Successful companies evolve over time. It may be necessary to restructure your business to make it more profitable. Typical problems businesses face include acquiring additional capital, shrinking profit margins, unhappy customers, inefficiencies or adopting in an evolving industry. In an effort to address these issues, you may need to add or remove owners, modify ownership interests, change your legal structure, expand operations into other states, sell assets, refinance loans, change operations, add new verticals, remove unprofitable ventures, reorganize business functions, renegotiate contracts or some combination of all of these actions.
A trademark is a word, name, logo, symbol or design that identifies and distinguishes a product from goods or services developed by other companies. Technically, a “trademark” is used to identify goods and a “service mark” is used to identify services, although the term “trademark” is often used as a generic term to refer to both types of marks.
A trademark registration grants you exclusive ownership rights to use your trademark in connection with the goods or products you sell. It also enables you to prevent other businesses or entities from using your trademark.
Topics: best business practices
It is common to use the assets of the business as collateral to secure payment of a business loan. A Uniform Commercial Code (UCC) lien filing, or UCC filing, is a notice lenders file to inform others of their claim in the assets owned by the borrower in the event of default. Even though the business owner allows the lender to secure the payment of a business loan with the assets of the business, in many cases, the business owner never sees a copy of the filed lien.
The Texas franchise tax is a tax imposed on taxable entities organized in Texas or doing business in Texas. Even if your business does not owe taxes, you're required to file a Franchise Tax Report each year. The no tax due threshold has increased $20,000 for 2018 to $1,130,000.
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The terminology for limited liability companies can be confusing. For instance: who are the members, managers and managing members?
All of the owners of an LLC are its members, similar to stockholders in a corporation.
There are two different possible management structures for LLCs: A manager managed LLC or a member managed LLC.
One of the most common ways that a small business can be disrupted is when an owner wants to sell or transfer his or her interests the company. As a result, small businesses usually restrict the transfer of ownership in their companies.
Business relationships end for many reasons, sometimes unexpectedly. It is highly probable that there will come a time when of your partners will want to sell his or her shares or interest in the company either to a third party, to the company, or the remaining owners. It is important for business owners to address these issues early on, when the owners can reach an agreement on how to structure these transactions.
The startup atmosphere in Austin, Texas is considered the best in the United States, according to Inc.com’s article on surge cities. The article cites the reasonable cost of living, loads of sunshine, well-educated people, the “Live Music Capital of the World” and the city’s fun streak as reasons people flock to Austin. The city is growing four times faster than most of Silicon Valley, drawing talent and startups from all over the country.
This article is Part 2 of a two-part series focusing on selling your business. Read part one here.
An estimated 70% of the businesses listed for sale do not close. It takes significant planning and preparation to successfully exit a business. The more transparent you are about any major business decisions, the more likely you are to build trust with a potential buyer. This can, in turn, result in obtaining a better price for your business. There is no guarantee that the right buyer will be interested in buying your business when you want to sell it, but here are some practical steps you can take to better position your business for sale.
This article is part one of a two-part series focusing on selling your business.
A record number of small businesses continue to be sold in the United States. Fifty percent of all small business owners are over 50 years old, and it is estimated that over 70% of baby-boomer entrepreneurs will either close or sell their businesses in the next 10 years. Since millennials are looking for business opportunities, and interest rates are still relatively low, now is a good time to start strategizing about how to sell.
Many businesses choose to operate under an assumed name or a DBA, which is short for “doing business as.” This happens whenever a business operates under a name which is not identical to the official name of the entity filed with the Texas Secretary of State’s Office.