Staying in control is the key to good governance and here are 4 key practices to help you. Practicing good governance of the LLC helps make the intent and purpose of the LLC clear to its members and to outside parties. These practices will help you in conflict by providing a clear picture of what you intended for the LLC. Read here on how to practice good governance.
One of the most important steps when starting your business is deciding what you will name it. Choosing a name takes a lot of work and research because you want to make sure you have a unique name. It is also important to make sure your business is easily found online and not confused with others. Here are some more important points regarding the name of your business.
There are many things you are thinking about when starting your new business and it can all easily get overwhelming. One of the biggest questions you ask yourself might be whether to form a limited liability company taxed as a partnership (LLC) or a corporation making an S election (S corp). We have summarized the similarities and differences between both here for you so you can have a better understanding before making this important decision.
Closing down your business for any reason requires steps that must be taken before you move on. It is important that you do this process the right way so that you are not facing any difficulties in the future and are not personally liable for anything. Here are some of the most important steps you must take during the process of closing down your business.
Having a trust isn’t enough, you need to make sure it is the right trust that will work for your loved ones. This trust is going to be a major player in their lives after your death and if you don’t create it in a way that will help them, it will create more stress for them. To make it easier and more efficient for your loved ones, you will need to make sure you have your trust set up the right way.
A lot of times, people hide their Wills or estate planning docs in secret locations where they'll likely never be found after their death. Or they'll put their Will in the care of unreliable caretakers, whom may forget they even have the documents and never truly know when is the right time to present it to the family after your death. Consider this illuminating case that winded its way through the NY court system and provides a cautionary tale about safeguarding your documents.
The lack of estate planning has lead Aretha Franklin’s family to lengthy court battles, major expenses and great amount of stress. Although a will would have been helpful, even a will could not have saved Aretha Franklin’s family from going to court, because of the size of her estate.
Regardless of your financial status, planning for incapacity or your eventual death is something that you should immediately address, especially if you have children. Here's what Aretha Franklin’s death taught us.
Talking to your children about money is a very important task and should be done in different stages. This conversation doesn’t happen all at once in one day, in fact you will need to consider their age before talking about family wealth and how it plays a role in their life. Here is how you should approach each stage when having “the money talk” with your children.
Taking a break from your business will not only help your business and employees, it will also help you mentally, physically, and/or spiritually. While it can be hard to leave your business that requires your daily attention, taking a break will benefit it in many ways. A retreat will help your employees gain great learning opportunities and helping you discover business ideas as well as connect with other entrepreneurs.