Contracts are crucial for the protection of those running businesses. The terms set in a contract establish the responsibilities that one business has to another or to workers within the organization. Contracts can establish clear standards, impose requirements for...
Business Law
3 ways entrepreneurs can limit the risks of starting a new business
Starting a new business is a bit of a gamble. A significant percentage of new companies fail within a few years. Entrepreneurs have a lot at risk, not the least of which is the choice to give up their current source of income and whatever resources they invest in a...
3 questions to ask when legally structuring a business
Some people approach the entity formation process with the idea that there is one right business type given their proposed model, but the truth is that there are many different business forms that can work well for companies in different scenarios. Prospective...
3 means of securing funding for your business concept
If you have an idea for a business, you are likely eager to turn it into a money-generating organization as quickly as possible. After all, if you have noticed a gap in the current market where there is demand but no services or product supply, other people will...
You can change your business form after you start operating
When you thought that your personal assistant company would generate a few thousand dollars a month and you were the only person working there, operating it as a sole proprietorship didn't seem like a risk. It just seemed like the simplest way to go from having a...
Is it safe to stay a sole proprietor?
Sole proprietors are owners of companies or businesses that haven’t separated the business entity from themselves. During tax season, it’s normal to pay your taxes out for your business at the same time as you pay your own personal taxes. You have write-offs and...
What happens when you choose to end a business partnership?
Business partnerships form for many different reasons. Maybe you and your brother inherited the family business jointly from your grandfather, or perhaps you and your college roommate started a company together. Although you have long worked together, you believe your...
What do you include in a small business’s business plan?
You’re working on setting up your business and know that you’ll need a business plan. What do you need in it, though? Do you need as much information as a larger business would? There are a few things that you should include in your small business’s business plan to...
3 reasons people choose LLCs when starting a business
There are numerous ways that someone with a business idea can structure their company. Some people choose a basic sole proprietorship if they intend to do things on their own, while others might decide that a partnership is what they need. Those with big plans may...
What kind of business entity is best for a small business?
If you are starting a business, you may want to select a business entity that has the potential to grow with you. That’s why it’s smart to look beyond the simple sole proprietorship that many people turn to and to look into setting up a limited liability company, or...