There is no legal requirement for businesses to offer paid or unpaid vacation time to employees, but it is common knowledge (and common sense) that employees who occasionally take time off are more productive and engaged when they return to work. If you decide to offer vacation time to your employees, a well-drafted vacation policy will help to ensure that …
Federal law has required certain businesses to offer family and medical leave for decades. An increasing number of states have also enacted or considered passing laws requiring businesses to offer family and medical leave. For small businesses, these laws have distinct pros and cons. This article discusses some of the most important factors small business owners should keep in mind …
A small business that has invested substantial resources in developing a product or a customer base could be devastated if its employees then go to work for a competitor down the street or set up their own competing business. A noncompetition agreement is an important tool that could protect your business from former employees who could otherwise reveal or use …
Do you have certain key employees who help make your family business a success? Keeping those employees may be essential to a successful transition of ownership and management to your children or another new owner when you retire or pass away. A “stay bonus” (also called a retention bonus) is a strategy that is frequently used by large companies during …
The economy is booming, which is excellent news for small businesses, right? In general, it is great news for all businesses. However, it also presents some challenges, particularly for small businesses. According to the June 2019 National Federation of Independent Businesses (NFIB) Jobs Report, small business owners identified the difficulty of finding qualified employees as their single most important business …
As a small business owner, you may be considering using virtual workers to expand your workforce. A virtual worker is an employee who uses technology to complete their duties outside of the traditional workplace setting. Many businesses today find this workforce model quite attractive for several reasons. For one, having a virtual business work model allows employers to reduce the …
Thirty-three states and 150 municipalities and counties have enacted “ban-the-box” laws precluding employers from including questions about criminal history on employment applications. In many of these states, ban-the-box statutes apply only to public employers, but 13 states (including some of the most highly populated, such as California and Illinois) and 18 municipalities and counties have applied them to most or …
Despite your best efforts to work only with customers or clients you believe will pay for the goods or services your business provides and to diligently collect delinquent amounts owed, you will almost inevitably have to deal with bad debts on occasion. In some circumstances, the IRS allows you to take a bad debt deduction. What Is Considered a Business …
According to 2018 data provided by SCORE, the largest provider of volunteer business mentors in the United States, 77% of U.S. small businesses use social media for their sales, marketing, and customer service. If you plan to use social media to promote your business, a social media policy is essential to protect your business’s reputation and avoid litigation by preventing …
As your small business expands and evolves, it may make sense to consider changing its structure. Many small businesses start out as sole proprietorships or partnerships, with only one or two owners and no employees. Over time, as your business grows and changes, a more complex business structure may become beneficial. There are several key considerations in deciding whether a …
Many small business owners contend with collecting, reporting, and paying sales tax. Although there is currently no federal sales tax, 45 states, and many localities, as well as the District of Columbia, have a sales tax. Different taxing authorities have their own regulations, tax rates, exemptions, and deadlines, which can be quite confusing, especially for entrepreneurs who have just started …
Information is instantaneously available due to the rise of the internet. Additionally, many services that were not available in the past, including do-it-yourself (DIY) legal forms also exist. As a result, it is tempting to think that the forms provided by these DIY services can be a low-cost substitute for the services of an attorney. The reality is business owners …