For the love of your business

Articles to LIFT Your Life and Business

Q&A Can a married employee name a 401(k) beneficiary other than a spouse?

QUESTION Q: Can a married employee name a beneficiary other than spouse on 401(k) –Helpful Boss   ANSWER A: Dear Helpful: It can be very difficult for you, as an employer, to manage a 401(k) retirement plan for your employees properly. Federal law establishes protections for married couples known as “survivor’s rights.” Generally speaking, survivor’s […]

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The Benefits Of Employing Your Kids

Paying your children—whether they’re tweens, teens, or young adults—to work for your company is one of the greatest advantages of running a family business. By hiring your kids, you can help them develop a strong work ethic, give them experience managing money, and jumpstart their ability to save for their future, all while keeping more […]

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5 Tips For Creating A Business Plan That Works

Far too many aspiring entrepreneurs jump-start their businesses without taking the time to plan properly. Just as a builder uses a blueprint to ensure a new construction project will be structurally sound, a carefully researched and well-thought-out business plan allows you to determine whether or not your business concept will succeed and make money. A […]

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Why Your LLC Agreement Must Be Customized To Consider The End, Before You Even Start

Starting a business is exciting, but it can quickly become a stressful situation if the owners can’t agree. This is especially true when it comes to closely held businesses, such as LLCs, with two equal owners. In these situations, it’s ideal for key agreements, such as LLC operating agreements, bylaws, or buy-sell agreements to have […]

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Who Should Own Your Business Entity?

If you’ve decided to incorporate your business or review the type of entity you already have in place, it’s essential to not only choose the right entity, but also decide who (or what) should own that entity. Unfortunately, most basic business lawyers overlook this question, and I want to ensure you don’t miss it just […]

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How A Nominee Can Protect Your Privacy

As a business owner, you may want to keep your identity private and out of the public record. To do this, we recommend using the services of a nominee to place the nominee’s personal information on your business records instead of using your personal information. These records typically include articles of incorporation and annual financial […]

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Q&A: How are partnerships taxed?

QUESTION Q:  How are partnerships taxed? —Business Beginner   ANSWER A: Dear Business, A partnership is basically a sole proprietorship with multiple owners, and the partners typically share equal responsibility for the business’ assets and liabilities. Like a sole proprietorship, a partnership is not a separate entity from its owners from a tax perspective.  The […]

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Five Tips for Monetizing Your Company’s Online Presence

In today’s digital-everything world, nearly every business—no matter how small—has some online presence. From websites and social media to e-newsletters and mobile apps, it’s virtually impossible to survive in today’s marketplace without having a digital footprint.  However, building your company’s online operations and making money from them can be challenging unless you have a background […]

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4 Actions To Take If Your Business Is Facing A Lawsuit

If your business gets hit with a lawsuit, it can be a traumatic and costly experience. Unfortunately, in today’s highly litigious society, lawsuits are far-too common, with up to 53% of all small businesses in the U.S. sued each year, according to the Small Business Administration.  One of the worst parts of being sued is […]

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3 Vital But Often-Overlooked Metrics All Businesses Should Track

You are most likely monitoring several key performance indicators to determine how well your company is doing. Whether related to your finances, advertising, employee turnover, or website traffic, these metrics can be an effective way to measure, maintain, and improve your business’ success and growth. That said, there are a number of metrics vital to […]

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4 Essential Legal Agreements No Business Should Be Without

When starting a new business, putting the right legal agreements in place is crucial for protecting your assets and relationships. Yet far too many new business owners put off—or even entirely overlook—creating these vital documents. You might not even know which agreements you need. The following 4 agreements are among the most essential legal documents […]

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