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The U.S. federal government buys nearly $100 billion worth of goods and services from small businesses each year. However, for many women-owned small businesses (WOSBs) competing in this lucrative market has been tricky. In fact, in recent years, WOSBs received only four percent of the $400+ billion in government contracts awarded to small businesses. In an effort to address this shortfall and create a more level contracting playing field for WOSBs, last year the SBA implemented a women’s contracting program that will allow contracting...
For many small business owners considering how to organize their company, becoming a Limited Liability Company (LLC) is a great choice, thanks to the liability protection and pass-through tax status they afford. Each state has specific guidelines for forming an LLC, but they all adhere to the same general principles (explained on SBA.gov here). Whichever method you choose and no matter where your LLC is formed, you’ll need to complete two specific documents to legally form your LLC and structure your new business entity: your Articles of...
Are you doing business on the Internet? Selling on eBay? Promoting or advertising someone else’s products on your website or blog? Online money-making opportunities are plentiful – from selling your old books via online auction to promoting products and services for online merchants, or becoming an online merchant yourself. But at what point does this mean you are in business yourself and, since you are making money online, what are your tax and regulatory obligations? Here’s some guidance about ways you can make money online...
Changing a business name is a costly and disruptive process, especially for established businesses. You can’t just start calling it something different. Print and online marketing materials and bank accounts will have to change, websites adjusted, domain names registered, email addresses updated, and so on. This is all assuming your chosen new name is even available! So before you take the leap, familiarize yourself with these steps. Most of them are required by law, but others are simply good business practice. Check Trademarks...
Several blog posts on SBA.gov offer plenty of advice on how to hire, mentor, and motivate employees. We also frequently tackle the issue of dealing with difficult or disruptive employees. But what happens when you find yourself at the end of the road with no choice but to terminate an employee? What steps must you take? What does the law require? What are the employee’s rights? What should you do about employee benefits and continuing health care coverage? Doing everything right won’t always protect you from a lawsuit, but it will...
Are you or your partner trying to exit or dissolve your business partnership? Business partnerships dissolve for many reasons – one partner may have lost interest, is no longer committed to the business or just wants to retire. Sometimes things just don’t work out. But how do you plan and execute a clean dissolution of your partnership? What are your options and what legal steps must you take? Let’s take a walk-through your options and your obligations. Revisit Your Partnership Agreement and Review Your...
SBA’s small business programs range from guaranteed loans to disaster assistance and procurement programs. But how can you know if your business qualifies for SBA assistance? After all, what makes a small business “small” and a large business “large?” The short answer lies in size standards. Size standards are definitions SBA has established to ensure that a business is eligible to participate in an SBA program. These standards are matched to the North American Classification System...
Did you know the U.S. federal government buys nearly $100 billion worth of goods and services from small businesses each year? It’s a lucrative business opportunity, indeed! However, selling to the federal government demands a completely different go-to-market approach than does the commercial sector. And because a certain amount of Uncle Sam’s budget is specifically set aside for small businesses, you’ll also need to meet a few regulatory formalities to make sure you’re qualified and registered to sell to the...
Starting a business? Confused about whether you need a business license or permit? Virtually every business needs some form of license or permit to operate legally. However, knowing which one you need, however, can be a little tricky. It depends on the type of business you are operating, where it’s located, and what government rules apply. The problem is that many businesses overlook this basic requirement of starting a business often because they simply aren’t aware of what the law requires. This can lead to costly penalties, tax...
Ever wonder if you need to get a lawyer involved in a business matter? A lawyer can help in many business scenarios, from helping with the incorporation process, drawing up contracts and, if necessary, representing you in litigation. But is a lawyer always necessary or are there times when you are better off saving the big bucks and navigating legal processes on your own? Here are some guidelines to help you know which legal business issues you can probably handle independently and when it’s really time to retain a lawyer. Legal Issues...
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by Caron_Beesley, Community Moderator on Wednesday, March 21, 2012 - 07:20