Get Going In Business

Do you conduct your own bookkeeping services? The tax season is upon us, a time when some business owners struggle doing their returns. Find out more about how to start your own business On today's show, we have Kay Leland from The Bean Counters Bookkeeping LLC, located in Wilmington, North Carolina. She began her accounting career while still at school and has a master’s in accounting from the University of North Carolina Wilmington. She worked for the US Army Audit Agency for some years before setting up her own business which provides bookkeeping services and accounting services to small businesses as well as teaching them how to be more efficient. Bookkeeping services - Key Points There are three different levels of accounting. CPAs will typically not get involved in regular bookkeeping. The number one tip is to outsource early and often. There are a lot of accounting certifications and many people who do bookkeeping, but you want to find someone with an accounting degree. Accounting and bookkeeping touch every part of your business. Despite its importance, it is probably one of the most ignored things because it's not fun to do. Every small business is different, therefore you want a bookkeeper to know your business and understand how it runs. How Kay helped an established restaurant business save money and become more efficient. An online business store resolved cash flow problems by learning about invoice terms. Don’t let things snowball: many entrepreneurs discover issues during tax time. Be sure to establish an effective communication process with your bookkeeper. You need to have a bookkeeper who knows about your industry and thus can proactively give valuable insights for the company. Outsource everything you can, as often as possible. Tune in for practical tips to improve your business while protecting your purpose. Links and Contact Information The Bean Counters Bookkeeping, LLC Email: kay@bcb.accountants Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Do you know what to do when a non-compete agreement has been violated? In Amit Bindra's last episode, we talked about protecting trade secrets and confidential information. We continue this conversation today by diving into what happens when you need to take an employee to court when a non-compete agreement has been violated in the workplace. We touch on what the process looks like and the impact of recent laws in Nevada, Utah, and Illinois. Find out more about how to start your own business With us is Amit Bindra from The Prinz Law Firm located in Chicago Illinois. He uses his extensive experience in employment law to run a practice focused on non-compete agreements, non-solicitation agreements, and trade secrets. When a Non-Compete Agreement Has Been Violated - Key Points A non-compete agreement can remain valid whether an employee leaves voluntarily or is terminated. Legal redress for a violation often happens quickly. A preliminary injunction or a TRO decision (temporary restraining order) could be issued. Employees may try to file suit to declare an employer’s action void or invalid. Illinois recently passed the Illinois Freedom to Work Act to protect low wage earners. Utah passed a law that a non-compete agreement that last more than one year is not enforceable. Nevada amended their non-compete law that limits enforcement if a client seeks out a former employee, rather than the employee soliciting the client. Congress recently passed the Defend Trade Secrets Act. Employers use the Computer Fraud and Abuse Act to prevent employees from accessing their computer system without permission. When drafting agreements, work with your attorney to protect the company’s interests. Typically, employers include a clause in the agreements to ensure if they win, their attorney fees and expenses will be paid by the employee. We hope you enjoy listening; have a great day! Links and Contact Information The Prinz Law Firm Tales from around the Watercooler Bindra, Recent Trends in Noncompete Laws Across the United States, American Bar Association (February 21,2018) Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

We are continuing our conversation on the ABCs of starting a business. We will follow the progress of a fictitious newly formed Yoga Studio. In episode 128 we looked at business structure and today we will focus on hiring employees. Find out more about starting your own business With us is Cory Johnson from Cory W. Johnson, CPA, LLC  which is located in Silver Spring, Maryland. He has about 200 individual clients and about 30 business clients located all throughout the country. He provides accounting, payroll, CPA, incorporation, and tax services. Hiring Employees  - Key Points When hiring employees, you can choose to hire either employees or  contractors to work for your business. The front desk worker is probably an employee while the yoga instructor is most likely a contractor. Look for guidance to help you determine whether someone is your employee or a contractor. In addition to salaries, payroll-related expenses include social security, medicare, and unemployment tax payments. Use a payroll service provider to make mandated state and federal payments as well as monthly or quarterly filing of relevant taxes. Monthly, quarterly, and annual employer tax returns may need to be filed. A business owner can have a solo 401(k), but if you are employed and run a business, there are limits to what you can contribute to it. Putting money away in a retirement savings account reduces your tax obligation. Listen in and find out Cory’s best tip on doing due diligence. Links and Contact Information Cory W. Johnson, CPA, LLC Email: info@cpacory.com Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

