When you set up your business, you choose from several types of business structures. The structure you operate under affects your tax liabilities, so selecting the right one for your business is crucial. Forming an S Corp is one business entity option. Knowing how to form an S corporation helps you decide how you will […]
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Author:
Mike Kappel
Mike Kappel, serial entrepreneur and CEO of Patriot Software, offers payroll advice from more than 30 years of experience to small business owners.
How to Find Net Sales: Formula and Examples
How often do you offer discounts to customers? Or, how frequently do customers return products to your business? You need to know about net sales if you offer discounts or accept returns. Read on to learn what net sales are, how to find them, and more.
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What Is a Vendor? Overview for Small Business Owners
As a small business owner, you need goods to operate. Your inventory is an essential organ in the anatomy of your business. The tools you use and the merchandise you sell help you accomplish daily goals, and ultimately grow your company.
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What Is Nonemployee Compensation?
As a small business owner, you might hire independent contractors to address business-related needs. When you pay an independent contractor, they receive nonemployee compensation. What is nonemployee compensation?
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What Is Errors and Omissions Insurance?
Everyone makes mistakes. But, an error made at your business could be costly or even cause you to go under. You can protect your business with an errors and omissions insurance policy. Errors and omissions, or E&O, can save your company from certain customer lawsuits.
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The Ins and Outs of Business Working Capital
Having many expenses is an inevitable part of owning a small business. But, you also need to be able to generate enough money to pay for those expenses. To determine whether you can pay off your short-term debt, you need to understand working capital.
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How to Conduct Due Diligence When Acquiring a Small Business or Product
Are you considering buying a business to start your journey into small business ownership? Or, do you want to acquire another small business to expand your existing one? Or, do you want to acquire a product to add it to your business? If you answered yes to any of these questions, you need to know […]
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What Is an Audit?
Audit. Do you panic when you hear that five-letter word? You might think an audit is the last thing your business needs, but they aren’t always bad. Regular audits can be more like a routine maintenance check than an invitation for IRS penalties. Learn what an audit is, what types of audits there are, how […]
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What Is a SIC Code?
When you create a simple chart of accounts, you might assign a group of numbers to each account category. Assets might use the 100s, liabilities might use the 200s, and so on. There are specific accounts within each category. You will assign each account a more specific number within its category. For example, cash is […]
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What Is Escrow, and Why Should a Small Business Owner Know About It?
Transactions between two parties can be tricky business. As a small business owner, you need to make sure that things like selling tangible and intangible assets goes smoothly. You might consider using an escrow agent to help. So, what is escrow?
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