Going into business for yourself or with others can be risky. From investing in goods and services and hiring employees to simply carrying out the daily tasks related to your business, each step comes with its own challenges. This is especially true given the litigious (“sue-happy”) nature of our society. As a result, many entrepreneurs…
Over time, your business can undergo significant changes. What may have started as a humble, one-person operation in your garage can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your business shift, an accompanying change in business structure might be…
It’s interesting to note that the concept of success is inherently part of business succession, yet a significant number of American businesses lack a formal succession plan. So, what exactly is business succession planning, and how does it contribute to both your personal success and the prosperity of your business? Key Considerations in Business Succession…
People often seek methods to pass on their assets upon death without the need for probate proceedings, and they prefer doing so without consulting a lawyer or creating a Will or Trust. Consequently, many decide to add their children as joint owners on their assets. However, this approach may not be the wisest choice, and…
If small business owners already didn’t have enough paperwork to deal with, they will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), imposes new reporting requirements on many business entities in…
Starting a corporation or limited liability company (LLC) takes a lot of work. Before you serve your first customer or fulfill your first order, it is important to complete the initial business formation process. Although starting a business is a significant achievement, small business owners cannot coast on past accomplishments. You must look to the…
In a public corporation, shareholders can sell company stock at the current market price at any time. However, selling shares in a privately-held corporation is more complicated because the shares cannot be sold to the general public. Typically, shareholder agreements of a privately held business allow its shares to be sold only in certain situations.…
Product Liability, What is it? Product liability in the United States has a broad reach. It’s an area of the law designed to hold those that make, sell, or distribute products responsible for the safety of their product. If someone gets injured due to a company’s negligence, that person has legal rights. Mainly developed by…
Benjamin Franklin famously quipped, “If you fail to plan, you are planning to fail.” From the very beginning, you had a plan for your business to succeed. You set goals and developed methods to achieve those goals. Your business has stood the test of time because you anticipated problems and solved them. But if your…
Small business owners need to be familiar with risk management. Owning and operating a small business involves a certain level of unpredictability. In spite of your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unforeseen issues can throw you off your game. You have survived plenty of…