means money in business travel. An extra hour spent working is more useful than spending that hour in the back of a taxi or at a...