Nike, the international company that creates, develops, and markets sports footwear, clothing, and accessories, is rumored to be owned by Michael Jordan. The reality, though, is far different. Despite having a long-standing relationship with Nike, Michael Jordan does not control the business.
In 1984, Jordan signed a contract with Nike and established the Air Jordan brand, which has since grown to become one of the most popular and recognizable in the footwear business. The Jordan Brand was established as a Nike subsidiary in 1997 by Jordan and Nike. Jordan, however, is not an owner of either the Jordan Brand or Nike.
Can one individual own an LLC, then? Yes, it is the answer. Limited responsibility Company, or LLC, is a corporate form that permits pass-through taxation and limits owners’ responsibility. One or more owners, sometimes referred to as members, are allowed in an LLC. Small business owners frequently use it since it is very simple to start up and operate. In relation to taxes, LLCs are not treated separately for tax purposes. Instead, the members receive a pass-through of the earnings and losses, which they then record on their individual tax returns. The LLC does not pay taxes on its own income in this situation, which is referred to as pass-through taxation.
Small business naming can be a creative and enjoyable process. But it’s crucial to pick a name that is original and not too close to the name of another company. You can use a trademark search engine or the website of your state’s secretary of state to look up available business names.
Finally, why not give your company your own name? Even while it might initially seem like a fantastic idea, naming your company after yourself can restrict its ability to expand. If your company is linked to your own name, it could be more challenging to sell it or add new partners in the future. Furthermore, it can make it more difficult to develop a distinctive brand identity.
The following are some conclusions: Michael Jordan does not own Nike, LLCs can be held by a single person, LLCs are taxed through pass-through taxation, picking a business name involves research, and naming your company after oneself may restrict its ability to develop.
You can trademark your name if it complies with certain criteria and is associated with a particular good or service. However, the procedure for trademarking a name can be complicated, therefore it is advised to get legal counsel to make sure your trademark is legally registered and not infringing on any already-existing trademarks.