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...
Business Law
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...