Larry

About Lawrence Gregory

This author has not yet filled in any details.
So far Lawrence Gregory has created 9 blog entries.

Making an S Corporation Election as a Married Business Owner

If you’re a married business owner and you want your business to be taxed as an S corporation, there are several things you need to know. The difference between community property and co-ownership of an asset Let’s take the example of owning a car. If you and your spouse are both on the title to [...]

2018-09-04T03:30:20+00:00

Are Your Trade Secrets Really Safe? 4 Steps To Safeguard Your Competitive Edge

A trade secret is a piece of information which is confidential, can be legally protected, and gives your company a competitive edge.  Lots of the most famous examples involve recipes: the formula for Coca Cola, McDonald’s Big Mac “secret sauce”, or that Mrs. Field’s chocolate chip cookie recipe that caused such a legal stir in [...]

2018-09-04T03:29:18+00:00

Employee Misclassification: The Fine Line between Non-Exempt & Exempt Employees

For as long as the Fair Labor Standards Act (FLSA) has governed the rules of employee classification, the confusion surrounding non-exempt and exempt classifications has continued.  Although many people generally view “non-exempts” as non-managers and “exempts” as managers, the truth is that there is a fine line between the two.  That line often gets employers [...]

2018-09-04T12:07:09+00:00

5 Steps to Take When Winding Down Your Business

There are many reasons business owners close up shop, including retirement, starting a new venture or, hopefully, because they’ve won the lottery.  No matter what the reason, it’s important to diligently wind down a business before moving on. Here are five steps to take: Reach consensus. If you’re a sole proprietor, then the only consensus [...]

2018-08-31T12:25:41+00:00

Laws, Rules, and Regulations That May Not Apply To Small Businesses

An extraordinary number of laws, rules, and regulations govern businesses and their employees.  A small business, however, may be exempt from one or more of them depending on its number of employees. For example: Discrimination Laws. Small businesses may be exempt from Title VII, the ADA and the ADEA: Title VII. Title VII prohibits employers [...]

2018-08-31T12:26:33+00:00

5 Reasons Your Single-Member LLC Needs an Operating Agreement

An operating agreement is a contract that controls your LLC’s operations as well as member interaction with each other and with the LLC. You may think that an operating agreement is not necessary for your single-member LLC - after all - why make an agreement with yourself? Is the Operating Agreement a Legal Requirement? Most [...]

2018-08-31T12:27:43+00:00

Follow This 8 Point Plan When Starting Your New Business

Starting a new business can seem overwhelming – especially when you’re doing it alone.  Creating a business plan will allow you to refine incomplete ideas, address areas you may have not yet considered, create a map so you know what to do next, and increase credibility for bank loans or investor funding. While you may [...]

2018-08-31T12:28:22+00:00

Independent Contractor or Employee: It’s Very Easy to Cross the Line

Many businesses prefer to hire independent contractors because there’s often less overhead and fewer expenses (i.e. taxes). However, classify an employee as an independent contractor and you’re in big trouble. Here’s how to legally differentiate between the two. Who Controls the Worker? This question is not always easy to answer.  According to the U.S. Internal [...]

2018-08-31T12:31:04+00:00

Is Your Business Market Ready?

Most people understand that if they want to sell their house, then in order to get the best sale price, a lot of work that needs to be done before it's listed on the market. Maybe the house needs a new roof, a fresh coat of paint, or at the very least a good de-cluttering [...]

2017-10-06T20:16:15+00:00