Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government including details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, financing of...
Small business owners are no strangers to government regulations. There are many requirements that businesses must be aware of and comply with, including business license and permit rules. Most businesses must obtain licenses or permits, so it is important for each business to know which ones it...
Assets, liabilities, and equity are accounting terms that every small business owner should be familiar with. They are included on a business's balance sheet, providing a snapshot of financial health. A balance sheet shows a company's assets and liabilities at a given time and how money is flowi...
No technology in recent memory has generated more hype, both positive and negative, than ChatGPT. ChatGPT is probably the most well-known of many generative artificial intelligence (AI) applications and tools that are currently available. There are many tasks that it can help to automate, optimiz...
Buying a business and purchasing real estate are two very different investments. Business ownership typically requires some management skills and knowledge about market conditions, consumer trends, staffing, and finances. Ownership of real estate, on the other hand, requires considerable due dili...
Platforms such as Airbnb and VRBO have disrupted an industry once dominated by hotels and resorts, allowing individuals to open their homes and residential properties to travelers. The boom in short-term rentals has created new opportunities for investors who want to buy income-generating propert...
When starting a business, entrepreneurs typically have two options: they can either build a new business or purchase an existing business. Buying an existing business can offer the advantages of name recognition and a proven business model. The advantages can be even greater if the business is a ...
Few dates evoke more trepidation among small business owners than tax day. But even after they have filed their tax return, they may not breathe a sigh of relief if they have concerns about getting audited. The April tax deadline is not the only important fiscal date for small businesses. Many p...
Employees are essential to your small business. Hiring and retaining workers is one of the biggest challenges that business owners face. In this highly competitive labor market, employers are looking for competitive edges to attract—and keep—employees. While many workers currently place a greate...
Business owners who are interested in forming a new limited liability company (LLC) or converting their existing business to an LLC are probably familiar with the benefits of this entity type. While the LLC is a great fit for many companies, there are situations in which its disadvantages may out...
Contracts are the foundation of modern business relationships. Contract law as we know it today originated in English common law, but contracts have been around since ancient times. Many of the earliest examples of contracts in history have the same characteristics—such as offer, acceptance, and ...
There is a lot riding on your small business. You have invested your money, time, and sweat equity to build a company that will be successful for years to come. Even if you make all the right business moves, unexpected costs can arise at any time. Accidents, natural disasters, data breaches, and...
Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to ...
Cash flow measures how much cash is flowing in and out of a business. A positive cash flow is one of the strongest determinants of a business's success. It shows that a company can fund its debts and pay for immediate needs such as equipment and staffing, and also that it has enough money in rese...
Some activities are inherently risky. Visitors of certain types of businesses such as ski resorts, gyms, and amusement parks know there is a chance they could get injured when they engage in the activities those businesses offer. To protect themselves against potentially costly lawsuits, business...
The internet has been a game changer for small businesses, allowing them to reach new markets, hire nonlocal talent, and compete with larger companies. Not having an online presence where customers can discover and interact with your business is now almost unthinkable. You may also have remote te...
When you started your limited liability company (LLC), the last thing you probably had on your mind was ending it. Many LLCs are created for specific purposes, however, and when that purpose has been served, its members may think about winding up the company. LLCs may also terminate due to member...
The online marketplace Etsy has gone from a niche craft seller to one of the largest commerce companies in the world. Etsy has millions of active sellers worldwide, most of whom are based in the United States. Many Etsy sellers rely on the site as a primary or secondary income stream. Collectivel...
Most US businesses have a pass-through taxation structure: they are not subject to corporate tax. Instead, they have their income “pass through” to their owners to be taxed on their individual income tax returns. Pass-through businesses have simpler filing and a lower tax rate than C corporation...
The limited liability company (LLC) is a popular entity structure among small business owners that provides governance and taxation flexibility and shields personal assets from business liabilities. To enjoy the benefits and legal protections of an LLC, however, owners must register their compan...
Starting a business involves a certain amount of inherent risk. There are no guarantees that the founders of a company will get along, a product or service will sell, or market conditions or competitors will not create unforeseen problems. While entrepreneurs must be willing to take a leap of fa...
Transitioning from being an employee to being self-employed is a goal of many American workers, and a growing number of workers have realized their goal in the wake of pandemic-related economic disruptions. Individuals often cite taking control of their career as a top motivating factor for bein...
The COVID-19 pandemic served as a major wake-up call to businesses that operational threats can emerge anytime. If downtime lasts more than a few days, the chances that a business will fail are high. Yet many companies have no business continuity plan. Business continuity planning helps restore ...
The ability of a company to issue stock is a crucial element of modern capitalism. Selling stock, which represents an ownership share in a company, allows companies to raise money for growth and expansion. Stock options are also used as an employee incentive, especially in the startup phase. C c...
Small business owners often wear many hats. On any given day, they might dabble in customer service, human resources, accounting, bookkeeping, and legal matters. Resilient, confident, and flexible by nature, entrepreneurs often welcome the challenge to learn new skills by working outside of thei...
