How to Talk to Your Family About Business Succession
Business succession planning is a strategy for passing on control of your company. For many family-owned businesses, this means transferring management and ownership to the next generation.
Hobby or Business: What Factors Does the IRS Consider?
The Internal Revenue Service (IRS), however, has its own rules for determining whether an activity is a business or a hobby.
What Happens When an LLC Member Dies?
In theory, a limited liability company (LLC) can last in perpetuity. However, the owners of an LLC should plan for the day when they are no longer there to run their business.
Business Ownership and Divorce: What You Need to Know
Divorce is rarely simple. When two people’s lives are intertwined—physically, emotionally, and legally—separating the individual strands can be a task akin to untying the Gordian knot. The longer a couple has been together and the more they share, the more difficult this task becomes. It can be even more difficult if the divorcing couple co-owns a business or one spouse owns a business.
Using a Deferred Compensation Agreement in Your Business
The war for talent is heating up. A record number of workers have quit their jobs this year, creating a massive problem for employers. While higher pay can help get new workers in the door of your business, wages alone may not be enough to keep them there.
Considering Bankruptcy for Your Small Business
Starting a small business entails significant risk. You forego the security of a steady paycheck to create economic opportunities for yourself. Business failure rates have remained steady over the years, but the statistics are pretty daunting: by the five-year mark, around half of small businesses have failed.
Pre-Employment Background Checks
While the type of job will determine whether to perform a pre-employment background check, and what kind, these 10 tools should be considered.
What Is an Asset Purchase Agreement and When Do I Need One
APAs are commonly confused with stock purchase agreements, which allow a company to take control of another company by buying its shares rather than its assets.
8 Common Business Mistakes New Business Owners Make
The key to a successful business is having the right people, financial knowledge, effective processes, and a well-researched business plan. Forming and running a business is hard regardless of whether the business provides products or services. As a business owner, you are likely to make mistakes, but you can learn from them. Awareness of the following common business formation mistakes may help you avoid them and increase your chances of building a successful and lasting business.
How Do I Obtain a Business Loan?
Understanding how to obtain a business loan can increase your chances of being approved for the full loan amount that you request for your business.