When starting a business, there are steps to take in fulfilling legal, state and federal requirements. The business structure you choose determines whether you will incur double taxation or make savings by paying less in taxes. Find out more about starting your own business We’re talking to Cory Johnson from Cory W. Johnson, CPA, LLC which is located in Silver Spring, Maryland. Originally from Baltimore, he graduated from Temple University in Philadelphia with a BBA in accounting and then worked as an accountant and auditor for Aramark, Grant Thornton LLP, and KPMG. He is currently an accountant with The Architect of the Capitol which is a federal government legislative branch agency. Starting a Business - Key Points Start with an operating agreement or bylaws. File your organizing documents in your state of residence or where you want your business to be incorporated. Before you launch your business, obtain a federal employer identification number from the IRS. Clients often don’t have the tools to keep accurate financial records and are unaware of how their business will affect personal taxes. Sole proprietors end up being double-taxed on the same net profit: at the individual income tax rate as well as self-employment tax. Partnerships also incur double taxation. Most people prefer to get professional help to handle tax papers and IRS documents. The LLC is the most commonly used business structure because of the tax benefit. Cory and Hans go through an example of how you pay less tax with an LLC-S Corp compared to a sole proprietor or general partnership. Tune in for a high-level discussion on getting your business started. Links and Contact Information Cory W. Johnson, CPA, LLC Email: info@cpacory.com Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

We are continuing our conversation with Dennis Theodossis from Dixon Hughes Goodman LLP. In episode 126, we talked about the brewery industry, and today we'll transition to commercial real estate with an emphasis on the commercial side. Find out more about starting your own business Apart from his work with breweries, Dennis works with clients in real estate and development. Dixon Hughes Goodman LLP is located in Asheville, North Carolina and has offices in 12 other states. Commercial Real Estate - Key Points Typically, in a real estate deal, one party with a great idea and concept will need to partner with investors to finance the business. The operating agreement or shareholder agreement outlines the rules of the game. Your lawyer must approve it, and you should fully understand the document. Getting things right ensures there are no unintended tax consequences. A lot of the commercial real estate and development deals taking place are transactional work. A 1031 exchange is a way to defer capital gains tax on investment property. All your hard work in planning and transactional work on a real estate deal will come to fruition on your tax return. Money received for a 1031 transaction has to be channeled through a qualified intermediary. When you're entering into a complex transaction, you need a sizable professional team to do things correctly. If an operating agreement is not done right, it could lead to problems in future and a lot of extra costs. We hope you enjoy. Links and Contact Information Dixon Hughes Goodman LLP Dennis on LinkedIn  Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

