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Business Startup: A Legal Checklist
There are a million things to consider when starting a business, not the least of which are the legal aspects of such an important undertaking. The following checklist will help you identify key legal concepts all business owners should consider: Obtain a Federal Employer Identification Number (EIN): A federal…
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Employees vs. Independent Contractors - Classify Correctly or Suffer the Consequences!
Small businesses often try to avoid the costs that come with hiring an employee. Hiring an employee means unemployment compensation, worker’s compensation, employment taxes and increased liability. All of these can be a serious drain on the small business. Independent contractors can be a valuable tool to keep costs down…
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You’re Ready to Buy a Business – Now What?
Starting a new business from scratch requires a lot of work and expense, so for many entrepreneurs buying an existing business is more appealing. An established customer base, employees and suppliers, and the notion that someone has already done all the heavy lifting, are just a few of the reasons…
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Commercial Leases: Find the Right Space — Without Surprises
You have a lot of options when it comes to choosing a commercial space for your business. In fact, with the economic downturn, it's definitely a buyer's market. But before you sign on the dotted line, there are a few things you should know. Legally speaking, commercial leases are extremely…
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Buy-Sell Agreements: Protect Your Business From The Unexpected
As a business owner, have you ever worried about what would happen to your business if one of your partners became disabled, got divorced or died? If you had a Buy-Sell Agreement in place, you could sleep a little easier. Simply put, a Buy-Sell Agreement is a contract that…
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Succession Planning Cheat Sheet
Succession planning can seem like an overwhelming process, especially when you're in the early stages of considering the transition. The following list of questions is designed to help you organize your thoughts as you determine the proper strategy for transitioning your business. Personal Goals -What are your goals for retirement…
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Difficult Debtors: Tips from the Front Line
Bad debts are a source of irritation, and sometimes ruin, for all companies. According to a July 15, 2008 article by Melanie Lindner on Forbes.Com, a business can expect to collect nine out of ten dollars of a debt within the first 90 days of the due date- after that…
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Navigating the New Law of the Land: How Concealed Carry Affects Your Business
On July 8, 2011, Governor Scott Walker signed Senate Bill 93 (“Concealed Carry Bill”) into law, meaning the law will likely go into effect on November 1, 2011. Though it may not seem like it, this new law will affect every business in Wisconsin, from bars to doctor’s offices and…
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As an Employer You should Create and Update Job Descriptions for All Positions
Though this seems like a huge undertaking, up-to-date job descriptions for all of your employees can be accomplished with less work than you might think and provide a number of liability reducing benefits. Below I will discuss how these descriptions tie into your overall human resources system and explain the…
