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Writing The Business Plan
Operating your business without a business plan is like going to the grocery store hungry and without a list. You end up with a lot more than you need—a lot more than you even want—in your cart. And you’ve likely upset your budget for the week. A few such carefree
5 Key Benefits of a Well-Written Job Description
Although the main purpose of a job description is to, well, describe a job – it actually serves a bigger role. A job description can improve a company’s ability to manage employees. A well-written job description will: 1. Clarify expectations. Employers must spell out their expectations of what an employee
Health Savings Accounts: What Are the Benefits for Businesses?
With the rising cost of health insurance, employers and employees are looking for the best ways to save money on medical expenses. One option that can be beneficial to both small business owners and their employees is the health savings account (HSA), which is available when an employee selects a
The Employee Handbook: The Holy Grail of Your Business
Employee handbooks address the who, what, where, why, and how of your business operations. Your employee handbook will protect you and your business by setting expectations and providing consistency for your employees when situations arise. What Information Should an EmployeeHandbook Include? https://www.youtube.com/watch?v=YAmb1l1pEL4 Ideally, employee handbooks address anything significant related to
LLC Members: What You Need to Know about Your Fiduciary Duties
As a member of an LLC, you may owe a fiduciary duty to the company. The two key fiduciary duties are the duty of loyalty and the duty of care. Whether you have a fiduciary duty will depend on the LLC’s management structure and whether you have management responsibilities. Understanding
Making an S Corporation Election as a Married Business Owner
If you’re a married business owner and you want your business to be taxed as an S corporation, there are several things you need to know. The difference between community property and co-ownership of an asset Let’s take the example of owning a car. If you and your spouse are
LLC Operating Agreement: Is a Non-Compete Clause Necessary?
You and several friends start a new business and operate it as a limited liability company (LLC). Now that you’ve completed the first step—choosing a business entity—it is essential to prepare an operating agreement. The operating agreement is a contract that governs the operations of the LLC and sets forth
Managing the Money Aspect of Your New Business: It’s Easier Than You Think
Coming up with a great idea that can be turned into a prosperous business venture takes a certain talent. Knowing how to get your great idea financed and properly managed, takes another. However, it may be easier than you think. What You Need, What You’ve Got, and Where to Get the
LLC Management: Who Should Run the Shop?
Determining who will manage the day-to-day affairs of your business is an important decision. You need to know, at the outset, who will manage operations, both for the success of your business and because the Limited Liability Company (LLC) operating agreement demands it. LLC operating agreements are very flexible, and
Transferring LLC Membership Interests Part 3—Involuntary Transfers
An involuntary transfer of an LLC membership interest is just that—a transfer prompted by a creditor action or a triggering event outside of the member’s control. An individual or entity obtaining a membership interest because of an involuntary transfer usually cannot fully step into the shoes of the transferring member. This
Don’t Let Change Wreck Your Business: The Buy-Sell Agreement
Divorce. An unexpected death, disability, or retirement. An irreconcilable dispute. These triggering events may put your successful, stable business into a tailspin. Luckily, a buy-sell agreement can help you and your business be better prepared to handle these events. What is a Buy-Sell Agreement? A buy-sell agreement is a legally
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,
