When you have an idea for a product or service, that passion can inspire you to start your own business. How do you turn it into something successful?
The percentage of startups that fail is high, but that does not mean that failure is inevitable. You actually have more control over your success than you may think. It all boils down to having the right qualities, which entail more than just a vision and business skills.
Although Giving Tuesday may officially be over, crowdfunding and charitable giving continue to impact both those who donate and those who benefit from the growing accessibility of online donations. While this may be an unusual topic for this blog, those of us at Law Offices of Karen Brady believe that our impact on our community is just as important as the connections we make with our clients.
As you set up your business, one decision you need to make is its formal organization. Colorado small businesses generally opt to register as corporations, general partnerships, limited partnerships or as a Limited Liability Company; businesses providing certain types of professional services may instead form a professional corporation, or a PLLC.
Either type of business organization presents its own unique advantages and disadvantages. Knowing the basics can give you a start in evaluating which best suits your circumstances and business goals.
What do you do before you sell a valuable asset, such as a house or car? You take care of repairs to get it in the best condition, share beautiful photos and highlight all its desirable qualities.
Selling a business has a similar approach. You need to get your company in excellent condition inside and out and show how it is a better option than the rest out there. Here are a few concrete ways to make your business more attractive to buyers.
Sometimes the news brings into focus the need for estate planning even when you "don't have an estate." This news story about a teen who alleges she was denied the ability to choose her caregivers or even leave the hospital is one example. It happened last year and did not happen here in Colorado, but these sort of things happen in too many places too often.
There has been much in the news recently about Colorado's low unemployment rate. This is good for workers, but hard on business owners. As this Denver Post article points out, businesses large and small have had to become creative and aggressive in their hiring practices.
An operating agreement is a contract that controls the operations of your limited liability company's internal affairs. This includes the interactions between the members of the LLC, it managers, and the limited liability company itself. You may think that an operating agreement is not necessary for your single-member LLC. After all, do you really need a written agreement with yourself?
Several clients have come to me recently seeking to revoke, or having revoked, their living trust. The one who just left my law office exemplifies the reason we don't recommend full revocation of a living trust.
Many businesses prefer to hire workers as independent contractors because there's often less overhead and fewer expenses such as taxes. However, if you misclassify an employee as an independent contractor you could face big problems. Here's how the federal law differentiates between the two.
Whether as kids fighting over who gets the next turn on the swing or as adults arguing over politics during Thanksgiving dinner, you and your siblings have had your share of disagreements over the years. The occasional quarrel among relatives is usually resolved without too much drama, but when it comes to Colorado families that own businesses together, a fight can turn disastrous.
A small disagreement between you and your siblings has the potential to affect your relatives, employees, customers and company success if the fight goes unresolved. Let’s say, for example, that your brother accuses you of taking money from petty cash for personal expenses. You insist that if you ever borrowed money from the company, it was in small amounts and you always repaid it promptly, but your brother does not believe you. The fight escalates until you threaten to quit, which upsets your parents because your skills are vital for the company’s success. In turn, the tension makes employees fearful for their jobs.
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Law Offices of Karen Brady, P.C.
5400 Ward Road, Building 5-170
Arvada,
CO
80002
Toll Free:
888-806-7304
Phone:
303-835-1811
Fax:
303-424-2599
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