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, …
Financing is the lifeblood of a business. During good times, business financing can help entrepreneurs purchase assets, expand products and services, add a new location, and hire more staff. During more difficult times, business owners may require financing just to continue their current operations. A business may also be at the start-up phase and require capital to get off the …
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 …
In today’s competitive job market, giving gifts and other fringe benefits to employees can be an effective way for employers to show appreciation. But generous employers should understand that most gifts and bonuses—even small ones—have tax implications. Employee gifts must be taxed and included on year-end tax forms unless they qualify as de minimis benefits, are presented as achievement awards, …
The owners of a limited liability company (LLC) are called members. At some point, an LLC member may find that they want or need to withdraw from the LLC. That member, as well as the other owners of the LLC, may wonder how to accomplish this. To properly withdraw from an LLC, there are a few key questions that the …
A business owner may relocate a business to another state for a variety of reasons, including increased real estate costs, property taxes, business taxes, or business regulations in the old location; changes in the target market; or even personal or family reasons. Relocating your residence from one state to another requires that you complete several tasks, such as changing your …
Congratulations! Your business has grown and you are ready to hire your first employee. Where do you begin? What will the employee’s schedule be and how much will the employee get paid? Will your new hire be an employee or an independent contractor—and what is the difference? Did the employee sign an employment agreement? Before your new hire begins, there …
The key to a successful business is having the right people, financial knowledge, effective processes, and a well-researched business plan. According to the Bureau of Labor Statistics, approximately 20 percent of businesses fail in their first year, and 50 percent fail by their fifth year. Forming and running a business is hard regardless of whether the business provides products or …