This video explores information gathering to inform decisions about choosing a business organization form from among a recently expanded “menu” of options (which includes corporations, limited liability companies, various types of partnerships, and other possibilities to consider); the relationship between that decision and desired federal income tax status; why securities regulation is relevant to the “Choice of Entity” decision and to raising capital in compliance securities laws; and some common mistakes (such as “accidental partnerships” and incomplete documents).
Host: Evan Absher, Assistant Clinical Professor, UMKC School of Law.
Featured Presenter: Adrienne B. Haynes, Managing Partner, SEED Law, LLC.
Published: April 9, 2025.
Run Time: Approx. 11 minutes.
Grant support: This video was funded by a grant from the Ewing Marion Kauffman Foundation to UMKC as Grantee. The contents of this video are solely the responsibility of Grantee.
Resources list
(Last updated 4-9-2025)
THE FOLLOWING LIST OF SELECTED RESOURCES ON SOME LEGAL ISSUES FOR BUSINESS STARTUPS UNDER LAWS IN THE U.S. IS PROVIDED HERE SOLELY FOR GENERAL INFORMATION AND EDUCATIONAL PURPOSES AND NOT AS LEGAL ADVICE. ANYONE CONTEMPLATING AN ACTUAL BUSINESS VENTURE, TRANSACTION, OR OTHER ENDEAVOR SHOULD CONSIDER ENGAGING QUALIFIED LEGAL COUNSEL FOR RELATED LEGAL ADVICE. AT THE END OF THIS LIST IS SOME GENERAL INFORMATION FOR ENTREPRENEURS REGARDING WAYS TO ACCESS LEGAL COUNSEL.
Regarding Types of Business Entities:
- For some information on common types of business entities in the U.S., see Small Business Administration website at https://www.sba.gov/business-guide/launch-your-business/choose-business-structure
- For some information and various linked resources regarding new types of business organizations that have emerged since 2008 for ventures with one or more social purposes that have owners who may receive distributions of profits—as contrasted with tax-exempt nonprofit organizations that cannot have such owners—see: “Social Enterprise Law Tracker” maintained by New York University at https://socentlawtracker.org/#/map
Regarding Federal Tax Classifications of Business Entities:
- For some information about federal tax classifications of business entities formed under laws in the U.S., see Internal Revenue Service website at https://www.irs.gov/individuals/international-taxpayers/classification-of-taxpayers-for-us-tax-purposes and https://www.irs.gov/faqs/small-business-self-employed-other-business/entities
Regarding Securities Regulation:
- For some information about “Common Startup Securities” and federal securities regulation, see the U.S. Securities & Exchange Commission (SEC) website at https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/common-startup-securities
- For some information regarding “Private Companies and the SEC” and federal regulation of capital raising through the offer and sale of securities, see https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/private-companies-sec
- For some information about securities regulation by states in the U.S., see https://www.nasaa.org/ and https://www.nasaa.org/contact-your-regulator/
Regarding Starting a Business Filings/Registrations/Permits/Licenses:
- For some information on “Steps for a Staring a Business” in Missouri, see the Missouri Secretary of State’s Websites at https://www.sos.mo.gov/business/outreach/starting_steps
- For a “New Employer” guides with some information about Missouri’s labor laws and registrations, see Missouri Department of Labor and Industrial Relations website at https://labor.mo.gov/quick-guide-new-employers and https://labor.mo.gov/media/pdf/new-employer-registration-guide
- For some information on how to “Register a Business” in Kansas, see https://ksbiz.kansas.gov/register-your-business/
- For some services for Employers in Kansas, including a link to an “Employer Toolkit,” see https://www.dol.ks.gov/employers/employer-services
- NOTE: Websites with information similar to that found on the Missouri and Kansas sites listed above are available in many states across the U.S.
SOME INFORMATION ON ACCESSING LEGAL COUNSEL
For some information on ways entrepreneurs can access legal services in connection with their business endeavors, see:
- Regarding Finding Lawyers generally, see https://eshiplaw.org/resources/resource-links/22-accessing-legal-services/56-lawyer-referral-networks
- For some information about seeking Affordable Legal Services, see https://eshiplaw.org/resources/resource-links/22-accessing-legal-services/54-affordable-legal-services
- For a state-by-state index of Clinics at U.S. Law Schools that provide legal services on various types of entrepreneurship and transactional matters, see https://eshiplaw.org/entrepreneurship-clinics-map
Watch the other Run the Traps video:
