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Business partners can complement each other's skills and contributions. They share the burdens that come with the development of a new organization and the profits when the company is successful. Those contemplating a new business partnership likely need to negotiate...
Business planning is important when starting out, and a solid plan can give the business direction. If there are multiple people involved, like two business partners, the plan also ensures that they’re both on the same page. They’re working toward similar goals, and...
Business partner disputes can be very complicated. Two people may not see eye to eye, and it can become difficult to make decisions. After all, if both people own 50% of the company, then they have to work together on these important decisions, rather than letting one...
Opening a business is a major undertaking because there are so many things to consider. One of these is what types of taxes have to be paid. The specific taxes that a business will have to pay depends on the business structure, the type of goods or services they...
One of the first decisions you have to make when you start a business is the type of structure you’ll use. Some people choose to start out with a sole proprietorship, but that’s not the only option you have. A limited liability company (LLC) is another one of those...
People who are starting a business have several factors to consider before they open the doors. One of these is the type of business structure they want to use. Some entrepreneurs are starting a business on their own, a sole proprietorship is one of their options. ...
The term property is commonly associated with bricks and mortar. Nonetheless, in business, property is much more than this. Business is all about branding, and your brand may consist of several types of intellectual property (IP). Failing to protect your IP leaves...
A significant number of businesses in the U.S. have some form of family involvement. A family-run business can certainly have its advantages. The company doesn’t have to look far for recruitment, board members and staff are highly trustworthy, and the business can be...
All new business ventures begin with an idea. It may involve buying a struggling business, rebranding it and turning it into a success. It may involve starting a company from scratch. In any case, an idea is only the starting point. There are a lot of factors that...
Becoming a franchisee is a popular way to start a business, offering the benefits of an established brand and a proven business model. However, many myths surrounding franchising can create misconceptions for potential franchisees. Understanding these myths can help...