The internet has been a game changer for small businesses, allowing them to reach new markets, hire nonlocal talent, and compete with larger companies. Not having an online presence where customers can discover and interact with your business is now almost unthinkable. You may also have remote team members and vendor partners that are vital to your success. But the …
In the bustling and competitive landscape of New York City, small business owners and entrepreneurs face numerous challenges. Building a unique brand that stands out in the crowd is no easy task, but it is essential for success. One powerful tool that can help safeguard your brand identity is securing a trademark. Whether it’s a word mark or a design …
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 …