We are continuing our conversation with Dennis Theodossis from Dixon Hughes Goodman LLP. In episode 126, we talked about the brewery industry, and today we’ll transition to commercial real estate with an emphasis on the commercial side. Find out more about starting your own business Apart from his work with breweries, Dennis works with clients in real estate and development. Dixon Hughes Goodman LLP is located in Asheville, North Carolina and has offices in 12 other states. Commercial Real Estate - Key Points Typically, in a real estate deal, one party with a great idea and concept will need to partner with investors to finance the business. The operating agreement or shareholder agreement outlines the rules of the game. Your lawyer must approve it, and you should fully understand the document. Getting things right ensures there are no unintended tax consequences. A lot of the commercial real estate and development deals taking place are transactional work. A 1031 exchange is a way to defer capital gains tax on investment property. All your hard work in planning and transactional work on a real estate deal will come to fruition on your tax return. Money received for a 1031 transaction has to be channeled through a qualified intermediary. When you’re entering into a complex transaction, you need a sizable professional team to do things correctly. If an operating agreement is not done right, it could lead to problems in future and a lot of extra costs. We hope you enjoy. Links and Contact Information Dixon Hughes Goodman LLP Dennis on LinkedIn  Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Do you like micro-brew? Interested in becoming involved in the brewing industry? Today, we look at the state and federal legislation and its impact on independent brewers, as well as their manufacture, distribution and retailing of their products. Find out more about how to start your own business We have with us Dennis Theodossis from Dixon Hughes Goodman LLP, located in Asheville, North Carolina. He has been with the firm for about eight years. His particular focus is breweries within the manufacturing and distribution space. Dixon Hughes Goodman LLP is the 17th largest accounting firm in the country with a footprint that spreads along the East Coast. Brewing Industry - Key Points Western North Carolina has experienced an expansion of microbreweries in in recent years. A three-tiered system separates the manufacture, distribution, and retailing of beer across all states. Different states have different limits on how much can produce before you have to use a wholesaler. Manufacturers may sell beer out of their tap room until they hit a certain threshold, rules depend on the state. Become familiar with the accounting and tax implications of your business operations. Taxes can be paid quarterly or monthly, depending on the amounts produced. Due to certain regulations, bars are sometimes required to operate as a private membership facility. If you have a restaurant component in your business, your brewery might not be considered as a manufacturer, which is not necessarily a good thing. Contacting an attorney prior to entering a co-packing agreement will  save you time and money. You are required to file tax returns in their state when contract-brewing for out-of-state parties. Dennis explains recent developments concerning regulation and compliance in the industry. You definitely want to hear what Dennis has to say. Links and Contact Information Dixon Hughes Goodman LLP Dennis on LinkedIn Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Do you like micro-brew? Interested in becoming involved in the brewing industry? Today, we look at the state and federal legislation and its impact on independent brewers, as well as their manufacture, distribution and retailing of their products. Find out more about how to start your own business We have with us Dennis Theodossis from Dixon Hughes Goodman LLP, located in Asheville, North Carolina. He has been with the firm for about eight years. His particular focus is breweries within the manufacturing and distribution space. Dixon Hughes Goodman LLP is the 17th largest accounting firm in the country with a footprint that spreads along the East Coast. Brewing Industry - Key Points Western North Carolina has experienced an expansion of microbreweries in in recent years. A three-tiered system separates the manufacture, distribution, and retailing of beer across all states. Different states have different limits on how much can produce before you have to use a wholesaler. Manufacturers may sell beer out of their tap room until they hit a certain threshold, rules depend on the state. Become familiar with the accounting and tax implications of your business operations. Taxes can be paid quarterly or monthly, depending on the amounts produced. Due to certain regulations, bars are sometimes required to operate as a private membership facility. If you have a restaurant component in your business, your brewery might not be considered as a manufacturer, which is not necessarily a good thing. Contacting an attorney prior to entering a co-packing agreement will  save you time and money. You are required to file tax returns in their state when contract-brewing for out-of-state parties. Dennis explains recent developments concerning regulation and compliance in the industry. You definitely want to hear what Dennis has to say. Links and Contact Information Dixon Hughes Goodman LLP Dennis on LinkedIn Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Gifting your business to heirs or other parties could result in substantial tax payments; estate planning helps you minimize the cost. Find out more about how to start your own business Our guest today is Ryan Moore from Riney Hancock CPAs. He will help us look at how estate and gift taxes are applied as well as the best way to pass along the value of your business. Ryan has been in public accounting for almost a decade and currently specializes in estate planning, tax planning and tax services. Riney Hancock CPAs have offices in Owensboro, Kentucky (right outside of Louisville) and Evansville, Indiana. Estate Planning - Key Points Owners of closely held businesses can choose to transition over a period, giving away portions of the business incrementally. When you make a transfer without receiving anything in return, a gift tax is incurred . You can transfer up to $14,000 per taxpayer, tax-free each year. The lifetime estate tax exemption is roughly $5.5 million and includes IRAs. If you transfer 50% of your business to your children in a single year, you have to file a gift tax return. Estate planning is one more reason to get a business valuation. If you gift stocks to your children during your lifetime, the tax basis will be the original cost and not the current market value. Always make sure that your accountant, attorney, and financial advisors are all on the same page. Keep an eye on the proposed tax reform to understand how it will affect you. Ryan can offer you a few tips to help ask the right questions and make better decisions. Join us for 20 minutes as we dive into this. Contact Information www.rineyhancock.com Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Gifting your business to heirs or other parties could result in substantial tax payments; estate planning helps you minimize the cost. Find out more about how to start your own business Our guest today is Ryan Moore from Riney Hancock CPAs. He will help us look at how estate and gift taxes are applied as well as the best way to pass along the value of your business. Ryan has been in public accounting for almost a decade and currently specializes in estate planning, tax planning and tax services. Riney Hancock CPAs have offices in Owensboro, Kentucky (right outside of Louisville) and Evansville, Indiana. Estate Planning - Key Points Owners of closely held businesses can choose to transition over a period, giving away portions of the business incrementally. When you make a transfer without receiving anything in return, a gift tax is incurred . You can transfer up to $14,000 per taxpayer, tax-free each year. The lifetime estate tax exemption is roughly $5.5 million and includes IRAs. If you transfer 50% of your business to your children in a single year, you have to file a gift tax return. Estate planning is one more reason to get a business valuation. If you gift stocks to your children during your lifetime, the tax basis will be the original cost and not the current market value. Always make sure that your accountant, attorney, and financial advisors are all on the same page. Keep an eye on the proposed tax reform to understand how it will affect you. Ryan can offer you a few tips to help ask the right questions and make better decisions. Join us for 20 minutes as we dive into this. Contact Information www.rineyhancock.com Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

