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 Continue reading
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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 Continue reading
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. Continue reading
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 Continue reading
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 Continue reading
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 Continue reading
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?
Roth IRA Conversions After Tax Reform…Still a good idea? What are the implications for your family if you don’t spend all the money?
Twenty years ago, the Roth IRA first became available to investors as a financial tool for their estate planning needs. These accounts have maintained their popularity because unlike their traditional IRA counterpart, a Roth IRA provides account owners tax-free income during retirement. Continue reading
Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away
Preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning — including your business Continue reading
After Tax Reform, Is Estate Planning Still Necessary?
The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018, according Continue reading