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Business Planning Archives

Attracting and Keeping Good Employees in Colorado

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.

5 Reasons Your Single-Member LLC Needs an Operating Agreement

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?

When Is A Worker An Independent Contractor?

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.

When Disagreements Arise in the Family Business

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.

Running a Business Together After a Divorce is Challenging

While you were married, the thought of building a business together was romantic and exciting. As the years passed and your business grew, the job became challenging but rewarding. Unfortunately, like many marriages in Colorado, your relationship did not survive, although your company is still doing well. When married business partners divorce, the dynamics of a company are likely to change. It will affect everyone involved, from you and your spouse to your associates, clients and employees. Is it possible to save your business after your marriage died?

Are You Ready to Start Your Own Business?

Many people dream of owning a business one day. Maybe you envision running a pizza restaurant with your spouse and kids and grandkids one day, or perhaps it is a sleek Tech startup you see yourself leading. Whatever it is you imagine, there are a few steps, often more than a few, to turn a daydream into reality.

4 Essential Tips for Writing a Business Plan

Are you considering starting a new business? If you want to be successful and get funding, you will need to have a thorough plan. While you may think that writing a business plan is intimidating, you do not need to do anything fancy to put together a solid document. 

Creating a Successful Business Succession Plan: Part 1

If you own a business in Colorado, one of the most important type of plans you should have concerns business succession. You need some form of arrangements in place to protect your business if something were to suddenly happen to you. Just ask yourself, what would happen to your company if you suffer a critical injury in a car accident or die from a heart attack? As depressing and unsettling as the thought of those situations are, thinking of them can help you to take measures to ensure your company's longevity long after you are gone. 

3 Questions to Ask Yourself Before Buying a Small Business

Buying a business can be an exciting and overwhelming venture. In order to obtain the most benefits, however, you have to choose the right business to purchase. Which one is the right fit depends on the answers to several important questions you must ask.

DO NOT CONFUSE "LLC" WITH PARTNERSHIP TAXATION

This article by a Colorado lawyer is the second attorney I have found who is using the term LLC as an apparent shorthand for a limited liability company taxed as a partnership. All of the reasons he cites are good reasons not to use an LLC are reasons not to choose partnership taxation for your limited liability company. Some of them may also be reasons not to elect S corporation status for the LLC. These are reasons to have your entity taxed as a C Corporation.

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