We are continuing our conversation with Dave Joley, an attorney from Arnold Terrill Anzini, P.C., and today we're looking at how divorce affects your business. What should you do before you even think about getting a divorce and what happens when the matter goes to court? Find out more about how to start your own business Dave has been in practice for about 12 years and has a broad focus, representing clients in multi-disciplines such as criminal matters, business matters, and divorce. Arnold Terrill Anzini, P.C. is located in Fort Wayne, Indiana. How Divorce Affects your Business - Key Points What to do if a business owner is faced with a divorce situation and no prenuptial agreement. Divorce puts the business owner in a difficult position because it's impossible to separate business from personal life. Divorce is designed to split both the personal and financial lives of two people. A business is considered part of the family's financial assets. Both parties contribute to the business's success even if one spouse is not actively involved in running it. You must contact an attorney in your area as rules on family law and divorce are state-specific therefore. Pre-trial mediation: getting an agreement vs. taking matters to trial. Talk to an attorney and a CPA before the divorce process begins. How the business's value is determined. The owner can negotiate payment terms if an enterprise is not liquid. What is the purpose of a provisional order hearing? Don't speak to an attorney after the court has already made a ruling. This episode is a must-listen if you own a business. Links and Contact Information Arnold Terrill Anzini, P.C. Twitter Facebook Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

