Surprisingly, only about 25–35% of Americans have an estate plan. Without one, the state—not you or your family—will decide what happens to your assets, including your business interests. While the business succession planning rate is higher, studies show that many family businesses lack formal s...
Understanding the value of your business is just as important as knowing the worth of your home or the balance of your retirement account. Yet, many small business owners overlook the importance of obtaining a business valuation. Whether you're preparing for a sale, planning an exit strategy, or ...
Protecting Limited Liability with Corporate Formalities One of the biggest advantages of forming a corporation or limited liability company (LLC) is limited liability. This shield protects owners' personal assets from the debts and obligations of the business. However, this protection is not aut...
Strategies to Help Your Business Navigate Financial Distress In today's economic climate, increasing costs and rising interest rates are putting pressure on many businesses. If your business is in financial distress, there are proactive steps you can take to improve your financial condition and ...
Understanding Equipment Leasing and Its Benefits for Businesses What Is Equipment Leasing? Equipment leasing is a popular alternative to purchasing new equipment, especially amid volatile interest rates and inflated equipment costs. Many businesses opt for equipment leases to preserve cash flow...
When launching a new business, operating as a sole proprietorship often makes sense. Sole proprietorships are straightforward and cost-effective to set up, making them the most common form of business organization. However, as your business grows and evolves, transitioning to a more formal struct...
Written contracts are the foundation of any successful business relationship. They clearly define the rights, obligations, and expectations between parties, providing a legal framework that ensures all parties uphold their commitments. Without well-drafted contracts, business relationships can be...
August is National Black Business Month, a time to celebrate and support Black-owned businesses across the nation. At The Robinson Advocacy Group, we recognize the critical role that entrepreneurs play in driving economic growth and fostering innovation within our communities. As a business law a...
Introduction Whether you are an entrepreneur starting a new venture or running a well-established business, your success often hinges on safeguarding innovative ideas and confidential information that give you an edge over competitors. If you have spent years perfecting a secret recipe for your ...
The Importance of a Business Name The first impression your business makes often comes from its name. While your business may operate under a different name than what's on its organizational documents, registering a Doing Business As (DBA) name allows this flexibility. Also known as an assumed n...
Starting a business in the United States is an exciting endeavor, and with numerous tools available, it's easier than ever to tap into the free enterprise system. However, achieving the American dream of being your own boss and running your own company requires careful planning and practical deci...
Intellectual property (IP) is the driving force behind many of the world's most innovative and successful businesses. IP rights—including patents, copyrights, and trademarks—protect intangible assets and help companies and individuals profit from the fruits of their intellectual labor. In today'...
Business partnerships, like marriages, are complex relationships with highs and lows, challenges and rewards, good times and bad times. When people start businesses together, they should expect to experience growing pains. However, when differences are irreconcilable and threaten to drag the comp...
The rise of home-based businesses represents a fundamental shift in how Americans work. Home businesses offer a convenient and flexible way to earn income without commuting to a traditional office. They may also qualify for tax breaks in the form of home office deductions. Self-employed individua...
A shareholder agreement is a crucial contract between the shareholders of a corporation, outlining their rights, responsibilities, and obligations to one another and the corporation. These agreements, also known as stockholder agreements, are optional but highly beneficial, particularly for close...
Running a company involves daily demands that often leave little time for contemplating the future. While strategic agility allows for quick responses to external changes, it's crucial to set baseline goals and establish a roadmap for the next quarter, year, and beyond. Small business owners und...
As a business owner, you've invested years into building your successful enterprise. Now, it's time to plan the next steps, whether that's selling or transitioning your business. Proper estate planning and strategic exit planning are key to maximizing your returns and ensuring a smooth transition...
National Small Business Week—an annual event that honors America's entrepreneurs and small business owners—takes place April 28 through May 4 this year. Commemorated since 1963, National Small Business Week includes an award ceremony and virtual summit presented by the US Small Business Administ...
For many business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective business succession ...
Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of business owners have no exit strategy.[1] After years of expanding your busi...
Artificial intelligence (AI) is arguably the most transformative technology since the advent of the internet. It is poised to play a significant role in many areas of human life, including the workplace, where AI is changing not only how we work but also how we hire. Due to the emergence of AI hi...
Financial winter is coming. Or is it? Despite renewed optimism that the US economy can avoid a deep downturn, economists say the chances of a recession in 2024 are still about even. Small businesses are feeling the pain from high inflation, declining consumer confidence, and other economic headwi...
America is in the midst of a retirement savings crisis. Many people are not saving enough to replace their income in retirement, and some have no money saved for retirement. Employer-sponsored retirement plans enable people to save for retirement, but many private-sector workers do not have acces...
Good business ideas have a simple elegance that can spur entrepreneurs to ask themselves, Why didn't I think of that? Or maybe they did have a good idea but lacked the foresight to turn it into an effective business model. Inspiration alone is not enough to succeed in business. Ideas must be acc...
Americans have a “pull yourself up by your bootstraps” mentality that speaks to our individualism and enterprising spirit. This mindset is especially pronounced among business owners, who have chosen to forego the typical employment route in favor of creating their own enterprise Independence is...
