Every company has a key person that provides a significant, direct economic benefit to the business. This key person is one of the pillars to your business and their loss can be detrimental. You may have multiple key people that help keep your business running, so it is very important that you are prepared for their absence. Here is how you can make sure your company is prepared for the worst.
Making sure your employee handbook is well-drafted will not only set out your company’s policies and establish expectations, but it will also protect your business from potentially costly litigation. If poorly drafted, your employee handbook could open the door to contractual liability. Here are a few tips on drafting an employee handbook that will serve your company well.
Engaging with your community has benefits for both you and the community. There are many ways you can help your community including donations and services. Community engagement can mean supporting individual employees’ community efforts or organizing company-wide volunteer events in your local community. Here are ways you can engage with your community.
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.
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.
You might think your corporation and limited liability company (LLC) will protect your personal assets, that may not be the case if you aren’t careful in the way you’re running your business or handling finances. There are several circumstances that can lead you to be personally liable for corporate or LLC debt. Here are some things to consider if are thinking of incorporating or already own a corporation or LLC.