There are a number of legal issues small businesses need to address. Not handling these issues can be very expensive to you!
1. Set up Your Business in a Separate Entity
Treat your business as a separate and professional entity. By forming a separate entity, you protect your personal assets since you will not be responsible for the debts and obligations of your company.
Your business may have a legal name, but you may want it to go by another name. How do you accomplish this legally? Many businesses choose to operate under an assumed name. Before you register a DBA for your business, there are a few things to know about it.
Many people are moving to Texas—for the jobs, affordable housing, low taxes, booming industries, and friendly people.
One of the most common ways that a small business can be disrupted is when an owner wants to sell or transfer his interests in the company. Relationships end for many reasons, and sometimes unexpectedly. It is highly probable that there will come a time when one of your partners will want to sell his or her shares or interests in the company to someone else.
Learn how others do it. Download our guide to growth.
As a business owner, you want to set up the best processes to ensure you are paid for your work. Take time before you start working with a customer to discuss your payment requirements. Be clear about your expectations, and put them in a written agreement. Address any common payment problems that come up in your business. Adopt a billing and collections policy, and stick to it.
Texas imposes a franchise tax, also known as the margins tax, on taxable entities organized in Texas or doing business in Texas. If your company does not file its Franchise Tax Report and pay any applicable taxes it will no longer be in good standing, and you may be held personally liable for the obligations of your business. Be sure to discuss this matter with your CPA.
This article is Part 2 of a 2 part series focusing on selling your business.
Although the sales of businesses are at a record high, an 70% of businesses listed for sale never sell!
Most business owners do not have prior experience selling a business. In order for your business to look attractive to a buyer, you need multiple sources of income, a healthy customer base, and a solid management team in place.
Consider actions you can take today to better position your business for sale.
This article is Part 1 of a 2 part series focusing on selling your business.
Sales of businesses were up in 2014 and this trend is expected to continue in 2015.
Mergers and acquisitions hit a record high in Texas in 2014, with almost 70% of these being privately owned businesses. The number of small businesses sold in the United States hit a record high in 2014.
Corporations and LLCs are required to keep their minute books up to date. Document important business decisions on an on-going basis. Oftentimes, this can be handled by a unanimous written consent signed by the business owners rather than holding an actual meeting.