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Starting a new business, especially a small one, can sometimes lead to opportunities to mix up your money. For example, you need to put gas in your company vehicle but forgot your company credit card, so pay for it with your personal one instead. Or when you get home,...
The time you start a business could be one of the busiest of your whole life. There is so much involved in getting a new business off the ground, and you may also have family commitments to attend to and a job elsewhere to support yourself in the meantime. It is easy...
One of the critical decisions you'll need to make when you start a business is the legal structure of your business. While many small businesses begin as sole proprietorships, there's a compelling case for transitioning to a limited liability company structure. The...
Establishing a business partnership is a serious commitment, possibly lasting years or decades into the future. You may quickly learn about a potential partner by reading their résumés and other documents. Other times, these details are not enough, making you feel...
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...