The entity you choose for your business affects everything contracted by your company. Your business entity will determine the amount of taxes you pay, what kind of records you keep, and how vulnerable your assets are to lawsuits. Among the different business entities, all companies should be one of the following legal structures: a sole proprietorship, partnership, corporation, or limited liability company (LLC).
When starting a business, you have to make a ton of decisions. Deciding what to name your company and hiring employees, what kind of products or services you should sell, and how to fund your operation, getting your business off the ground comes with a nearly endless number of decisions. Of all these decisions, perhaps none is more important or has a more significant impact on your success (or failure) than your choice of business entity structure.
In case you missed all of the commercials for floral arrangements that have been airing recently, here’s one final reminder: Mother’s Day is this Sunday, May 9th. But before you spend your money on something that will wilt and die within a week or two, consider getting Mom a truly priceless gift—a plan for her kids that provides her with peace of mind that, when something should happen to her and dad, her children will always be in the care of the people she knows, loves, and trusts.
Establishing and running a successful small business is an extremely rewarding experience. For small business owners, deciding when and how to sell your business is arguably even more consequential, but if you're guided by the right factors that should be considered before putting up the proverbial for sale sign, you can smoothly transition ownership of the small business you spent your lifetime building —and you can begin the next chapter of your life.
Setting up a trust is a great way of securing your assets, reduce tax obligations, and define the management of your estate according to your wishes, even if you're wealthy or not. It's the best decision to set up a trust while you still can since it has different types, and each has various tax consequences. Choose what's best for your family so that when the time comes that you're incapacitated, their future will be safe. Learn more to help you weigh decisions and make the right choice.
Due to government-mandated business closures and stay-home orders, many owners and employees of small businesses were forced to work virtually. Working virtually has shown promising benefits in employees' productivity, which many companies see as a significant idea to utilize and maintain remote workforces. However, there are factors to consider in implementing and managing remote workforces. Here are relevant factors to consider and preparations to implement.
Building your own business takes a lot of courage and considerations because it requires great effort to acquire some level of recognition an already established business may have. Yet if you feel that purchasing a business that is already in existence is the best option instead of starting one from the ground up, then you must critically consider the following before purchasing one.
As a business owner, you know that making good, fast decisions can be very challenging even under the best of circumstances. Now that we are in the unprecedented world because of the pandemic and making good decisions can be at its trickiest, it is critically important to look back at your principles when you established your business and to put a backup plan in place so you can move forward fully equipped with the right gear rather than being frozen with indecision, fighting for your life, or r
Owning copyright contents is one factor that contributes success to your business and registering your work with the U.S. Copyright Office makes it easier for you to be successful in a lawsuit against an infringer.
There are many things that you cannot predict but can prepare for, such as death. After your death, or even if you are disabled and unable to make decisions for yourself, you need to make sure someone, who is called your Agent, can make important decisions on your behalf. Your Agent should be someone you can trust and will carry out your wishes exactly the way you would like. Learn here the different types of agents everyone must have.