There are not that many laws that require a business to have insurance. However, if you do not have insurance, you are running huge risks. You may face lawsuits and liabilities that could end your business. Every small business owner should be aware of the types of insurance out there… read more →
As a small business owner, one way to avoid problems with employees and taxes at the same time is to use independent contractors to do work for you. This can relieve your company of many of the burdens that come along with federal laws as well as the obligation to… read more →
Tipping, tip pooling and tip sharing is widespread throughout the restaurant and hospitality industry. In many ways it is a uniquely American custom to pay our waiters and bartenders in cash tips at an amount that each customer sees fit for the service received. It provides a special incentive to… read more →
The Fair Labor and Standards Act (FLSA) is a federal law that regulates the standards for wages and overtime pay that affects most public and private employment in the United States. History of the FLSA The FLSA was passed during the New Deal era in 1938. It introduced a maximum… read more →
There is no law that prevents an employer from regulating and combatting drug and alcohol use in the workplace. There are, however, limits on how much you can test employees for drugs. But testing is just one way, amongst many, to combat drug and alcohol use in the workplace. Let’s… read more →
Below is a list of five of the most common business structures, along with some of the main advantages and disadvantages of each. This installment features the Professional Corporation, Nonprofit Corporation, Limited Liability Company, Professional Limited Liability Company and the Limited Liability Partnership. Professional Corporation Advantages Owners have no personal… read more →
McDonald’s, Apple, Exxon, Buick. These are the names of companies that we know well. They are instantly recognizable. When we hear these names we know exactly what each of these companies does: McDonald’s makes hamburgers, Apple makes computers. However, clues to what they make cannot be found in the name.… read more →
When starting your own small business you may attract all kinds of new attention. Your business may be featured in the newspaper, customers may be flocking to your storefront, and other business owners will contact you to do business with them. Oh, and you are three times more likely than… read more →
There are three primary ways in which a small business can get paid: cash, credit cards and checks. Each method has its advantages and disadvantages and that is what we are here to discuss today: the pros and cons of each. We will start with the old king of currency:… read more →
Many people dream of starting a small business. Few people actually do it. The largest obstacle for many is raising enough money to get off the ground. But somebody out there is making it happen; new businesses are popping up every day. In the last section we looked at how… read more →