What happens when you don’t have your legal ducks in a row? You lose $500,000. As business owners, we are so focused on running the business that we forget to get our legal ducks in a row. Why does it matter? Through a lot of heartache, you finally find a private investor who is willing to listen to your story and invest in your business. Here’s what can happen if you don’t have your legal documents in order.
Whether you’re renting out one or multiple properties, you now have a business. With that business comes LEGAL EXPOSURE. That’s the risk you take being a business owner. To protect yourself, you need an effective asset protection strategy that ensures you have the correct rental corporate structure. Here are a few of the common mistakes rental property owners make in this regard:
Business plans are written road maps that guide business owners through the various stages of their business. Research supports the fact that businesses with a written and formalized business plan are more likely to achieve their financial viability goals compared to their non-planning peers. Writing a business plan can make a world of difference for entrepreneurs who desire external funding.
As many people scramble to finish their last-minute holiday shopping and make sure everyone on their gift list is covered, business owners have another list to pay attention to. This list is called the business compliance checklist. Businesses must fulfill their legal obligations to stay in good standing with the state. Failure to do so may result in fines, fees, penalties, and even suspension or dissolution of their companies.
An end of year legal checklist typically includes reviewing and filing annual reports, checking and renewing business licenses, assessing any business changes throughout the year, verifying tax compliance, reviewing corporate governance policies, considering dissolutions or withdrawals for inactive entities, and filing final payroll taxes.
If you have an online business, you need to comply with the general corporate laws and local and international laws applicable to your business. Additionally, you need to comply with digital specific provisions around web accessibility, data privacy, and electronic payment processing that may be applicable to your online store.
If you have an online business, you need to comply with the general corporate laws and local and international laws applicable to your business. Additionally, you need to comply with digital specific provisions around web accessibility, data privacy, and electronic payment processing that may be applicable to your online store.
Smart business owners get help for areas where their own knowledge is lacking. If chosen correctly, these outside resources are truly experts in their fields. But how do you ensure that you are hiring qualified professionals and not con artists? In a digital marketplace where anyone can appear to be reputable and everyone claims to be an expert, no one is impervious to potential ‘shark attacks.’ Finding the RIGHT experts to fill your business needs can make the difference between success and financial damage with ruinous setbacks.
I’m so excited to share that I was a guest on the most recent episode of the “Power Your Profits” podcast—a show with best-selling authors, CEO’s, Leaders, and Bootstrappers that have built profitable businesses and their inspiring stories of how they got there!
I’m so excited to share that I was a guest on the most recent episode of the “Power Your Profits” podcast—a show with best-selling authors, CEO’s, Leaders, and Bootstrappers that have built profitable businesses and their inspiring stories of how they got there!
I’m so excited to share that I was a guest on the most recent episode of the “Power Your Profits” podcast—a show with best-selling authors, CEO’s, Leaders, and Bootstrappers that have built profitable businesses and their inspiring stories of how they got there!
