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Record Keeping for Your Business: What’s Required?
Whether you are just starting up a new company or have a business operating for a while, good record-keeping is essential to running your business. You are responsible for establishing an effective system to store and maintain your business records, whether your small business is a sole proprietorship, partnership, LLC,
I Need to Hire Someone for My Business; What Do I Need To Know?
Most businesses try to grow – at least somewhat. However, to grow or to step away from the business for a personal life, vacation, or other ventures, you’ll need help with day-to-day operations. If you’ve never hired someone before – or it’s been a long time – don’t worry –
Transferring LLC Membership Interests Part 2—Voluntary Transfers
An LLC affords its members a certain amount of personal asset protection. Part of this protection hinges on the restricted transferability of LLC membership interests. Restricted transferability protects the non-transferring members from creditors and unwelcome new members, which upholds the integrity and value of the non-transferring members’ membership interests. Most
Stay in Control: Good LLC Governance
The LLC is a popular way to structure a business because it provides personal liability protection to the members– like a corporation does to its shareholders–but without as many administrative formalities. But if you’re an LLC member, don’t let this lull you into complacency. As a business owner, you’re responsible
Transferring LLC Membership Interests Part 1—An Overview
Say you are a member of an LLC. You own membership interests in the LLC. However, what if you want to leave the LLC? What if you get a divorce? What if you have creditors seeking immediate repayment? What can you do with your membership interests? The answer depends on
Does the “Corporate Veil” Really Protect Your Personal Assets?
You may have done your homework and weighed your options. Perhaps you’ve even considered common business entities’ tax and non-tax implications. We bet you’re also intrigued by the protections certain business entities afford their owners. The “corporate veil” that protects business owners’ personal assets can make a corporation or limited liability
I’m Starting a New Business – Should I Use an LLC (Taxed as a Partnership) or an S Corporation?
Entrepreneurship has been called the new American dream. Hanging a shingle starts with the idea that develops into a business plan, but only with careful financial and legal considerations. New business owners grapple with deciding whether to form a limited liability company taxed as a partnership (LLC) or a corporation
Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away
Preparing your company for your incapacity or death is vital to the enterprise’s survival. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and family. Proactive financial planning — including your business and your estate plan — is critical. Below are tips on protecting your company and keeping
Thrilling Thursday – Helping Small Businesses
It’s exciting getting to help entrepreneurs, startups, and small businesses follow their dreams. https://youtu.be/xSArUlbDfFI NOTICE: The information on this website does not constitute legal advice. You should not rely on any information without seeking the advice of a competent attorney licensed to practice in your jurisdiction. This website is both
Education Tuesday – Contract Consideration
A valid contract requires consideration. What is consideration? This video explores what is and what is not consideration. https://youtu.be/xGuUTXnFSEc NOTICE: The information on this website does not constitute legal advice. You should not rely on any information without seeking the advice of a competent attorney licensed to practice in your
Thrilling Thursday – Celebrating Your Wins
Entreprenuers tend to focus on the next thing that needs to get done. It’s important to celebrate your wins too! Leave a comment on a win you had this week. https://youtu.be/bREEIlcjQI0 NOTICE: The information on this website does not constitute legal advice. You should not rely on any information without
Live Wednesday – Answering Questions
I went live on Facebook to answer common questions I get. https://youtu.be/YJVp_o1eOaQ NOTICE: The information on this website does not constitute legal advice. You should not rely on any information without seeking the advice of a competent attorney licensed to practice in your jurisdiction. This website is both a communication