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MICHEAL HILES -Question for you

by John Durham
7 replies
I figured I ask it here so others could benefit from the Answers as well.

What is the difference between an association and a corporation?

Is an association when two companies merge to form a union on specific projects?

Im am asking because I have a business partner, we do projects, however we both have our businesses... Our unified projects are becoming quite significant and worth forming binding agreements over...

The thought 'Quantum Leap Marketing Associates" comes to mind... What would that mean by definition?

I like the ring.

Thanks.

I guess if you arent Hiles and you can answer that would be great too and appreciated!
#hiles #micheal #question
  • Profile picture of the author James Clark
    This is just a guess. I spent most of my adult life working in Corporation. I think you could narrow it down a little by indicating what country you are talking about.
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  • Profile picture of the author John Durham
    Good Point.

    USA

    I constantly have to work on being presumptuous in that regard. My apologies. Thanks for reminding me of consideration.
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  • Profile picture of the author sbucciarel
    Banned
    Paging Michael Hiles ... Michael Hiles please pick up the white courtesy phone in the lobby

    Original Source: Caliban
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  • Profile picture of the author Mike Grant
    Originally Posted by John Durham View Post

    I figured I ask it here so others could benefit from the Answers as well.

    What is the difference between an association and a corporation?

    Is an association when two companies merge to form a union on specific projects?

    Im am asking because I have a business partner, we do projects, however we both have our businesses... Our unified projects are becoming quite significant and worth forming binding agreements over...

    The thought 'Quantum Leap Marketing Associates" comes to mind... What would that mean by definition?

    I like the ring.

    Thanks.

    I guess if you arent Hiles and you can answer that would be great too and appreciated!
    Some forms of incorporation are titled differently in various states. Some use Professional Association (PA) vs. LLC, PLLC, etc.

    You should be able to get by with filing a DBA after ensuring the name isn't in use.

    In other states where they're different, corporations have more of a liability protection vs. a PA (association). The PA is much more relaxed in formation, filing, meeting minutes, etc. Think of it like a formal handshake, so to speak.

    edit:

    Sorry, I keep adding more as more come to mind. Here in FL, certain professionals can't form an LLC but can form a PLLC. Pretty sure the PLLC comes with a franchise tax in FL, too.
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  • Profile picture of the author Tsnyder
    Well... I'm not Michael Hiles but an Association is, basically, a group
    of people banded together for a common purpose such as the promotion
    of a trade group... think home builders association. They have a common
    interest but do not have ownership or control of each others businesses.

    The difference between that and a corporation is self evident.

    Tsnyder
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    • Profile picture of the author John Durham
      Originally Posted by Tsnyder View Post

      Well... I'm not Michael Hiles but an Association is, basically, a group
      of people banded together for a common purpose such as the promotion
      of a trade group... think home builders association. They have a common
      interest but do not have ownership or control of each others businesses.

      The difference between that and a corporation is self evident.

      Tsnyder
      Thanks! Thats the kind of hardcore info I was looking for. Turns out I was about right. So two web design companies forimg a JV could do so under such a name as "Quantum Leap Marketing Associates"... Hmmm. Wow. I was hoping you would keep going. Good info.

      So an association is an entity formed or made up of more than one company, in a nutshell.

      I see that if you consistently jv with the same partners alot, something like that might be appropriate. Just to give the group a face or name.

      A: I have a brand
      B: My project partner has a brand

      But the projects we do TOGETHER are worthy of being branded themselves, and so this is a good solution it seems. An Association.

      Ps. @ Mike Grant. I like your term "Formal Handshake".

      Thanks for the great answers guys.
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      • Profile picture of the author Tsnyder
        Originally Posted by John Durham View Post

        Thanks! Thats the kind of hardcore info I was looking for. Turns out I was about right. So two web design companies forimg a JV could do so under such a name as "Quantum Leap Marketing Associates"... Hmmm. Wow. I was hoping you would keep going. Good info.

        So an association is an entity formed or made up of more than one company, in a nutshell.

        I see that if you consistently jv with the same partners alot, something like that might be appropriate. Just to give the group a face or name.

        A: I have a brand
        B: My project partner has a brand

        But the projects we do TOGETHER are worthy of being branded themselves, and so this is a good solution it seems. An Association.

        Ps. @ Mike Grant. I like your term "Formal Handshake".

        Thanks for the great answers guys.
        Actually...

        An association is an entity that is generally formed for
        the purpose of accomplishing something more efficiently
        than any of the members could accomplish alone.

        Think activities like political lobbying on an ongoing basis.

        What you seem to be describing would be joint ventures
        on a somewhat limited basis for the sole purpose of pursuing
        profit directly from the activity. For that sort of thing I'd
        personally be more inclined to implement partnership agreements.

        Tsnyder
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