For the love of your business
For the love of your business
Q: I didn’t apply for a loan under the Paycheck Protection Program (PPP) last year. Can I apply for a PPP loan now? —Business Borrower A: Dear Borrower: Yes, the new PPP funding allows you to apply for a loan whether you received an initial PPP loan or not. If you didn’t receive a PPP […]
Read MoreQ: Can I ever be held personally liable if my business is set up as a corporate entity? —Prudent Principal A: Dear Prudent: When properly created and maintained, entities such as an LLC or S Corporation, can shield your personal assets from creditors, lawsuits, and other disputes incurred by your business. However, the personal liability […]
Read MoreQ: How does proper documentation help protect my business against employee lawsuits for wrongful termination? –Cautious Company Owner A: Dear Cautious: If a fired employee sues you, by far the most powerful weapon you have to defend yourself is complete, thorough, and contemporaneous documentation of the employee’s behavior. Thoroughly documenting all employee incidents, along with […]
Read MoreQ: Is my business eligible for the Employee Retention Tax Credit (ERTC)? –Hopeful Business Owner A: Dear Hopeful: If you did not take a PPP loan, you may be eligible for ERTC. This tax credit is worth 50% of qualifying wages, with payment up to $10,000 per employee. The credit applies to wages paid from […]
Read MoreQ: How does a forgiven Paycheck Protection Program (PPP) loan affect my taxes? –Curious Business Owner A: Dear Curious: The CARES Act specifies that a forgiven PPP loan isn’t considered taxable income, so you won’t have to pay any federal income tax on it. However, some states may end up requiring you to pay taxes […]
Read MoreQ: How can I get rid of a horrible employee from my business? –Frustrated Business Owner A: Dear Frustrated: Whether your employee is incompetent or just doesn’t fit with your mission or people, it’s tempting to just tell an employee to “get lost.” But you must proceed carefully. Many laws provide protections even to “at-will” […]
Read MoreQ: Is an Operating Agreement the Same As Bylaws? – Curious A: Dear Curious, Bylaws are internal documents that govern a corporation, and operating agreements break down an LLC’s operating procedures. Operating procedures in the corporate bylaws lay out specific rules for members executives, employees, and shareholders. They typically include contact information for the corporation, […]
Read MoreQ:My Trademark Is Being Infringed Outside of the United States: What Should I Do? – Infringed On A:Dear Infringed On, Before you take any action, take a breath and ask yourself this question—how will this infringement actually affect your business? Taking on international infringement takes time, money, and energy. If the company does most of […]
Read MoreQ: Is there a way to temporarily pause my LLC business? – Needing a Break A: Needing a Break, It’s completely normal to go through uncertain phases with your business, even in the best of times. You may need some time to regroup and figure out whether you want to pivot with your business or […]
Read MoreQ: Since I’m unemployed due to the pandemic, I want to promote myself as a digital marketer while working from home. Do I need a business license? – Anxious Entrepreneur A: Dear Anxious: While some recently unemployed American’s are looking for a side hustle while anticipating returning back to work, many entrepreneurs overlook the fact […]
Read MoreQ: Can Bankruptcy Save My Business? – Concerned Entrepreneur A: Dear Concerned: If you’re struggling with debt, but don’t want to shut down your business, bankruptcy might be one way to save your company. While this may sound paradoxical, many big corporations— American Airlines, General Motors, and Kodak—have successfully used bankruptcy to restructure debt and […]
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