This week marks our firms 20th anniversary. In 1999 my naïve business plan for a “fee-only” and “fiduciary” investment management firm fit on a cocktail napkin. It was me, a phone and a computer. Thankfully, much has changed since inception and hopefully I’ve learned a bit in the process that may be helpful to others.
No business owner likes to receive an IRS notice that they’re being audited. What resources are available to you to handle an IRS audit? Do you need to keep receipts in order to complete an audit? How long should you keep records in case you are audited?
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.
A business must do two things well to survive and prosper over time:
Learn how others do it. Download our guide to growth.
Every semester, we host a speaker for my Texas Lutheran students. The goal is to find experts who speak from the world of “reality,” and they are always incredibly gifted and engaging. Academic theory is necessary from a foundational perspective, but engaging with people who have been “in the trenches” is a useful learning opportunity for my students.
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.
When I talk to business leaders who need help with their company’s technology challenges, there’s a question I hear frequently: “What’s the difference between the companies that struggle with their technology versus the companies that have a high-performing technology organization?”
The job of a CEO in business can be overwhelming. Aside from being the face of the company, a business leader also makes most of the business decisions and manages the overall operations and tasks of the company. Even if the workload is tearing at the seams, most business owners tend to want to steer the ship themselves.
Business owners occasionally find themselves in need of funding to take the logical next step to grow their companies. Whether it’s to buy a costly new piece of equipment, hire more staff, or move into a new location, these investments may require significant working capital. But when that money isn’t readily available, what options are on the table?
The key to having money (having wealth) in life is to create a strong personal net worth. Your personal net worth is the difference between the value of the assets you own minus the debts you owe. It’s a reflection of how well you are creating real financial value in your life.