Almost everyone wants to be the good guy. Engaging your business in the local community through volunteerism and charitable giving can have a positive impact both on your business and in your community. The more public-facing your business is and the larger your staff grows, the more opportunities your business will have to be the good guy as employees and …
The marijuana industry is huge and growing. In 2017, legal marijuana was a $1.5 billion industry in Colorado alone according to data from the Colorado Department of Revenue, and it has been identified by many analysts as one of the fastest growing industries in the United States. To date, 33 states and the District of Columbia have legalized either medical …
Determining who will manage the day-to-day affairs of your business is an important decision. You need to know, at the outset, who will manage operations, both for the success of your business and because the Limited Liability Company (LLC) operating agreement demands it. Luckily, LLC operating agreements are very flexible and the management structure can be tailored for your business. …
As a member of an LLC, you may owe a fiduciary duty to the company. The two key fiduciary duties are the duty of loyalty and the duty of care. Whether you have a fiduciary duty will depend on the LLC’s management structure and whether you have management responsibilities. Understanding your duties is essential to avoiding liability. What is a …
You’ve likely protected your business with general liability coverage, property insurance, commercial automobile coverage, and workers’ compensation insurance. But for some businesses, operations would come to a grinding halt without certain essential contributors—key persons as we call them. If your business includes any key persons, key-person insurance should be a part of your business insurance planning. What is a key …
You may have done your homework and weighed your options. Perhaps you’ve even considered the tax and non-tax implications for common business entities. We bet you’re also intrigued by the protections certain business entities afford their owners. The “corporate veil” that protects personal assets of the business owners can make a corporation or limited liability company (LLC) look very attractive. …
Although the main purpose of a job description is to, well, describe a job – it actually serves a much bigger role. In fact, a job description can improve a company’s ability to manage employees in many ways. A well-written job description will do the following: Clarify expectations. Employers need to spell out their expectations of what an employee should …
All successful businesses do their best to save money, improve efficiency, and increase profits whenever and wherever possible. This is especially necessary for small businesses on a tight budget. While there are numerous ways to save money, these eight cost-saving measures are among the easiest to implement: Bargain. Bargaining with vendors is one way to save money. Examples are working …
Coming up with a great idea that can be turned into a prosperous business venture takes a certain talent. Knowing how to get your great idea financed and properly managed, takes another. However, it may be easier than you think. What You Need, What You’ve Got, and Where to Get the Rest If you think you’re in over your head …
Employee handbooks address the who, what, where, why, and how of your business operations. Your employee handbook will protect you and your business by setting appropriate expectations, and providing consistency for your employees when situations arise. What Information Should an Employee Handbook Include? Ideally, employee handbooks address anything significant related to your company, employees, operating policies, and applicable laws – …
Entrepreneurship has been called the new American dream. Hanging a shingle starts with an idea that develops into a business plan, but not without careful financial and legal considerations. Among the decisions that new business owners grapple with is whether to form a limited liability company taxed as a partnership (LLC) or a corporation making an S election (S corp).* …