One of the most significant obstacles new business owners face is lack of money. Financial limitations and demands make it very difficult for even the most promising company to flounder and potentially fail.
Having a workforce that works remote at least part of the time can save companies money and attract workers who appreciate the option to work anywhere. This is especially true in winter months when workers can stay home rather than drive through brutal Minnesota weather conditions.
Any legal dispute has the potential to be disruptive and costly. However, they can be especially problematic when they involve a company with massive resources against a much smaller company, or an individual.
Being your own boss can be an enticing prospect. However, starting a business is no small feat. Not only do you need a product or service worth selling, you must also determine how to get your business up and running.
Whether you are working with a friend, relative, or purely a business colleague, the idea of starting a business can be exciting. You have fueled each other's passion and creativity and come up with a plan for success. However, even though you may have come up with the idea together, becoming partners in the legal sense can be more complicated than many realize.
Whether a business owner opts to incorporate their company right away or after years of operation, creating a separate legal entity for the business offers many benefits. For those looking to incorporate in the North Star State, there are several essential steps:
When a small business closes its doors, there are several processes owners should ensure they follow to wind up operations. For some, there will be few formalities and little paperwork. Others have legal obligations under state and federal law. In either case, the following basic steps provide a framework for any business owner looking to move on.
When a great idea takes off, the true colors of the people involved often reveal themselves. Without an agreement in place detailing ownership of the business, dispute resolution, and other issues, an entrepreneur risks being left out in the cold. Ambiguity in the infancy of a startup company can cause significant issues later, just ask Mark Zuckerberg.
When someone spends many years building a successful business, the last thing they want is to see it fall apart. However, many business owners do not realize the importance of having a business succession plan.
Companies of all sizes have crucial decisions to make, including but not limited to raising funds, creating brand awareness, and marketing the product or service. As a result, sometimes legal issues are put off, or even totally lost in the shuffle, making the company's long-term performance less than rosy.