How to Avoid Common Startup Pitfalls
A “startup” is a company in the first stage of operations, often initially bankrolled by its entrepreneurial founders. The goal is to capitalize on a product or service for which the founders believe there is demand. “Startup is a state of mind,” to quote an article in Forbes, in which co-founders have traded stability for…
Tips for Starting a Franchise
Franchises in the U.S. date back to the mid-19th Century, when Isaac Singer, inventor of the sewing machine, created franchises as a means to distribute his product over a larger area. Today franchises make up a large percentage of American businesses. They are a popular way to get started, offering built-in access to established brand…
Don’t Allow Personal Relationships to Cloud Business Decisions
Friendship is priceless and makes life worth living, but business is business and should remain so, even in cases in which business dealings involve friends. Handshake agreements can be broken further down the line. When embarking on a business venture with partners, you need a contract, even if your business partners are your friends. Several…
Guarding Yourself against Employees’ Illegal Activity
No matter how well you screen your employees before hiring, it is impossible to predict with total accuracy or to control completely what their actions will be. Since many “middleman” positions have been eliminated in business, and employees have less supervision and more free reign in their actions. It is a sad fact of life…
After Data Breach, Sony Paying out Settlements in Class Action Lawsuit
The data breach which led to the ouster of Sony Pictures’ Chairman Amy Pascal has apparently come to a settlement. The settlement will pay out damages to those included in a class action lawsuit, but will not amount to much when all is said and done. Reports have the settlement fund at somewhere between $2…
Things to Know Before Selling Your Business
If you are selling your business, it is important to think like a buyer. If you were a buyer, would you be looking at revenue numbers, or profit? Would you buy a business that offered “potential,” or would you be looking for a business which was established and realizing that potential already? It is important…
Can the Government Lawfully Seize Business Property?
Being an owner of a successful business involves dealing with many obstacles along the way. Market conditions, employee loyalty or dishonesty, competition from similar businesses, taxes, operating expenses, and many other issues that arise can derail the advancement of a thriving business. As if these day-to-day burdens and challenges of running an enterprise are not…
Who Is Responsible for Protecting Shareholders’ Rights?
If you own stock in a corporation, it is important that you are educated about your rights as a shareholder. Even if you have ownership rights through an investment of capital in a corporation that is not publicly traded, questions can still arise about shareholder rights. One of the most significant of these questions is:…
Understanding the Differences: Employees and Independent Contractors
If you own a business, or are involved with personnel or human resource management, it is critical that you understand the difference between an independent contractor and an employee. For both tax and liability reasons, you must properly designate an individual as an employee or an independent contractor. Intentionally misclassifying an individual as an independent…