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A business cannot be successful without the work and dedication of key individuals in the organization. Succession planning allows you to prepare for the unexpected loss of such individuals. The successor should be someone with the experience and skill necessary to...
Expanding a business could mean many things. You could add more products or services, partner with another company or franchise your business. Whatever your expansion plan is, it is essential to initially establish whether it is the right move for your business. Here...
When setting up a business, the first step is choosing the appropriate business structure for the company. If you want to establish your business in Texas, you can form a sole proprietorship, partnership, LLC or corporation. While other alternative structures exist,...
Getting into a business partnership with a like-minded party can be a very exciting and fruitful strategic move. With the right partner, you can pull resources together, share insights and grow your bottom line. But a business partnership does come with its share of...
You’ve run a successful company for some time now and are always looking for ways to develop. Often, progress is associated with expansion, but this isn’t always the case. Sometimes, downsizing a business can actually make it more profitable. For instance, by...
When someone is trying to come up with a name for their new business, it’s best to find something unique. This helps the business stand out. It also lowers the odds of a dispute over intellectual property rights. That being said, maybe you have come up with an...
As you may be well aware, every business has its challenges. A challenge just means something to overcome, right? You could resolve some challenges by starting a business partnership -- but you need to be careful. Starting a new partnership also means introducing new...
When starting a business, it is important to consider the different types of business structures available. Two of the most popular options are partnerships and limited liability companies (LLCs). Both offer advantages and disadvantages, so it is essential to...
Family businesses and partnerships have been around for centuries and have proved successful models for many entrepreneurs. However, running a successful family business can be challenging as it involves navigating complex family dynamics and business decisions. Here...
Your business needs may have significantly evolved since you began operations, and you see the need to change its legal structure. Various reasons may be behind this, such as expansion or cooperation with new-found stakeholders. Either way, it is a crucial decision...