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Small Business Terms

that EVERY small business owner should know!

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B-corporation

B-corporation is an entity designation for a corporation with an environmental angle to their process, product or service.

Employer 
Identitification Number

Commonly known as an EIN, the Employment Identification Number is a number assigned to your business by the Internal Revenue Service (IRS). Not all businesses need an EIN. 

You can find info on EINs here IRS.gov.

Limited Liability Company

The term 'limited liability' means that all company assets and debts remain separate from the company's owner(s). So if a company goes bankrupt, its creditors cannot go after the owner's property or assets. The LLC determination is made when you register your business through your state to receive an Articles of Incorporation.

Sole Proprietor

A Sole Proprietor is a business owner who is doing business using his/hers/their personal Social Security Number. All income and expenses are filed on your personal tax form 1040. Small business owners can be sued directly. 

Partnership

This IRS designation is made when two or more people want to go into business together. Just like a sole proprietor, the profits and losses pass through to its owners. The IRS tax form filed is the Form 1065. You can find out more about Partnerships at IRS.gov.

SMALL business Terms book coming soon

Introducing Lena's SMALL business terms from Accessibility to Zoning !

S-Corporation

IRS describes S-corps as corporations where corporate income, losses, deductions, and credits pass right on through to its shareholders. The "S" means "Sub-Chapter." The tax form filed is the 1120S. You will also need to file a Schedule K-1 for each of your shareholders. Fine more on S-corps at IRS.gov.

Accessibility

Accessibility has two meanings. To be accessible is to be approachable, or easy to reach. Accessibility also has to do with the ease of use for those with disabilities. May include physical accessibility ramps and widened doorways, but may also include ability to access your website, as in ADA compliance.

Branding

Branding is your businesses attributes and personality. A logo is not the only thing that considered branding. Branding can ALSO include your company's color scheme, font, wording, and even  jingles or music. What does your brand SAY?

Brand Recognition

Branding is recognition of your business by the public. The giant M is the best example. We know the kids will holler for McDonald's. They can't read, but the know that M stands for. The Nike swoosh. The Target target. Wal-Mart star. THAT is brand REGCOGNITION.

Content Pillars

As they relate to marketing and content creation, content pillars are TYPES of INFORMATION that should be conveyed to your client base in order to draw proper engagement. There are four pillars you should be including in your company's marketing strategy: Educate. Showcase. Entertain. Advertise.

Non-Disclosure Agreement

A NONDISCLOSURE AGREEMENT, aka NDA, is a micro contract which PROHIBITS the person/company on the RECEIVING end of business information from disclosing (TELLING SOMEONE ELSE) or pursuing your idea for the length of time specified in the NDA. 

Nonprofit (501c3)

Nonprofit (501c3) is a federal designation status given by the Internal Revenue Service for those businesses meeting the charitable, educational or religious criteria.

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