We are continuing our conversation with Dave Joley, an attorney from Arnold Terrill Anzini, P.C., and today we’re looking at how divorce affects your business. What should you do before you even think about getting a divorce and what happens when the matter goes to court? Find out more about how to start your own business Dave has been in practice for about 12 years and has a broad focus, representing clients in multi-disciplines such as criminal matters, business matters, and divorce. Arnold Terrill Anzini, P.C. is located in Fort Wayne, Indiana. How Divorce Affects your Business - Key Points What to do if a business owner is faced with a divorce situation and no prenuptial agreement. Divorce puts the business owner in a difficult position because it’s impossible to separate business from personal life. Divorce is designed to split both the personal and financial lives of two people. A business is considered part of the family’s financial assets. Both parties contribute to the business’s success even if one spouse is not actively involved in running it. You must contact an attorney in your area as rules on family law and divorce are state-specific therefore. Pre-trial mediation: getting an agreement vs. taking matters to trial. Talk to an attorney and a CPA before the divorce process begins. How the business’s value is determined. The owner can negotiate payment terms if an enterprise is not liquid. What is the purpose of a provisional order hearing? Don’t speak to an attorney after the court has already made a ruling. This episode is a must-listen if you own a business. Links and Contact Information Arnold Terrill Anzini, P.C. Twitter Facebook Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

In this episode, we're talking to Dave Joley from Arnold Terrill Anzini, P.C. about prenuptial agreements. You've worked hard to set up your business. We take a high-level view of what you can do to protect your business before you get married. Dave has been in practice for about 12 years and has a broad focus, representing clients in multi-disciplines such as criminal matters, business matters, and divorce. He considers himself more of a litigator than anything else because he practices quite a bit in court. If an issue is destined for the courts, he is the go-to attorney. Arnold Terril Anzini, P.C. is located in Fort Wayne, Indiana. Find out more about how to start your own business Protect Your Business Before You Get Married - Key Points Each state has its laws for the formation of business and for divorce. Most states recognize prenuptial agreements, but there may be state-specific formalities required to formalize them. Attorneys who practice family law will have a good understanding of the requirements for prenuptials. Divorce can impact a business in which you are not the sole owner; all the more reason to establish rules beforehand. Although family law varies among states, the general rule is that parties can agree to include whatever they want in an agreement. You always want to be as specific as possible. Prenuptials should not include matters involving children. Seek counsel to make certain that there's nothing in your contract that a court would find unacceptable in a divorce proceeding. Tune in to find out how to protect your business. Links and Contact Information Arnold Terrill Anzini, P.C. Twitter Facebook Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

In this episode, we’re talking to Dave Joley from Arnold Terrill Anzini, P.C. about prenuptial agreements. You’ve worked hard to set up your business. We take a high-level view of what you can do to protect your business before you get married. Dave has been in practice for about 12 years and has a broad focus, representing clients in multi-disciplines such as criminal matters, business matters, and divorce. He considers himself more of a litigator than anything else because he practices quite a bit in court. If an issue is destined for the courts, he is the go-to attorney. Arnold Terril Anzini, P.C. is located in Fort Wayne, Indiana. Find out more about how to start your own business Protect Your Business Before You Get Married - Key Points Each state has its laws for the formation of business and for divorce. Most states recognize prenuptial agreements, but there may be state-specific formalities required to formalize them. Attorneys who practice family law will have a good understanding of the requirements for prenuptials. Divorce can impact a business in which you are not the sole owner; all the more reason to establish rules beforehand. Although family law varies among states, the general rule is that parties can agree to include whatever they want in an agreement. You always want to be as specific as possible. Prenuptials should not include matters involving children. Seek counsel to make certain that there’s nothing in your contract that a court would find unacceptable in a divorce proceeding. Tune in to find out how to protect your business. Links and Contact Information Arnold Terrill Anzini, P.C. Twitter Facebook Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

So much has changed in the health insurance industry in the last couple of years. In this episode, Travis Gensler from Beacon Point is back to give us tips that could save your business money. Whether you have five employees or more, with the right information, you might find a better deal than what you currently have for you and your employees. Travis has over 10 years' experience in the industry. Beacon Point is an insurance firm located in Independence, Missouri, just outside of Kansas City. Find out more about how to start your own business Health Insurance - Key points The Health Care Reform Act has changed the rules on how health insurance is treated. The number of employees on your payroll should influence which insurance plan you select. The benefit of partially self-insured group health plans. You should review your healthcare plan every year because of regulatory changes. A business's location might affect the cost of premiums. Reduce your annual premiums by getting a health savings account plan (HSA). Work with your insurance broker to find an option that is the best fit for both the employee and the company. There are things outside regular health insurance that you can pay for out of your HSA. People that are willing to plan and look long-term can make the most of savings plans. Rather than be restricted to options from one company, work with an independent agent or broker. Ask your agent or broker what technical training they have done in the recent past. Find out how you could potentially save thousands of dollars annually. Links and Contact Information Beacon Point Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

