Hiring your child to work in the family business can be a win-win situation for both you and your child. A child employee offers you tax advantages not available with other employees. There are also potential tax savings for the child employee, who can set aside that money for college or retirement. If you are thinking about hiring your child …
Small business owners are no strangers to risk management. Owning and operating a small business entails a certain level of unpredictability. Despite your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unexpected issues can knock you for a loop. You have survived plenty of bumps in the road and emerged stronger than …
Your family and your business are two of your top priorities. You would not do anything to compromise either of them. But working with family members in a family-owned business presents unique challenges that can cause lasting damage to both if not properly managed. Family-owned businesses are capable of the same success as any other business. Walmart, Chick-fil-A, Comcast, Carnival, …
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business trusts offer several potential benefits—and drawbacks—compared to a traditional business structure. Understanding their pros and cons, …
You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place, your business’s fate may be decided by a court instead of …
Summer is a popular time for businesses to hire temporary workers. Restaurants, golf clubs, resorts, amusement parks, and other warm-weather entertainment destinations depend on the summer months to boost their bottom line for the entire year. Despite the current labor shortage in some areas, this summer is expected to see a hot labor market as people emerge from pandemic lockdowns …
Determining whether to start a business is a major life decision. For small business owners, deciding when and how to sell the business is arguably even more consequential. Before selling a business, the owner is likely to spend many hours and even days worrying and considering the options: Is the market right? What price should I set for my business, …
If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and your partner’s ex-spouse is awarded part ownership of the business and wants to make decisions affecting …
Uncertainty and unrest have defined 2020. From COVID-19 and record-breaking unemployment to ideological, political, and societal conflicts, business owners have faced significant challenges to their survival and success. Regardless of their current political views or health and financial statuses, business leaders agree that they must navigate this time with care. The decisions that business owners make during difficult periods could …
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 …
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 …
If you’re thinking of starting a business (or already have a business in the works), make sure that the name you use is not already taken. Original names are essential for three reasons: marketing power, clarity, and trademark infringement avoidance. For example, if you’ve decided to open a coffee shop, it’s fairly easy to determine that the name “Starbucks” is …