Surely, you’ve heard the term “prepaid legal services,” but do you know what they are? To help, we’ve not only provided a definition, but also some pros and cons for using these types of services for your small business.
Pre-paid legal services refers to individual or group employee benefit legal plans in which members pay […]
Archive for the 'Insurance, Law, & Taxes' Category
I loath paperwork.
But if you own a business, it’s unavoidable. You’ll have sign W-9s so your customers don’t withhold 28% of your receivables for tax purposes.
Likewise, you’ll have to send out W-9s to your vendors.
And that’s just the beginning.There’s I-9s, W-4s, sales tax exemption forms…you know the virtual avalanche of paper pushing requirements […]
Be warned: The rankings might surprise you!
In an exclusive ranking study conducted by the Small Business & Entrepreneurship Council last October for FSB.com, South Dakota topped the list. Key factors were the positive tax and regulatory environment for entrepreneurs.
Other high scorers were Nevada, Florida and Wyoming. Low rankings were held by New Jersey, California […]
While certainly rewarding, the road to owning your small business can be a lonely one. Small business owners often choose a sole proprietor business structure when starting up. Over time, you may realize that greater rewards may result from forming a business partnership with another individual or group. In fact, partnerships offer more freedom […]
The sure way to miss success is to miss the opportunity.
-Victor Chasles
Say what you will about Ellen DeGeneres’ and her emotional pleas for the return of Iggy, the now famous Brussels Griffon terrier mix that was taken from the family of her hair dresser for a violation of the adoption agreement.
I’m a dog person. […]
If you’re running your own business, you are likely wearing numerous hats. Many business owners look to outsource some of the more critical tasks – or those they are not experts in – to professionals. When it comes to finances, unless you are a CPA yourself, it’s probably a good idea to find a […]
Contracts are the fiber of our business world. In fact, almost everyone makes contracts everyday.
But do we know what we’re really reading, what we should expect to see and statements we should look out for? Not many people truly do. As a small business owner, you will need to use a contract of some sort in your business transactions.
Let’s start at the beginning. A contract is an agreement on the fundamental terms of a business deal that may or may not be informally or formally written down. Sometimes just a handshake or a letter of confirmation about a transaction can carry as much weight as a formal contract. Therefore, you must be conscious of both oral and written communications in any business negotiations between you and clients or subcontractors, or between two other parties.
A contract does not have to be printed on stiff paper with gilded edges to be binding. Nor does it have to be packed with legal jargon. A contract can be any form of document that spells out the terms of a sale, including:
It’s an age-old question one never really knows the answer to: how long should you keep your tax records?
The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax […]
When you use part of your home for business, you may be able to deduct expenses for what the IRS deems the “business use of your home.” If you qualify, you should be able to deduct a percentage of many of the costs of running your home, such as utilities, rent, insurance, depreciation, mortgage […]
We’ve all been in this situation. You’re interviewing someone and you’d like to ask them a personal, harmless question to establish a connection. Easy enough, right?
Think again. Over the years, it’s become clearer that there are “no ask” zones when it comes to interviewing questions. Ask, and you may find yourself in the courtroom.
Illegal […]
