CTA Imposes New Small Business Reporting Requirements for 2024
Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of […]
How to Prepare Your Business for an Economic Slowdown
Financial winter is coming. Or is it? Despite renewed optimism that the US economy can avoid a deep downturn, economists say the chances of a recession in 2024 are still about even. Small businesses are feeling the pain from high inflation, declining consumer confidence, and other economic headwinds. Whether we officially enter a recession in […]
Changing Your Business’s Legal Structure
Over time, your business can undergo significant changes. What may have started as a humble, one-person operation can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your business shift, an accompanying change in business structure might be warranted. There are […]
Changing Your Business’s Legal Structure
Over time, your business can undergo significant changes. What may have started as a humble, one-person operation can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your business shift, an accompanying change in business structure might be warranted. There are […]
Protecting Your Business Reputation: What Is Trade Libel?
The popular adage says, “sticks and stones may break my bones, but words can never hurt me.” For small businesses, this saying could not be further from the truth. The negative words and opinions of the public can have severe implications for a company’s reputation, financial profitability, and long-term success. This is especially true with […]
Legal Considerations for Social Media Influencers
As a business owner, you may be considering leveraging social media to enhance your business’s engagement and reach. One way to do this is to employ the use of social media influencers. Social media influencers are individuals who have amassed large followings of people on various social media sites who trust their opinions on a […]
Should I Buy a Franchise?
When starting a business, entrepreneurs typically have two options: they can either build a new business or purchase an existing business. Buying an existing business can offer the advantages of name recognition and a proven business model. The advantages can be even greater if the business is a franchise with hundreds or even thousands of […]
Should I Buy a Franchise?
When starting a business, entrepreneurs typically have two options: they can either build a new business or purchase an existing business. Buying an existing business can offer the advantages of name recognition and a proven business model. The advantages can be even greater if the business is a franchise with hundreds or even thousands of […]
When an LLC Is Not the Best Fit
Business owners who are interested in forming a new limited liability company (LLC) or converting their existing business to an LLC are probably familiar with the benefits of this entity type. While the LLC is a great fit for many companies, there are situations in which its disadvantages may outweigh its advantages. Depending on the […]
Why You Need Insurance for Your Business
There is a lot riding on your small business. You have invested your money, time, and sweat equity to build a company that will be successful for years to come. Even if you make all the right business moves, unexpected costs can arise at any time. Accidents, natural disasters, data breaches, and other unexpected occurrences […]