Assets, liabilities, and equity are accounting terms that every small business owner should be familiar with. They are included on a business’s balance sheet, providing a snapshot of financial health. A balance sheet shows a company’s assets and liabilities at a given time and how money is flowing in and out of the business. This information is useful to owners, …
The series limited liability company (LLC) is a type of business structure that allows a group of subunits called series to be owned in a tiered structure. At the top level is the “parent” or “umbrella” LLC. Below this are one or more “series.” Not all states allow series LLCs. In states that permit them, the laws vary on how …
Transitioning from being an employee to being self-employed is a goal of many American workers, and a growing number of workers have realized their goal in the wake of pandemic-related economic disruptions. Individuals often cite taking control of their career as a top motivating factor for being self-employed. Self-employment frequently starts as a side hustle that blossoms into a full-time …
Starting a limited liability company (LLC) takes a lot of work. Before you serve your first customer or fulfill your first order, it is important to complete the initial business formation process. Although starting a business is a significant achievement, small business owners cannot coast on past accomplishments. You must look to the future and the next steps. This includes …
On-the-job injuries are an unfortunate reality for many employers. Every year, millions of employees suffer injuries and illnesses in the workplace. While some industries have a higher risk of harm than others, you can expect to deal with an injured worker at some point, even if your team works from the relative safety of an office. Employers have legal responsibilities …
There is a lot riding on your small business. You have invested your money, time, and sweat equity to build a company that will be successful for years to come. Even if you make all the right business moves, unexpected costs can arise at any time. Accidents, natural disasters, data breaches, and other unexpected occurrences are an ever-present risk to …
Business owners who are interested in forming a new limited liability company (LLC) or converting their existing business to an LLC are probably familiar with the benefits of this entity type. While the LLC is a great fit for many companies, there are situations in which its disadvantages may outweigh its advantages. Depending on the business and its goals, incorporation …
Few dates evoke more trepidation among small business owners than tax day. But even after they have filed their tax return, they may not breathe a sigh of relief if they have concerns about getting audited. The April tax deadline is not the only important fiscal date for small businesses. Many people who own businesses must also make estimated tax …
Contracts are the foundation of modern business relationships. Contract law as we know it today originated in English common law, but contracts have been around since ancient times. Many of the earliest examples of contracts in history have the same characteristics—such as offer, acceptance, and consideration—that we currently recognize as elements of a legally binding agreement. Having a better understanding …
As a business executive, you are used to strategizing and creating goals as part of your job. But have you devoted time to strategizing and creating goals to protect yourself and your loved ones? If not, we are here to help you address some of the goals business executives often have when looking to their future. Protecting Your Hard-Earned Money …
Business owners must constantly weigh risks versus rewards when evaluating growth strategies. An example is owning commercial property, which involves more responsibilities and expenses than leasing a space. However, over the long term and in the right circumstances, commercial real estate may be a smart investment with a high upside. Buying a business property is a different process from buying …
Small businesses with fewer than 50 employees are not legally required to offer health insurance to employees, but health coverage is one of the most desirable job benefits. Approximately two-thirds of business owners provide health insurance as a way to hire and retain the best workers. Whether employer-sponsored health insurance is required by law or is offered as an optional …