In a matter of weeks, the COVID-19 pandemic has impacted the world and forced communities to reevaluate everything. Despite the unpredictability that has accompanied this global crisis, it is not too late to implement changes to protect you, your employees, and your business. Here are some tips and strategies to help you navigate these challenges and the ones to come. …
As small business owners grapple with the economic realities of nationwide stay-home orders and social distancing mandates, legislatures have been updating laws and developing new programs to keep the economy afloat. The latest and most groundbreaking is the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2.2 trillion stimulus package aimed at supporting individuals, businesses, and governments now and …
If you have decided to start a business and are researching the available business entity types, you may repeatedly come across the terms “limited liability company” and “LLC,” but you might not understand what this type of entity is or whether it is right for you. A limited liability company (LLC) is a business entity that protects its owners, referred …
Unfortunately, most businesses must deal with non-paying customers at least occasionally. You can safeguard the time and money you have invested in your small business by taking several steps, both to lessen the likelihood of nonpayment and to obtain the amount owed once a customer has failed to make a timely payment. Be Proactive Screen potential customers in advance. Particularly …
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 …
Most small business owners will occasionally have to face the unpleasant task of firing an employee. Small businesses, in particular, rely heavily on each employee. An underperforming employee may not only lower the morale of other employees who have to pick up the slack, but may also jeopardize the success of the business. When an employee must be terminated, it …
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 …
As the economy improves, more and more entrepreneurs are considering starting or expanding their small businesses. However, most small business owners do not have the financial resources to do this without obtaining outside funding. If you are looking for funding for your business, you will need to provide prospective funders with a well-thought-out and professional business plan, regardless of the …
At the end of September, the Department of Labor issued a new overtime pay rule that will take effect on January 1, 2020. According to the Department of Labor, the new rule will make 1.3 million American workers newly eligible for overtime pay. It is important for small businesses with employees to be aware of the changes to avoid violating …
You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put plans in place in advance. The failure to do so could …