For the love of your business
For the love of your business
Q: Can I form my LLC in a state other than where I live? -Interested Entrepreneur A: Dear Interested With few exceptions, you can form a limited liability company (LLC) in whatever state you choose. Maybe you’ve heard that states like Delaware, Wyoming, and Nevada offer legal and tax advantages—and this can be true. But […]
Read MoreQ: I’m a freelance graphic designer, who works alone from home. Do I need a business license? -Inquiring Entrepreneur A: Dear Inquiring: Home-based businesses are booming, but many entrepreneurs overlook the fact that such operations are still subject to license and permit laws. The type of licensing required will depend on your industry and location. […]
Read MoreQ: I work full-time for an employer, but I also run a part-time side business out of my spare bedroom. Do I qualify for a home office deduction from the IRS? -Side Hustler A: Dear Hustler: The answer depends on a few factors, but provided it’s a legitimate business you’re consistently involved with, it’s likely […]
Read MoreQ: I plan to retire in five years and let my daughter run my business. How can I best prepare her to take over? -Proud Papa A: Dear Proud: Handing the reins of control to a successor is among the most critical tasks business owners face. Yet many put off—or totally ignore—succession planning, which can […]
Read MoreQ: Should I get a business credit card? -Wondering A: Dear Wondering: Business credit cards come with numerous advantages, along with significant risks. But when used wisely, these cards can be a valuable source of short-term investment capital. Advantages of business cards include high credit limits of $50,000+ and rewards like airline miles, gas rebates, […]
Read MoreQ: Do I need trademark protection? —Concerned Business Owner A: Dear Concerned: As a business owner, it’s vital to not only protect your tangible assets—office space, equipment, and finances—but also your intangible assets—inventions, branding materials, and written documents. These creative works are known as intellectual property (IP), and to protect IP from being stolen […]
Read MoreQ: What is involuntary bankruptcy, and can it happen to my business? —Concerned Borrower A: Dear Concerned: While uncommon, creditors who believe they have no other recourse to get paid by a business debtor can force that company into what’s known as “involuntary bankruptcy.” Though involuntary bankruptcies against businesses do happen, several rigid conditions must […]
Read MoreQ: What are entrepreneurial retreats, and what value do they offer? —Stressed-Out Business Owner A: Dear Stressed-Out: Entrepreneurial retreats offer a blend of personal and professional development for business owners looking to relax and recharge their creative batteries. Many retreats involve traveling to foreign locales, where attendees are completely removed from their demanding daily pressures, so […]
Read MoreQ: What is Professional Liability Insurance and why do I need it? –Cautious Business Owner A: Dear Cautious: Business owners are probably aware they need liability insurance to shield their company from costly lawsuits. But not all liability insurance is the same, and it’s important to understand what types of coverage are available, so […]
Read MoreQ: How Can I Spend Money to Make Money? -Business Owner A: Dear Business Owner: Great, and very important question. If you want to increase your top line revenue, you’ll likely need to increase your expenses as well. Not all expenses are bad. Shift into the question of how can you best invest money to have […]
Read MoreQ: What financing options do I have when buying a business? -Future Business Owner A: Dear Business Owner: Owning your own business can be a dream come true. But many people shy away from the idea of purchasing an existing business because they lack the capital to make the purchase. Buying a business may require […]
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