Business entities such as limited liability companies (LLCs) and corporations provide a number of benefits when operating a professional services business. Such benefits include the limitation of business liabilities from reaching personal assets as well as possible income tax advantages. Continue reading
How to Start Your Business Year Strong
It has been a tough couple of years for many small businesses, but, as the adage goes, what doesn’t kill you makes you stronger.
Small businesses that survived the challenges of 2020, 2021, and 2022—the worst pandemic in US history, a nationwide labor shortage, supply chain volatility, Continue reading
Legal Considerations for Buying an Existing Business
Some entrepreneurs love the challenge of starting a new business and creating everything from scratch. However, that may not be the best approach for everyone. Buying an existing business can eliminate the initial legwork of establishing a customer base, training employees, and securing Continue reading
Voting Rights in LLCs: Who Has a Voice?
On average, 4 million new businesses are started each year in the United States. Many of those businesses are organized as limited liability companies (LLCs). Combining the benefits of a corporation and a partnership, an LLC protects its members’ personal assets from business liabilities, Continue reading
How Hiring Employees Increases Your Legal Risks
When hiring a new worker, companies have two choices: bring a new employee on board or hire an independent contractor. One of the main benefits of having employees is that you have much more control over the work they do. You can train them how you want, specify the hours they work, Continue reading
Develop a Vacation Policy for Your Business
What do workers want most? Beyond a pay raise, one of the best ways to keep workers happy is to give them more paid time off (PTO). Contrary to what business owners and managers might think, vacation time has actually been shown to boost productivity.
Vacation is an issue that can Continue reading
When Should I Think about Selling my Business?
Part of the reward of being a small business owner is seeing your hard work pay off over the years. The many sacrifices you made for your business can all seem worth it on the day you close a deal to sell your company. But if you are dreaming of that day, it will take some work to Continue reading
How to Talk to Your Family About Business Succession
Benjamin Franklin famously quipped, “If you fail to plan, you are planning to fail.”
From the very beginning, you had a plan for your business to succeed. You set goals and developed methods to achieve those goals. Your business has stood the test of time because you anticipated problems Continue reading
How to Pay Yourself When You Own an LLC
One significant advantage of organizing your business as a limited liability company (LLC) is the flexibility it affords. The Internal Revenue Service (IRS) allows LLC owners to choose how their business will be taxed. As an LLC owner, you can be taxed as a sole proprietorship (if Continue reading
Using a Deferred Compensation Agreement in Your Business
The war for talent is heating up. A record number of workers have quit their jobs this year, creating a massive problem for employers. While higher pay can help get new workers in the door of your business, wages alone may not be enough to keep them there.
Employers are getting creative Continue reading