5 Looming Disasters if You Don’t Have a Business Succession Plan
As a business owner, you have a lot of responsibilities resting on your shoulders. From your family to your clients, employees, and partners, there are a lot of people counting on you today and in the future. Do you have a business succession plan in place to make sure they’re all taken care of if […]
Starting a Business? You Need a Plan for Success
According to the Small Business Administration (SBA), 414,043 small businesses opened their doors in 2015 (most recent statistics), but 395,602 closed. Wow! The SBA also reports that only half of new businesses survive for five years or more, and only one-third survive for 10 years or more. The statistics prove there is no guarantee that […]
5 Common but Deadly Small Business Legal Mistakes
Thousands of small businesses open in the United States each year, but the number that survive and thrive for decades are in the minority. Many of these small businesses fail because small business owners make deadly legal mistakes, particularly in the early days—before and after they open their doors to customers. Don’t be among the […]
Confusing Employees and Independent Contractors: A Costly Risk
Employees and independent contractors are not the same, and the difference isn’t just that employees are on your payroll and independent contractors are not. It’s also not just that employees should sign employment agreements and independent contractors should sign independent contractor agreements. And it’s definitely not that you don’t have to provide medical benefits to […]
5 Secrets to Raise the Next Generation of Business Owners
For small business owners, one of the most important concerns—but also, one of the least often considered concerns—is who will run the business when the owner moves on. Whether you plan to retire or are unexpectedly forced to step away due to health or other problems, you need a plan in place to ensure your […]
5 Things You Should Do Right Now to Maintain Your Business Entity
One of the primary benefits of incorporating your business is ensuring that you (and any other co-owners of your business) aren’t held personally liable for the legal and financial obligations of the business. The business entity limits your liability by creating a corporate veil between your personal assets and the liabilities of the company, meaning […]
10 Tips to Hire a Great Business Lawyer
Have you ever hired a lawyer? Do you know someone who has? Whether you or someone you know has hired an attorney for personal or business matters, you’ve probably heard at least one horror story. That’s because few people do the necessary research to choose a great lawyer before they need one. It’s easy to […]
Non-Disclosure Agreements – 3 Choices Only You Can Make
You have a great idea for a new business, product, service, or method of doing something. You’ve developed a way to turn that idea into a tangible item, but you can’t actually make that item until you get some money. You approach investors with the hope that one of them will understand your vision and […]
11 Questions to Ask Before You Start a Business
Are you ready to start a business? Before you dive (or dive again if this isn’t your first rodeo) into the entrepreneurial world, make sure you’re prepared for the realities of business ownership. There are many things to consider when you’re trying to decide if you should become a business owner. Here are just a couple […]
Employee or Independent Contractor? How to Stay Out of Expensive Trouble
If you hire independent contractors to work for your business, you need to make sure that they aren’t actually considered employees in the eyes of the IRS. As many large and small companies have discovered (most recently Google, Amazon, and Uber), misclassifying workers can be expensive. In fact, it could destroy your business entirely, which […]