What to Do When a Director Resigns
Corporations are required to have a board of directors, which is selected by the shareholders. The board of directors helps govern the corporation, provides advice and counsel, conducts high-level management, elects officers, votes on key decisions, and protects...What Employers Should Know about Giving Gifts to Employees
In today’s competitive job market, giving gifts and other fringe benefits to employees can be an effective way for employers to show appreciation. But generous employers should understand that most gifts and bonuses—even small ones—have tax implications. Employee...What You Need to Know about Hiring Seasonal Employees
Summer is a popular time for businesses to hire temporary workers. Restaurants, golf clubs, resorts, amusement parks, and other warm-weather entertainment destinations depend on the summer months to boost their bottom line for the entire year. Despite the current...Benefits of Having Your Business Donate to Charity
Giving money to charity might seem counterintuitive to those running a for-profit company. However, it is important to keep in mind that charitable giving can not only make a big difference to the recipients of your generosity, but it can also provide a net gain to...What You Need to Know When Advertising Your Business
The topics of misinformation and disinformation frequently arise in conversations about news coverage. But the question of truth is not just relevant to the media we consume. It is also a significant issue to consider for a business’s advertisements. Truth in...What to Know Before Investing in a Small Business
With the country emerging from pandemic lockdowns and economic activity beginning to expand, small business owners are optimistic about the future. Supporting local businesses can help them grow and thrive in a post-pandemic economy. But what if you could help a...Legal Considerations for Farm Owners
Farming brings to mind kinship with nature and a simpler way of life. But the farming industry is highly regulated, and navigating the applicable laws and regulations can be far from simple. A rising world population creates greater demand for food and the farmers who...How to Dissolve a Partnership on Good Terms
Many business partnerships eventually come to an end. Like other types of relationships, when business partners decide to split up, the process can be amicable or contentious. For personal and professional reasons, dissolving the partnership on good terms is in the...How to Remove a Member of an LLC
As a business grows, its ownership structure may change and an owner may need to be removed. Removing an owner of a limited liability company (also known as a member) may become necessary if a member retires, dies, changes career, commits a breach of conduct, or has a...Things to Know Before Joining a Multilevel Marketing Business
Multilevel marketing (MLM) businesses sell products or services directly to retail customers using commission-based, nonsalaried representatives who are encouraged to recruit new representatives and form their own sales networks. They can have thousands of...How to Start an E-commerce Business
If you have ever considered starting an e-commerce business, now is a great time to move from ideation to action. Online retail sales exploded to an all-time high amid COVID-19 lockdowns, travel bans, and brick-and-mortar closures, and this was not just a temporary...What You Need to Know about ADA Website Compliance
The Americans with Disabilities Act (ADA) requires businesses to accommodate people with physical and cognitive impairments. While the ADA, which applies to “places of public accommodation,” was designed with physical spaces in mind, the proliferation of online...Common Pitfalls in Family-Owned Businesses
Your family and your business are two of your top priorities. You would not do anything to compromise either of them. But working with family members in a family-owned business presents unique challenges that can cause lasting damage to both if not properly managed....Legal Considerations in the Hiring Process
You are probably aware of employment laws that could create liabilities if your company fails to comply with them. However, even before a person becomes an employee, certain antidiscrimination laws protect them during the application process. Most employers must...How to Handle Conflicts in Family-Owned Businesses
Conflicts are inevitable within businesses and families. Personal rivalries, differences of opinion, competition for resources, and questions of prestige can set individuals at odds and lead to warring factions with competing loyalties. Resolving conflicts in both...How to Protect Your Business from Lawsuits
Small business owners are no strangers to risk management. Owning and operating a small business entails a certain level of unpredictability. Despite your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unexpected...Business Trusts 101: What Entrepreneurs Should Know about Using a Business Trust
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business...Why You Cannot Withhold Payment from Employees
Paying employees is among the top legal obligations of employers. Whether due to financial difficulties or worker conduct, it is generally illegal to withhold payment from employees. The U.S. Department of Labor (DOL), as well as state labor boards, have strict laws...Develop a Vacation Policy for Your Business
What do workers want most? Beyond a pay raise, one of the best ways to keep workers happy is to give them more paid time off (PTO). Contrary to what business owners and managers might think, vacation time has actually been shown to boost productivity. Vacation is an...Considerations for Hiring Your Child as an Employee
Hiring your child to work in the family business can be a win-win situation for both you and your child. A child employee offers you tax advantages not available with other employees. There are also potential tax savings for the child employee, who can set aside that...Considerations for Paying Employees: What to Know about Setting Wages and Salaries
You cannot successfully run your business without good employees. And you cannot find good employees without offering them competitive pay. Employee compensation is more than an expense—it is an investment that, when made in the right individuals, appreciates over...Financing a Business: Evaluating Your Options
Financing is the lifeblood of a business. During good times, business financing can help entrepreneurs purchase assets, expand products and services, add a new location, and hire more staff. During more difficult times, business owners may require financing just to...How Do I Obtain a Business Loan?
Small businesses are the backbone of the US economy, accounting for nearly half of the country’s economic activity, creating two-thirds of new jobs, and driving innovation—and business loans are the backbone of small business growth. Lenders provided over $644 billion...How Do I Start a Home-Based Business?