So much has changed in the health insurance industry in the last couple of years. In this episode, Travis Gensler from Beacon Point is back to give us tips that could save your business money. Whether you have five employees or more, with the right information, you might find a better deal than what you currently have for you and your employees. Travis has over 10 years’ experience in the industry. Beacon Point is an insurance firm located in Independence, Missouri, just outside of Kansas City. Find out more about how to start your own business Health Insurance - Key points The Health Care Reform Act has changed the rules on how health insurance is treated. The number of employees on your payroll should influence which insurance plan you select. The benefit of partially self-insured group health plans. You should review your healthcare plan every year because of regulatory changes. A business’s location might affect the cost of premiums. Reduce your annual premiums by getting a health savings account plan (HSA). Work with your insurance broker to find an option that is the best fit for both the employee and the company. There are things outside regular health insurance that you can pay for out of your HSA. People that are willing to plan and look long-term can make the most of savings plans. Rather than be restricted to options from one company, work with an independent agent or broker. Ask your agent or broker what technical training they have done in the recent past. Find out how you could potentially save thousands of dollars annually. Links and Contact Information Beacon Point Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Today, we're continuing our conversation with Christina Hynes Mesco from The Prinz Law Firm, and we are looking at the employee side of a business acquisition. You may go from being an employer of 10-50 people to become an employee among 10,000 others. What are your rights now and what should you look out for regarding executive compensation? The Prinz Law Firm is located in Chicago, Illinois, and Christina is a business and employment law attorney. Find out more about how to start your own business Business Acquisition - Key Points Hans watched a business owner gradually lose control over a company that he built. Consider having an agreement that makes some portion of your interest in the company “non-dilutable.” It might be expensive to engage an attorney to safeguard your interests, but an ounce of prevention is worth a pound of cure. People in executive positions of an organization often assume they will be treated right after a business acquisition, but that doesn't always happen. Be proactive and get some terms in writing to ensure you enjoy continuity and predictability in your employment. Why you should be part of the process that determines achievable performance targets. Severance terms should be clear from the outset. Take the opportunity to negotiate for yourself if your employer doesn't bring it up. Read the fine print to assess what constitutes “cause” for severance. Decide which factors result in constructive termination. Tips to help find an attorney who specializes in the employment space. We hope you enjoy this exciting topic. Links and Contact Information The Prinz Law Firm Phone: (312) 212-4450 Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Today, we’re continuing our conversation with Christina Hynes Mesco from The Prinz Law Firm, and we are looking at the employee side of a business acquisition. You may go from being an employer of 10-50 people to become an employee among 10,000 others. What are your rights now and what should you look out for regarding executive compensation? The Prinz Law Firm is located in Chicago, Illinois, and Christina is a business and employment law attorney. Find out more about how to start your own business Business Acquisition - Key Points Hans watched a business owner gradually lose control over a company that he built. Consider having an agreement that makes some portion of your interest in the company “non-dilutable.” It might be expensive to engage an attorney to safeguard your interests, but an ounce of prevention is worth a pound of cure. People in executive positions of an organization often assume they will be treated right after a business acquisition, but that doesn’t always happen. Be proactive and get some terms in writing to ensure you enjoy continuity and predictability in your employment. Why you should be part of the process that determines achievable performance targets. Severance terms should be clear from the outset. Take the opportunity to negotiate for yourself if your employer doesn’t bring it up. Read the fine print to assess what constitutes “cause” for severance. Decide which factors result in constructive termination. Tips to help find an attorney who specializes in the employment space. We hope you enjoy this exciting topic. Links and Contact Information The Prinz Law Firm Phone: (312) 212-4450 Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

