If you are a new business owner, entering negotiations with vendors, clients or even employees can be stressful. There can be a lot at stake in these situations, and getting too emotional or upset can result in unwise decisions. To avoid missing out on a deal or...
Business Law
Family Business or Nepotism?
Many entrepreneurs dream of running a family business. They imagine working with people they know and trust, then handing the company down to their children when they retire. It’s an attractive goal, and while keeping it in the family is certainly possible, nepotism...
Do You Really Need Employees to Sign a Noncompete Agreement?
The success of a business depends on factors beyond making a good product or delivering a reliable service. It also relies on the decisions a business owner makes when securing valuable, proprietary information and keeping it from competitors. One tool that many...
Tips for Conducting an Exit Interview with Departing Employees
If you own a small business, the chances are good that you fill multiple roles yourself. For instance, you could be a one-person Human Resources department. In this capacity, you may need to take on responsibilities like conducting an exit interview with an employee....
Hobby or Business: What Factors Does the IRS Consider?
There are some activities we engage in outside of work strictly for personal reasons, with no thought of ever profiting from them. You might, for example, enjoy photography, hiking on the weekends, or collecting classic records. There is no monetary gain—and no...
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...
Using a Deferred Compensation Agreement in Your Business
The war for talent is heating up. A record number of workers have quit their jobs this year, creating a massive problem for employers. While higher pay can help get new workers in the door of your business, wages alone may not be enough to keep them there. Employers...
How to Prepare your Kids to Take Over the Family Business
Running a family business is a labor of love. And there are numerous benefits to passing a family-run business down to the next generation. However, there are also many challenges. If you are hoping your children will take over the family business someday, your best...
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 one 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...
Can AI Predict the Success of Your Startup?
Technology is an ever-increasing element in most businesses. Companies want to set themselves apart by doing things better, faster and differently, and technological solutions often help them accomplish this. And now, scientists are using technology to predict whether...