The limited liability company (LLC) has only been around since the first LLC statute was enacted in 1977. Within a few decades, it has become the most popular legal entity formed by new US businesses due to its ease of formation, flexibility, low start-up costs and...
Business Law
Exit Strategies for Business Owners
Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of all business owners have no exit strategy.[1]...
CTA Imposes New Small Business Reporting Requirements for 2024
Small business owners 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), places new reporting requirements on many...
When an LLC Is Not the Best Fit
Business owners who are interested in forming a new limited liability company (LLC) or converting their existing business to an LLC are probably familiar with the benefits of this entity type. While the LLC is a great fit for many companies, there are situations in...
Nepotism and Business Ethics: What You Need to Know
With a family business, the owners are often a married couple who anticipate passing the business on to their children. But there can be a fine line between grooming your children to take over the job and participating in nepotism, the practice of hiring or promoting...
Business Owners: Consider Alternatives to Noncompetes
Noncompete agreements have gained a lot of interest among employers looking to secure their business in the market. However, for reasons we will discuss below, it may be wise to consider using alternative means of protecting your company if you are a business owner....
What Is a Stock Redemption Agreement and Why Might I Need One?
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...
Building and Protecting Your Brand
Brand awareness and recognition are critical components of consumer trust in your business. Thus, building it up can be an important priority for you. However, in the pursuit of increasing your business’s recognition in the marketplace, it can be crucial to consider...
3 Costly Hiring Mistakes New Employers Can Avoid
Starting a business comes with a huge amount of duties and obligations. Managing a workforce is one such responsibility. If you are getting ready to hire workers for your new business, know that there are a few costly mistakes new employers should avoid. Overextending...
How Do You Prepare to List a Business for Sale?
Running a business might not be something that you envision doing for the rest of your life. Maybe you want to retire now that the company is successful, or perhaps you want to move on to a different industry or a more challenging role at a different company. Of...