Cash is the lifeblood of any business. Far too many businesses, most owners do not adequately manage their cash flow. Trying to manage a business without properly controlling your cash flow is like fighting a rising tide. Even if your company earns a solid profit, you may have cash flow problems from time to time, especially true during the first few years of operation.
Get savvy about growing your cash flow by applying these five techniques to avoid entering the ranks of insolvent companies.
Moving a business to another state involves several decisions and steps. A business owner may relocate a business for various reasons, including increased real estate costs, business taxes, business regulations, changes in the target market, or even personal or family reasons. But relocating your residence from one state to another is much more complicated and difficult to determine what to do first because the steps needed for a successful move vary depending on your business structure.
Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax law (increase in personal and capital gains tax rates, etc.). Yet, the proposed law is still under consideration and far from being finalized. If your business or personal finances stand to be impacted by any of these changes, you must act quickly to ensure that whatever actions need to be taken can be planned and executed before the end of the year.
One of the biggest benefits of running a family business is being able to employ your minor children. By hiring your kids, you have the opportunity to teach them the value of hard work, give them experience managing money, and support them to save for their future. Plus, employing your minor children also comes with some substantial tax-saving benefits. And with the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, those benefits are now better than ever.
Growing your small business can be tricky. In fact, rapid growth can actually harm your company if you don't plan properly. And, even if you've implemented processes, technology, and outsourcing to deliver your core product or service and maximize growth efficiently, your company is still at risk if it doesn't have effective legal, insurance, tax, and financial (LIFT) systems. In fact, without solid LIFT systems, your business is just one accident, audit, or lawsuit away from ruin.
Wills and trusts are two of the most commonly used estate planning documents. Both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, but the way in which they work is quite different. To know the best way to determine whether or not your estate plan should include a will, living trust, or some combination of the two, meet a Personal Family Lawyer for a Family Wealth Planning Session.
Remote work offers a number of benefits for both you and your team. Without a physical office, startup costs and overhead are significantly lowered. But running a remote workforce also comes with its own unique challenges. This is especially true when it comes to managing your team and keeping them engaged and motivated. With this in mind, adopt these three strategies to engage better and manage your remote workforce.
Although DMX was successful in music and movies, the rap icon experienced serious legal and financial problems. His story proves that regardless of your financial status, planning for your potential incapacity and eventual death is something you should take care of, especially if you have children. The saddest part of this whole situation is that all the conflict, expense, and trauma that DMX’s loved ones are likely to endure could have been prevented with comprehensive estate planning.
As more and more businesses take advantage of the benefits of using independent contractors (ICs) in lieu of full-time employees, the line between worker classification can get easily blurred. Though independent contractors can give your company an edge in today's "gig economy", but misclassifying your workers can cause you big-time in penalties, including fines, back taxes, and unpaid benefits.
Legendary hip hop artist Earl Simmons, known as DMX, passed away at age 50 after suffering a heart attack. Despite selling more than 74 million albums and enjoying a wildly successful career in music and movies, DMX, who died without a will, left behind an estate that some estimates report being millions of dollars in debt. With so much wealth and so many children, his failure to create an estate plan will likely mean his loved ones will be stuck battling each other in court for years to come.