If you’re interested in adding the government to your list of clients – but want to get your feet wet first – consider subcontracting. As a subcontractor, you can perform part of the work on another business’ contract (of the ‘prime’ contractor) without dealing directly with the government. Here’s a look at some of the perks. Fewer administrative obligations In general as a subcontractor, you won’t have to deal with the government directly – that’ll be up to the prime contractor...
Did you know that the SBA has a program designed to help small, disadvantaged businesses compete in the federal marketplace? If you’re interested in government contracting, the 8(a) Business Development (BD) Program offers a broad scope of assistance to small businesses for which you might be eligible. The 8(a) BD Program has been essential for helping socially and economically disadvantaged entrepreneurs gain access to the economic mainstream of American society. Ultimately, the program helps thousands of aspiring entrepreneurs...
Are you ready to enter the business world but nervous about starting from scratch? You may be considering buying an existing business, which certainly has its perks when compared to establishing your own, brand-new operation. But there’s still plenty to keep in mind, and success isn’t guaranteed by simply writing a check and getting the keys. Here are a few tips to help you do your due diligence as you explore buying a business. Considering the pros and cons There are many favorable aspects to buying an existing business such as an...
So, you’re starting a business – congratulations! You already know that there’s a lot to take care of, from choosing your business structure to registering your business. You’ll probably also need a business license or permit – virtually every business does in order to operate legally. It depends on the kind of business you run, where it’s located and what state and federal rules apply. Here’s what you should know to make sure you’ll be running your business within the law. Why Does My Businesses...
Getting sued by current or former employees happens more often than you might think. In fact, the number of lawsuits filed regarding wage-and-hour laws alone in 2011 went up 32 percent from just three years prior. Don’t be too busy to check in and ensure you aren’t breaking laws or otherwise opening yourself up to a potential lawsuit — no small business owner has the time, or money, for that. There’s a plethora of advice out there on the subject of protecting your business from lawsuits. Before you read on, remember,...
As an entrepreneur or aspiring small business owner, one of the most significant considerations that may come to mind is how to protect your work. What steps should you take to ensure that someone else couldn’t lay claim to what your product or service? Does a patent, copyright or trademark apply? Here’s some clarifying information about patents, copyrights and trademarks and how to protect your intellectual property. The U.S. Copyright Office provides a clear distinction between these three types of protection: Patents protect...
Are you moving to a new state and wondering how to re-establish your business there? Wondering how to make a seamless transition for your sole proprietorship, LLC or corporation in a new location? Here’s some essential information about relocating your business. Sole Proprietorships It’s pretty straightforward to move a sole proprietorship (or partnership) to a new state. You’re required to register your new business using the “Doing Business As” (DBA) registration process in your new state at which point you...
Partnerships fail for many reasons. Misalignment of personality is possibly the first reason that springs to mind, but according to Michigan law firm Family & Aging Law Center , the two most common reasons that business partnerships fail is 1) failure to make an adequate plan, and 2) more importantly, from a legal perspective, failure to have a written partnership agreement that outlines in detail the partnership structure. Why is the partnership agreement so important? Most partnership agreements are written up at the beginning of...
Do you know what your legal obligations are to provide maternity leave to your employees? There are laws that dictate what maternity leave benefits you should be providing to your employees. However, they don’t apply to all business owners. For example, under the Family and Medical Leave Act (FMLA), certain companies are required to provide unpaid, job-protected leave for family and medical reasons with continuation of group health insurance under the same terms and conditions as if the employee had not taken leave. This includes 12...
Managing employees can be a daunting prospect, especially if you are new to it. Many small business owners started their businesses because they wanted to be their own boss, but what happens when it comes time to hire employees – what kind of leader will you be, how will you juggle your business and the regulatory requirements of being the boss? While great leadership is often measured by your ability to lead and mentor your employees, it’s also important to remember that as an employer and manager you are required to treat all...
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