Tag Archives: SmallBiz
Starting a small business can be extremely fulfilling, but it is also a huge challenge, especially for first-time business owners. When you start a small business, you will have questions from day one, such as: Do you need to keep your day job? How will you support yourself and your family until your business takes off? Will your business plan translate to the real world? What are the state and municipal laws regarding your type of business? Here is a little advice to help small business owners start out on the right foot. Tips to Successfully Start a Small Business Forbes recently featured an article with advice for how to successfully start a small business. The top three tips from the article were: Fix a Problem – One of the best ways to build a customer base is to provide a service that solves a problem that your target market…
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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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