The Contract Shop® Knowledge Base

Business Setup

What is a sole proprietorship?

This is a business structure with no separation between the owner and the business. All profits are reported on the owner’s personal 1040 tax return.

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Written by The Contract Shop®
Updated 7 months ago

What is a DBA?

DBA, or doing business as, is your business’ assumed name.

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Written by The Contract Shop®
Updated 7 months ago

What is an LLC?

An LLC, or a limited liability company, offers the flexibility of a sole proprietorship without the same risks.

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Written by The Contract Shop®
Updated 7 months ago

What is a corporation?

There are two types of corporations: C corps and S corprs.

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Written by The Contract Shop®
Updated 7 months ago

How do I file an LLC?

Tip: It varies state by state

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Written by The Contract Shop®
Updated 7 months ago
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Intellectual Property

What is a copyright?

A copyright is created automatically when you create a unique work

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Written by The Contract Shop®
Updated 7 months ago

What is a patent?

Patents are intended to prevent others from making, using, or selling your invention.

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Written by The Contract Shop®
Updated 7 months ago

What is a trademark?

A trademark is a word, phrase, or symbol that distinguishes a source of goods.

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Written by The Contract Shop®
Updated 7 months ago

Additional articles

What is a contract?

A contract is a legally binding agreement between two or more parties to exchange something of value (ex. providing services in exchange for payment).

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Written by The Contract Shop®
Updated 7 months ago

What is a service agreement?

A service agreement is a document outlining the agreement between someone who provides services, like a graphic designer or virtual assistant, and their clients.

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Written by The Contract Shop®
Updated 7 months ago

What is a contract template?

A contract template is a boilerplate or standard contract for you to use when hiring contractors, selling services or products, entering into a business relationship, etc.

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Written by The Contract Shop®
Updated 7 months ago

What is a liability waiver?

By creating a liability waiver for your services or events, you can remove liability for those risks. 

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Written by The Contract Shop®
Updated 7 months ago

What is a Non-Disclosure Agreement (NDA)?

NDAs are for before you sign a service agreement.

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Written by The Contract Shop®
Updated 7 months ago

What is an Independent Contractor?

Spoiler alert: An independent contractor is not the same as an employee!

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Written by The Contract Shop®
Updated 7 months ago

What's the difference between an independent contractor and an employee?

There are 3 factors the IRS uses to compare an employee vs. a contractor

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Written by The Contract Shop®
Updated 7 months ago

Do I need an LLC Operating Agreement?

If you're an LLC partnership, the answer's yes!

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Written by The Contract Shop®
Updated 7 months ago