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Jimmy Verner

Limited Liability Companies for Social Entrepreneurs

A popular alternative to for-profit corporations is the limited liability company (the LLC). Wyoming was the first state to pass limited liability company legislation, in 1977. Passage by other states was slow because a question existed whether an LLC would be taxed as a corporation or as a partnership. If taxed as a partnership, then…

Environmentally Friendly Shampoos & Conditioners

According to The B Corp Handbook by Ryan Honeyman, a Benefit Corporation should ask itself five general questions to guide decision-making. They are: 1. Is it good for workers? 2. Is it good for the community? 3. Is it good for the environment? 4. Is it good for the long term? 5. Is it good…

Benefit Corporation Workshop at The Grove

The Grove is a coworking space in Downtown Dallas. It promotes social enterprises, or in other words, doing well while doing good. From the website: The Grove, Dallas is a diverse collaborative coworking community. We are freelancers, web designers, full-stack developers, multi-city marketing and urban design firms, organizations digging water wells in Africa, lawyers and…

Opening the Bank Account

At this point, Bruno’s Place LLC has a Certificate of Formation from the State of Texas and an Employer Identification Number from the IRS. It’s time to open a bank account. As it turned out, we should say set aside time to open a bank account. What should have taken 15 minutes stretched into an…

Paperwork: Tax Election and Assumed Names

According to the IRS, if you organize as a corporation, by default you are a “C” corporation, which means that corporate earnings are taxed at the corporate level. When profits are distributed, they are taxed to individual shareholders. Thus, there can be double taxation. For that reason, many corporations elect “Subchapter S” status, which means…

Bruno’s Place Becomes an LLC

After trying and trying to find a place to lease in or near Dallas’ Bishop Arts district, Rochelle, my wife, struck gold. She found a perfectly suited spot at 1019 W. Bishop Avenue. So it was time to get Bruno’s Place LLC organized. We don’t anticipate investors, at least right now. So we decided on…

Bruno’s Place, Our B Corp

Once upon a time, we had a dog named Bruno. Bruno was one-half German Shepherd and one-half St. Bernard. Bruno was the best dog ever. Bruno loved everyone, and everyone loved Bruno. Kids could lie on him, tug on him, roll around on him and Bruno thought it was fun. Bruno used to roam around…

Business Formats and Benefit Corporations

After I spoke to Prof. Khavul’s Social Entrepreneurship and Innovation Class, The Grove (where I am a member) and I arranged for me to present a variation on that lecture. We would talk not just about business entities but would discuss benefit corporations. The format would be “Toolbox,” which means an informal discussion over brown-bag…

Guest Lecturer, Social Entrepreneurship and Innovation Class

On October 6, 2016, I had the pleasure of speaking with Dr. Susanna Khavul’s seminar “Social Entrepreneurship and Innovation” in the College of Business at the University of Texas at Arlington. First, I spoke about the various types of business entities that social entrepreneurs can use. I then discussed the “benefit corporation” movement by which…

For-Profit Corporations as Social Enterprises

Today’s business entity is the best known: The for-profit corporation. In some ways, a for-profit corporation is like a limited partnership. In both entities, there are investors and management. But unlike a limited partner, an investor in a corporation – a shareholder – is not liable for the acts of the corporation even if the…