You own a business, and you've had to hire people. Are you hiring them as employees or subcontractors, and do you have an employee handbook? Here is what you need to know about employees' rights. Christina Hynes Mesco from The Prinz Law Firm helps us look at what employers need to know about employees' rights. Christina is a business and employment law attorney who advises small and medium-sized entities on a range of issues business owners might run into. Whether just starting or continuing their business practice, employment-related questions come up, and knowledge in employment-related litigation is key. Christina is licensed to practice in Illinois but she gives general advice to clients all over the US. The Prinz Law Firm is located in Chicago, Illinois. Find out more about how to start your own business Employees' Rights - Key points It is not uncommon for a business owner to overlook the area of employees, yet it is one that is rife with misunderstanding and litigation. Employee contracts and formalizing employment relationships are vital to employees' rights as they lay out rights and responsibilities of all parties. You must decide whether you need to hire an employee or an independent contractor. We offer tips to help in distinguish between employees and independent contractors. Non-disclosure or confidentiality agreements are used to protect your information. Restrictive covenants are usually a part of an employment contract. It is sometimes helpful to have different terms distributed into separate documents. Employers need to establish whether an individually negotiated agreement is required, which is primarily for key employees. When an employee is terminated, a severance agreement is used to obtain a “release of claims” that complies with federal and state statutes. Employment litigation can be very contentious and bitter. In cases of mergers and acquisitions, employees will be required to sign new employment agreements. A retention agreement can calm possible concerns of top employees and prevent disruption to business operations, as well as an offering monetary incentives, Tune in to learn about employees' rights. Links and Contact Information The Prinz Law Firm Phone: (312) 212-4450 Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

You own a business, and you’ve had to hire people. Are you hiring them as employees or subcontractors, and do you have an employee handbook? Here is what you need to know about employees' rights. Christina Hynes Mesco from The Prinz Law Firm helps us look at what employers need to know about employees' rights. Christina is a business and employment law attorney who advises small and medium-sized entities on a range of issues business owners might run into. Whether just starting or continuing their business practice, employment-related questions come up, and knowledge in employment-related litigation is key. Christina is licensed to practice in Illinois but she gives general advice to clients all over the US. The Prinz Law Firm is located in Chicago, Illinois. Find out more about how to start your own business Employees' Rights - Key points It is not uncommon for a business owner to overlook the area of employees, yet it is one that is rife with misunderstanding and litigation. Employee contracts and formalizing employment relationships are vital to employees' rights as they lay out rights and responsibilities of all parties. You must decide whether you need to hire an employee or an independent contractor. We offer tips to help in distinguish between employees and independent contractors. Non-disclosure or confidentiality agreements are used to protect your information. Restrictive covenants are usually a part of an employment contract. It is sometimes helpful to have different terms distributed into separate documents. Employers need to establish whether an individually negotiated agreement is required, which is primarily for key employees. When an employee is terminated, a severance agreement is used to obtain a “release of claims” that complies with federal and state statutes. Employment litigation can be very contentious and bitter. In cases of mergers and acquisitions, employees will be required to sign new employment agreements. A retention agreement can calm possible concerns of top employees and prevent disruption to business operations, as well as an offering monetary incentives, Tune in to learn about employees' rights. Links and Contact Information The Prinz Law Firm Phone: (312) 212-4450 Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

