It wouldn’t be an understatement to say that family-owned business is synonymous with American business. Eighty-seven percent of American businesses are family owned. You read that right: 87%. That means that family-owned businesses employ a huge portion of the U.S. workforce, 62% to be exact. And to top things off, family-owned businesses make up 64% […]
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Limited Liability: A Shield for Your Business
Running a business is always a risk. The risk of a lawsuit or bankruptcy can scare many would-be business owners before they even get started. These risks don’t have to affect you personally, but they may depending on how you structure your business. Limited liability protects an individual’s assets in the case of a lawsuit […]
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For Richer and Poorer: How to Start a Business With Your Spouse
Americans love talking about their favorite mom-and-pop shops. When we use the term mom-and-pop, we’re talking about a spouse-owned business. A spouse-owned business gives new meaning to “for richer and poorer” (and “till death do us part!”). According to Harvard Business Review, three million businesses in the U.S. are spouse-owned. This type of business also […]
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Sole Proprietorship vs. LLC: What’s Best for Your Business?
You’ve finally come up with the perfect business. Now, it’s time to structure it. And if you’re torn between sole proprietorship vs. LLC (limited liability company) you might be wondering what business entity best fits your needs.
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Business vs. Hobby: Which Is It?
You’ve decided to start a business. Er … is it a hobby? How do you know if you’re making a little side money from a hobby or running a full-fledged business? Does it matter? Well, the IRS cares about whether you have a business vs. hobby, so you should, too.
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How Much Does it Cost to Start a Business? Putting Together Your Estimate
The average cost to start a business is less than $10,000. But, every business is different. So if you have a million-dollar business idea, you probably want to know what it’s going to cost you. How much does it cost to start a business, exactly?
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Types of Self-employment: Which Is Right for Your Business?
Owning a business may mean that you are self-employed. But, the IRS has rules about which business owners are self-employed and which are not. Basically, all self-employed individuals are business owners, but not all business owners are self-employed. So, what are the types of self-employment?
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Minority Business Enterprise and MBE Certificate: Your Guide
Although you may have a minority-owned business, you must meet specific criteria for formal recognition as a minority business enterprise (MBE). And if you meet the criteria, there are business benefits to receiving an MBE certificate.
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How to Write a Business Plan That Outlines Goals, Secures Funding, and Beyond
You’re driving late at night, exhausted. You can’t see anything, and you don’t know where you are. Before you run out of gas, you pull up your GPS, and ah! There’s the path. Now you know where the path is again. Likewise, you can get lost in business ownership if you don’t have a “roadmap” […]
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What Is a Separate Legal Entity? A Guide for Business Owners
When you open a business, you decide what business structure you want to have. And, that decision determines what the legal requirements are for your company. But, is your business a separate legal entity (SLE)? And, what is a separate legal entity?
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