Ongoing Management and Protection

Many entrepreneurs who are the sole owners of their business (or operate a business with their spouse) choose to operate as sole proprietorships. A sole proprietorship is the simplest business structure to manage, which is why it’s popular with self-employed...

While paying taxes is a certainty for small business owners, there are some options for how you might pay them. The simplest strategy for paying your small business taxes is to make sure money is available when your tax bill comes due. If that is not possible for...

As you grow your business, you will inevitably need to hire help. If you’ve never been an employer before, there are certain pitfalls you need to avoid that many business owners make. Here’s your guide to what not to do in hiring staff. 1. Not Knowing Your Needs...

I can’t tell you how many entrepreneurs I’ve met that didn’t do the research before naming their business. You may think the name you’ve come up for in starting a new business is unique, but what happens if you find out someone else is already using it? If the name...

The multi-member LLC is a Limited Liability Company with more than one owner. It is a separate legal entity from its owners, but not a separate tax entity. A business with multiple owners operates as a general partnership, by default, unless registered with the...

Some companies, such as Limited Liability Companies (LLC), choose to do business under a different name than the one they have registered in their formation documents. Like other businesses, before an LLC may use an alternate name in its contracts, advertising, and...

Payroll refers to the various tasks and responsibilities businesses must perform to pay their employees accurately and on time. It encompasses calculating wages and salaries; preparing checks or paying employees via direct deposit; withholding taxes and other...

Now that you’ve started your business, it’s time to protect its name. After all, your business name is — and will continue to be — one of the most crucial branding assets you possess. So, how do entrepreneurs protect that critical element from being infringed upon...

Economic Nexus The Supreme Court ruling on the South Dakota v. Wayfair case in 2018 changed how out-of-state retailers collect and remit sales taxes in each state. At a minimum, states can mandate that businesses without a physical presence in a state and with more...

Many small business owners start their companies as Sole Proprietorships. The business structure offers setup simplicity, cost-effectiveness, and minimal business compliance requirements. To determine if a Sole Proprietorship is right for them, entrepreneurs should...

If you’re starting a retail business (whether online or at a brick and mortar location), you’ll want to apply for a reseller license. A reseller license certifies you don’t have to pay sales tax when buying products on a wholesale basis for the purpose of reselling...

When you move from one house to another, you likely have a checklist of things you need to take care of in the process from changing your mailing address and calling your cable TV provider and your internet company. But when moving your business to another state,...

Is a recession on the way? While some economic experts believe a recession is on the way, others, such as the National Retail Federation (NRF), think that although the economy is slowing, consumers are financially healthy and a recession is unlikely in 2022. And...

As a small business owner, how you pay yourself depends on your business’s legal structure and how you elect to pay taxes. The Limited Liability Company (LLC) is a popular legal entity offering liability protection to its owners (called members), simple compliance...

No matter where you’re buying a rental property, protecting that investment is important. Many real estate investors who own rentals choose to set up each of their properties as a Limited Liability Company (LLC). Doing so helps protect their personal assets from...

School’s out! Chances are your kids are celebrating right now because weeks of summer vacation beckon. But, if you’re starting a business or running a business, and you have school-aged children, you’re likely feeling a little conflicted. Entrepreneurs like me, and...

Over the last two years, many businesses have chosen to go virtual, either temporarily or on a permanent basis. But that decision can impact the business’s nexus status. Companies with remote employees in other states may also need to register for foreign...

Establishing healthy business credit is essential to ensure a company can thrive and grow. If an entrepreneur doesn’t take measures to establish credit in their business name, they may miss out on opportunities and even pay more than they have to for goods and...

The state of Michigan requires all business owners of limited liability companies (LLC) and corporations to file an annual report. An annual report is a filing that helps ensure the state's records about a business entity are accurate. Michigan has specific due...

From your company logo to your trade secrets, your business’s intellectual property has value. That’s why it’s important to take measures to protect it. What are the various types of intellectual property and how can business owners’ safeguard them?  Here’s a...

If you’ve incorporated your business or formed a limited liability company, you’ve taken critical first steps toward building a successful business. When registering your business, you’ve protected your company name from being used by competitors in the state the...

Tax season is right around the corner. A lot has changed, tax-wise, in the past year due to new legislation. Here’s a quick look at what business owners need to know about filing their taxes in 2022. Sole Proprietorship Sole proprietors are unincorporated...

If you already have an Employer Identification Number (EIN) for your business but have recently made some changes, you may be wondering if you need a new EIN. Because EINs are used for reporting certain taxes (such as payroll and excise taxes), it’s essential to...

One of the first decisions new entrepreneurs make is “What should I name my business?” A lot of brand equity gets built around a business name, so it’s essential to protect that valuable marketing asset. During a presentation to accounting professionals, I...

If starting a new business is on your 2022 New Year’s resolution list, we’re here to help you begin on the right (and legal) path. Here are 10 must-have legal documents you need to start a new business. 1. Business Plan Technically, a business plan is not a “legal”...

Along with other annual business compliance responsibilities, corporations (and sometimes LLCs) must hold various meetings and record minutes from those meetings. With the new year ahead, new entrepreneurs and existing business owners need to make sure they...

If you’re considering starting a Limited Liability Company (LLC) or restructuring your business as an LLC, it’s important to know what taxes you’re responsible for, when your taxes are due, and how to file taxes for your business entity. Keep in mind that an LLC’s...

If your startup will have more than one business owner, you have several choices for how to legally structure your company.  In today’s post, I’ll discuss the Limited Liability Partnership (LLP), which is a type of partnership that isn’t as widely known as the...

Tax considerations are a significant factor in how entrepreneurs structure their businesses. The qualified business income deduction (or QBI tax deduction) is an important tax deduction that allows eligible businesses to deduct up to 20% of their qualified business...

According to Global Workplace Analytics, 25-30% of the workforce will be working from home multiple days a week by the end of 2021. Already a trend before the pandemic, remote working became the “new normal” for businesses of all sizes struggling to stay afloat...