The number of people working from home has never been higher. During the pandemic, many workers got a taste of the remote-work future and realized that they prefer to work from home. Now, as companies move ahead with return-to-office plans, there is an emerging power...Complying With Estimated Quarterly Taxes
Tax day is one of the most important—and one of the most dreaded—days on the calendar for working Americans. If you have had a side gig or even transitioned to full-time self-employment, you may have to make estimated quarterly tax payments. Not everybody who earns...Using a Liability Waiver in Your Business
Exposure to lawsuits involving injury and loss claims is among the biggest risks that businesses face. Although liability waivers are most commonly used by businesses that offer inherently dangerous activities, such as ski resorts, amusement parks, and gyms, they can...Most Common Tax Deductions for Small Businesses
There are many expenses incurred in starting, running, and growing a business. Luckily for business owners, many of these expenses can be deducted. Knowing which expenses you can deduct helps to lower your tax burden and keep more money in your business. However,...How to Pay Yourself When You Own an LLC
One significant advantage of organizing your business as a limited liability company (LLC) is the flexibility it affords. The Internal Revenue Service (IRS) allows LLC owners to choose how their business will be taxed. As an LLC owner, you can be taxed as a sole...Firing with Grace
Small business owners are accustomed to having grace under fire when it comes to running their business. But it is just as necessary that they demonstrate grace when firing an employee. Due to harsh economic conditions, some sectors of the American economy had to...Can I Provide Services Instead of Capital to a New LLC?
Small business owners put their blood, sweat, and tears into ensuring the success of their company, which, though difficult to measure, are no less valuable than capital contributions. At the same time, if you are investing your time and energy into a limited...How to Talk to Your Family About Business Succession
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...What You Need to Know about S Corporations
S corporation status is one of several tax classifications that you may be able to elect for your enterprise. For C corporations and limited liability companies (LLCs) that qualify, S corporation election offers shareholders advantages that include pass-through...What You Need to Know Before Starting a Franchise
It has been a tough couple years for small businesses. Across the country, millions of small businesses have temporarily closed their doors due to the COVID-19 pandemic. Even now, as the pandemic eases and operations begin to pick back up, many small businesses report...What Is Reverse Veil Piercing and How Should You Protect Against It?
Normally, limited liability business entities, which include corporations and limited liability companies (LLCs), prevent the entity’s creditors from going after an owner’s personal assets to satisfy their claims. But in rare circumstances, courts allow piercing of...How to Set Up Your Board of Directors
You might think that a board of directors is something that only big companies have, but all S corporations and C corporations—even small businesses—are legally required to have boards of directors. Specific rules for the board of directors are established in the...How to Conduct an Effective Employee Performance Review
Employee performance reviews can be stressful for workers and managers alike. Now more than ever, with workers quitting their jobs in droves as part of the “The Great Resignation,” managers may be hesitant to provide direct, constructive criticism that could be...What Is a Business Grant and How Do I Obtain One?
A business grant is a form of financial assistance given to a company by a government agency or private organization for a specific purpose. Grants, unlike loans, do not need to be paid back. Despite this benefit, finding a grant that your business qualifies for and...How Do I Prepare To Meet with a Business Lawyer?
Businesses are governed by laws and regulations that affect nearly every aspect of their operation. From formation, hiring, and firing, to drafting contracts, resolving disputes, and dissolving or selling the company, there are numerous legal matters that arise during...Personal Guarantees: What Are They and When Are They Required?
Your new business needs a capital infusion to get off the ground. The only problem is that a new business is not established enough to have generated a business credit report. It may also be lacking assets that can be used as loan collateral. Without a business credit...Should My Business Use Arbitration Clauses?
Arbitration provisions, which allow legal disputes to be settled outside of the court system, are increasingly found in contracts of all kinds, including employment contracts. A series of court rulings over the years has spurred the increased use of arbitration...Member-Managed vs. Manager-Managed LLCs: What Is the Difference?
When setting up your business, one of the most significant decisions you will make is which type of entity to form. If you have settled on forming a limited liability company (LLC), you must also choose the type of management structure it will have. LLCs can be...How Do I Change the Directors on My Corporate Board?
Corporate directors act as the governing body of a corporation. They manage the corporation’s business on behalf of the individuals who own the corporation. Directors serve on a board, and the board acts as a group to exercise the corporation’s powers. The board of...What to Include In Your Business Service Agreement
Small businesses account for nearly half of the economic activity in the United States. To successfully compete with bigger competitors, small businesses are increasingly outsourcing to improve their efficiency and lower costs. Outsourcing allows companies to expand...How to Resolve Deadlocks in Your LLC
Membership in a limited liability company (LLC) may come with voting rights. Member voting rights are addressed in the LLC operating agreement, which typically provides that LLC members must vote on several issues that are material to the continuance of the business....Why You Might Want to Hire Someone to Be Your Registered Agent
If your business is registered with the state, you are required to name a registered agent at the time of registration or incorporation. A registered agent is the person who receives legal and tax documents on behalf of your business. You or other people in your...How to Start Your Business Year Strong
It has been a tough couple of years for many small businesses, but, as the adage goes, what doesn’t kill you makes you stronger. Small businesses that survived the challenges of 2020 and 2021—the worst pandemic in US history, a nationwide labor shortage, supply chain...Five Considerations Before You Use a Payment Demand Letter
To our estate planning and administration clients with businesses in their estates: As a business owner, it is almost guaranteed that you will encounter some variation of the following scenario: You engaged a client and completed fantastic work. The products...Is Your Original Written Content Protected from Theft?
Today, the majority of small businesses have their own websites. If you have included original written content such as blog posts, articles, or FAQs on your website as part of your efforts to draw people to your site and engage with new and existing customers,...The IRS has been quietly confiscating millions from small business owners
And it’s not just that the IRS occasionally seizes the assets of innocent business owners by mistake and is unaware of the problems with its methodology: According to the TIGTA report, the IRS almost always misses the mark. The watchdog randomly selected 278...
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