What You Need to Know about Buy-Sell Agreements

If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and your partner’s ex-spouse is awarded part ownership of the business and … Read more

What You Need to Know about Buy-Sell Agreements

A couple talking to their attorney about buy-sell agreements.

If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and your partner’s ex-spouse is awarded part ownership of the business and … Read more

What Are the Benefits and Risks of Forming an LLC?

A business owner who just formed a new LLC.

If you have decided to start a business and are researching the available business entity types, you may repeatedly come across the terms “limited liability company” and “LLC,” but you might not understand what this type of entity is or whether it is right for you. A limited liability company (LLC) is a business entity … Read more

What Is an S Corporation and Should I Form One?

A calculator and folder of papers on a desk of an S corporation.

Contrary to popular belief, the S corporation is not a distinct entity type. According to the Internal Revenue Service (IRS), an S corporation is a corporation that has elected treatment as a pass-through entity for federal income tax purposes under Subchapter S of the Internal Revenue Code. This tax election allows the corporation to enjoy … Read more

Should You Protect Your Business Using a Non-Solicitation Agreement?

A lawyer holding a non-solicitation agreement.

For most business owners, employees, vendors, and customers are essential to keeping your business successful. When someone with inside knowledge about your vendors, employees, and customers leaves your company, your business becomes vulnerable to losing these critical assets to competitors. To protect your company from such risks, consider using a non solicitation agreement. What Is … Read more

Limited Liability Companies and Form 1099 Reporting

A computer with a handshaking agreement and the word partnership on it.

Business owners typically dislike dealing with the tax reporting, filing, and payment requirements associated with running a business. It can be tedious and require attention to numerous details. For businesses that have made payments to vendors and independent contractors, the type of tax reporting required and the form it should take are often overlooked and … Read more

Should I Use a Confidentiality Agreement?

A woman holding up a privacy policy agreement.

Business owners often find it necessary or desirable to keep valuable and sensitive information private. In some instances, a business may have developed certain key elements that help distinguish it from its competitors. In other instances, a business owner may handle sensitive information that a client would not want exposed or that is protected by … Read more

What Happens to Your Business When You Die

A man packing up the belongings of a loved one who passed away.

You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place, your business’s fate may be decided … Read more

How to Legally Terminate an Employee

A recently terminated employee walking out of the office with a box full of their things.

Almost all business owners eventually must make the difficult decision to terminate an employee. Whether that decision arises from failure on the employee’s part or economic turbulence, one thing is clear: How a business handles this delicate situation can either increase or decrease the risk of negative consequences like lawsuits and unfavorable public attention. Here … Read more

Understanding Payroll as an Employer

Money and payroll information on a desk.

Congratulations! Your business has grown and you are ready to hire your first employee. Where do you begin? What will the employee’s schedule be and how much will the employee get paid? Will your new hire be an employee or an independent contractor—and what is the difference? Did the employee sign an employment agreement? Before … Read more