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Forming an LLC, or limited liability company, can be a very attractive option if you're looking for a business structure with increased personal protection and less formalities. Keep in mind that they do require some additional paperwork, including, an operating agreement. Here are the basics every LLC owner should know about operating agreements: What is an operating agreement? An operating agreement is one of the most important documents used by LLCs because it structures the business' financial and functional decisions....
The Small Business Cents blog recently featured payment options for small businesses. Another alternative to traditional card or cash payments is a layaway plan. Layaway plans typically require customers to pay a deposit, generally a percentage of the total price for an item, and make additional payments until the total cost is covered. Retailers agree to hold the item for the customer until the payment plan is complete, at which point they can take home their purchase. Check out this quick guide to understand what laws do and do not affect...
Most private employers have rights when it comes to testing for illegal substances in the workplace. Although employee drug testing is generally not required by law, if you choose to exercise your testing rights, you must comply with federal and state regulations that outline your responsibilities. The first step to establishing a drug-free workplace is understanding what's considered an acceptable and reasonable drug-testing policy. Employer Rights The Drug-Free Workplace Act of 1988 does not require employers to create a drug-free...
The Department of Labor (DOL) is making it easier for employers to understand and comply with U.S. labor and employment laws. The agency's newly updated Employment Law Guide addresses the new changes in labor policy, including: Increase in the federal minimum wage Expansion of the Family and Medical Leave Act for qualified relatives of injured active duty veterans Child labor regulations in the agriculture industry The Defense Base Act, which provides workers' compensation benefits to civilian employees working outside the...
In the world of online business, privacy policies are a must. The increased frequency of identity theft, online fraud, and spamming all heighten customer insecurities when shopping online. A good privacy policy can be instrumental for business owners attempting to ease customer concerns and solidify their reputation as a trusted online retailer. Online privacy policies differ from business to business. Information included in your privacy policy should be tailored to fit your business's individual needs, but there are a few key points...
In a tough economy, small businesses need to get creative in order to stretch marketing dollars. Sweepstakes, contests, and giveaways are some creative methods that have become increasingly popular among businesses, as the Federal Trade Commission estimates that more than half of all American adults entered sweepstakes within the past year. Before you capitalize on this marketing trend, there is specific guidance from the government how to hold a legitimate promotion. Deceptive Marketing Laws The FTC receives thousands of complaints from...
Attention all manufactures and retailers - do not advertise your products as "Made in the USA" if, in fact, they are not made in the United States. If half your product is made in the U.S while the other half is manufactured in China, you cannot claim it is "American-made." While it may seem appealing to stretch the meaning of "American-made," the Federal Trade Commission holds the power to enforce laws against businesses that make false or misleading claims about a product's U.S origin. To protect consumers,...
For small businesses, exporting can pave a path of expansion and growth. Starting up may seem daunting, but with the rise of the Internet and enhanced trade rules it is now easier than ever to become a successful seller abroad. A new Export Program Guide offers support and assistance for new exporters, or those thinking of their overseas operations. The 2009 edition of the Export Programs Guide features over 100 federal programs that offer counseling and assistance to current exporters and businesses looking to develop internationally. Get...
For almost every risk your business faces, there is an insurance policy that will cover it. But what's required and what isn't? When it comes to business insurance, it's important to cover all you bases. Your business must comply with all employer insurance requirements but that doesn't mean policies that aren't required are any less important. Check out this quick guide for a better understanding of business insurance requirements. What's Required? Workers' Compensation Insurance covers the medical costs,...
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by NicoleD, Former Moderator on Friday, February 12, 2010 - 01:21