January is when we turn the calendar ahead to a new year that is full of hope and fresh opportunities. Recognized as Financial Wellness Month, January is an ideal time to set business goals for the upcoming calendar year. Achieving business wellness in 2023 can go a long way toward improving your overall physical health. Financial health and personal health …
A balance sheet is a financial statement that provides a snapshot of a company’s financials at a specific time. Also known as a statement of financial position, a balance sheet shows what the company owns that can be converted to cash (assets), its debts and financial obligations (liabilities), and its net worth (owner’s equity or shareholder’s equity). By knowing the …
Some of us remember when, to sign a document, it was necessary to print out the form, physically sign it, scan the signed document, and then send it as an email attachment. Electronic signatures have made this process all but obsolete. Nowadays, for most transactions that require us to sign our name, we can apply a digital signature that satisfies …
It is a long-held capitalist axiom that businesses exist solely to make a profit. Typical for-profit corporations are legally required to act in the best interests of their shareholders, which means maximizing profits—often at the expense of other considerations. In fact, failure to focus strictly on profits can expose corporate leadership to shareholder litigation. But this exclusive focus on profits, …
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, avoids double taxation, and provides flexibility regarding its operations, management, and financial and voting rights. While …
You are probably aware of employment laws that could create liabilities if your company fails to comply with them. However, even before a person becomes an employee, certain antidiscrimination laws protect them during the application process. Most employers must comply with employment laws enforced by the U.S. Equal Employment Opportunity Commission (EEOC). Your state, county, city, or town may also …
Starting a small business entails significant risk. You forego the security of a steady paycheck to create economic opportunities for yourself. Business failure rates have remained steady over the years, but the statistics are pretty daunting: by the five-year mark, around half of small businesses have failed. While the reasons for small business failure vary, it almost always comes down …
Both running a successful business and having a successful marriage require commitment and hard work. Operating a business as a married couple can present its share of challenges, but being devoted to one another as spouses and as business partners can bring higher levels of accountability and trust to the business. If you and your spouse can find ways to …
Employers in Illinois should be mindful of certain new obligations arising under the Illinois Consumer Coverage Disclosure Act (“the Act”) (820 ILCS 46), which came into effect on August 27, 2021. The new Act applies to all Illinois employers that provide group health insurance coverage. What the Consumer Coverage Disclosure Act Requires The Act requires that Illinois employers give their …