Monthly Archives: February 2017
Retirement strategies aren’t just for large companies. Small companies need them, too. Thankfully, there are several solid retirement plan options for small companies. The one that’s best for you and your company depends on factors such as your company’s size and type. Here are your options and what businesses they work best with. Small Business Retirement Plan Options Simplified Employee Pension (SEP IRA) – A SEP IRA is going to be your simplest option, as it’s painless to set up and doesn’t have many contribution limitations. Keep in mind that this simplicity means less features and customizability. The employer funds this plan entirely. It’s best for self-employed individuals or businesses of ten employees or less. SIMPLE IRA – SIMPLE stands for Savings Incentive Match Plan for Employees, which sums it up well. Employers must match all contributions employees make to their own retirement plans, with annual limits upwards of $10,000….
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If you’re a small business owner struggling with debt, filing for Chapter 7 Bankruptcy can help you to get back on your feet. Whether you will be held personally liable for your business debts depends on the structure of your business. Continue reading to learn about the specific factors in small business bankruptcy that can leave you personally accountable for debts. Determining Personal Liability in Small Business Bankruptcy What type of business entity is the business? – Whether you formed a specific business entity and the type of this entity largely determines the responsibility for business debts. Sole proprietorship – If you didn’t form an entity and are a sole proprietor, you may be responsible for all business debts. You and the business are one and the same, under law. As a result, filing for business bankruptcy equates to filing for personal bankruptcy. Limited partnership, Corp, or LLC – In…
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The greatest deterrent to starting one’s own business is likely the question of funding. Following a small business idea requires capital, a commodity that few entrepreneurs have when starting out. With this being the case, they look to outside sources for funding. Sources such as family, friends, and, eventually, angel investors. Let’s go into more depth about what this process looks like, for each source. Sources for Funding Your Small Business Idea Family and friends – While this can be the easiest place to look to for funding, be careful. You don’t want to unknowingly take advantage of the love your friends and family have for you by tying them to a failing business idea. If your friends feel like you used them for money, it could irreparably damage your relationship. Small business loans – Despite popular belief, there are many organizations who are interested in lending to small businesses….
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