One very important decision you must make when you set up a new business is determining which type of entity you will form. If you decide to set up an LLC, or limited liability company, you must then choose the type of management structure it will have. Here's what you need to know to make that important decision.
How a Strong Service Agreement Protects Your Business When Outsourcing and Hiring Contractors and Freelancers
Outsourcing is often the best way for a small business to get big bang for the buck and help you be more competitive with larger competitors. It can be a smart and cost-effective way to expand your offerings to customers and provide a wider suite of competencies without taking on the additional expense and headaches of managing full-time staff. Here's what you need to know about how a well-prepared service agreement will help you get the most out of your outsourcing relationships.
Do you have a hobby you are making money from? Not sure if your activity counts as a business or hobby? The Internal Revenue Service (IRS) has rules for determining whether an activity is a business or a hobby. Understanding these rules can help you take advantage of tax breaks and avoid adverse action by the IRS. Find out more.
Membership in a limited liability company (LLC) may come with voting rights. A unanimous or majority vote may be required depending upon the nature of the matter voted on. Deadlocks can bring the company to a standstill, and special action may be required to break a deadlock. Find out more.
A registered agent is a person who receives legal and tax documents on behalf of your business. You or other people in your business can serve as the registered agent, but doing so raises a few potential issues. To avoid those issues, you can hire an attorney or company to serve as your registered agent. Here's what you should know.
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 perceived as overly harsh. Here's what you need to know.
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 the corporate veil. Here's what you need to know.
Visual artists across Westchester County rely on the strength of copyright protections to secure their original artistic works from unauthorized distribution. There are several different ways of registering your copyrighted works with the U.S. Copyright Office. Find out more in this blog.
If you have an estate plan in place, congratulations! You have made an important step toward ensuring your final wishes are followed after you are gone. But how long has your estate plan been in place without you looking at it? It's time to dig out the paperwork and check the date.
The Americans with Disabilities Act (ADA) requires businesses to accommodate people with physical and cognitive impairments. Accordingly, websites and mobile apps must be accessible to disabled individuals. Failure to comply with ADA internet accessibility guidelines can lead to fines, lawsuits, implementation costs, and loss of customers.
The discussion with loved ones on how to deal with your affairs after you are gone is unsettling for most families. While it may sound morbid, creating a “When I Die” folder will reduce the burden on your loved ones and save them time and money.
The statistics on Americans' successfully passing wealth to future generations is grim. Around 70 percent of families' wealth does not reach the second generation. The percentage of millennials with student loan debt is at 45 percent and rising. Between 40 and 50 percent of marriages end in divor...
Flexibility is one of the most significant advantages of organizing your business as a limited liability company (LLC). An LLC also offers owners flexibility in how they pay themselves. Here's what you need to know.
Contrary to popular belief, the S corporation is not a distinct type of entity. According to the Internal Revenue Service (IRS), an S corporation is a corporation that has elected treatment as a pass-through entity for federal income tax purposes under Subchapter S of the Internal Revenue Code. Find out why an S corp appeals to some business owners.
If you are considering expanding your physical business or starting a home-based business, selling your products online is a great way to reach additional customers. Here's what you need to know.
As a business grows, its ownership structure may change and an owner may need to be removed. Removing an owner of an LLC may become necessary if a member retires, dies, changes career, commits a breach of conduct, or has a dispute with other LLC members. Here are some legal procedures that can be followed to make the removal as smooth as possible.
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. Understanding how MLM businesses work can help you avoid wasting time and money on an opportunity that is not a good fit—or is an outright scam. Read on to learn more.
If you have ever considered starting an ecommerce 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 bump. For many shoppers, purchasing both essential and nonessential items online is the new normal. Find out more.
Tax day is one of the most important—and one of the most dreaded—days on the calendar for working Americans. If you're like many people, you may have picked up a side gig or even transitioned to full-time self-employment during the pandemic. If so, you will have to make estimated quarterly tax payments. Find out more.
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 time. Here's what else you need to know.
Owners seek business funding for many reasons. But without access to the money they need when they need it, even the best business plan can fail. With myriad funding options available, businesses have their work cut out for them when deciding which option is the best for their needs. Here's what you need to know.
Estate plans are almost magical: They allow you to maintain control of your assets, yet protect you should you become incapacitated. They take care of your family and pets. And, if carefully crafted, they reduce fees, taxes, stress, and time delays. Estate plans can even keep your family and financial affairs private. But one thing estate plans can't do is update themselves. Find out more.