What is value pricing? Have you timed every task in your business? Some businesses no longer bill by the hour and instead package and price their various service offerings. On this episode, Jason Lawhorn of Lawhorn CPA Group Inc explains value pricing and how his business has implemented it. Founded in 1979, Lawhorn CPA Group leverages on technology and is today associated with a variety of services and brands, including auditing, marketing, and processing of credit cards. They have multiple locations: Knoxville, Tennessee; Jefferson City, Tennessee; Jackson, Wyoming; and the newest addition is Augusta, Georgia. Find out more about how to start your own business Value Pricing - Key points Pricing professional services. Shifting away from hourly rates removes the risk from clients. If the company is efficient and effective, it will make money regardless of the pricing system. Value pricing is the point where the firm's expectation of value and the client's perception of value meet. Clients are free to pick and choose the level of service they need. Pricing involves an end to end system, from CRM to scheduling workflow and business analytics. When somebody has 8 hours to fill, they're going to fill it, regardless of whether or not they work all those hours. Technology drives the rationale for value pricing. For anyone running a service-based business, value pricing can give a competitive edge. Build your team. There's no “I” in “team,” and you need a team. If you are in the professional service realm, this episode presents a new approach to billing for services. Enjoy. Links and Contact Information Lawhorn CPA Group, LLC Phone: (865) 212-4867 Email: lawhorn@lawhorncpa.com Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

What is value pricing? Have you timed every task in your business? Some businesses no longer bill by the hour and instead package and price their various service offerings. On this episode, Jason Lawhorn of Lawhorn CPA Group Inc explains value pricing and how his business has implemented it. Founded in 1979, Lawhorn CPA Group leverages on technology and is today associated with a variety of services and brands, including auditing, marketing, and processing of credit cards. They have multiple locations: Knoxville, Tennessee; Jefferson City, Tennessee; Jackson, Wyoming; and the newest addition is Augusta, Georgia. Find out more about how to start your own business Value Pricing - Key points Pricing professional services. Shifting away from hourly rates removes the risk from clients. If the company is efficient and effective, it will make money regardless of the pricing system. Value pricing is the point where the firm’s expectation of value and the client’s perception of value meet. Clients are free to pick and choose the level of service they need. Pricing involves an end to end system, from CRM to scheduling workflow and business analytics. When somebody has 8 hours to fill, they’re going to fill it, regardless of whether or not they work all those hours. Technology drives the rationale for value pricing. For anyone running a service-based business, value pricing can give a competitive edge. Build your team. There’s no “I” in “team,” and you need a team. If you are in the professional service realm, this episode presents a new approach to billing for services. Enjoy. Links and Contact Information Lawhorn CPA Group, LLC Phone: (865) 212-4867 Email: lawhorn@lawhorncpa.com Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Do you remember having to download your books to a flash drive to take to your accountant? Those days are long gone, and we now have cloud accounting. On this show, Jason Lawhorn of Lawhorn CPA Group joins us to talk about how cloud accounting affects accountants, and CPAs. Founded by Jeff Lawhorn in 1979, Lawhorn CPA Group started as a family business offering accounting services and developed over the years into more than the traditional accounting firm. The group leverages on technology and is today associated with a variety of services and brands, including auditing, marketing, and processing of credit cards. Lawhorn CPA Group has multiple locations:  Knoxville, Tennessee; Jefferson City, Tennessee; Jackson, Wyoming; and the newest addition is Augusta, Georgia. Jason joined the business in 1992 and never looked back.  He has a master's degree in Accounting Information Systems. Click here to find more information on our website. Cloud Accounting - Key Points Lawhorn CPA's early adoption of the virtual office cloud platform. More and more accounting firms are embracing technology and the cloud. Using Microsoft Azure to access your office from any location. There's an opportunity to adopt efficient and effective ways of working. Recalling how books used to be done with old-school technology. Business intelligence and analytics for small business. Xero enables real-time processing of business transactions. Accountants and other professionals can make decisions must faster for better results. QuickBooks Online has some limitations. Partner eco-systems can be used to develop custom solutions for your business. Outsourcing of back-office accounting can be varied to suit a client's preferred level of integration and involvement. Having a cloud-based accounting program does not mean that you will be able to do your accounting without professional support. Businesses need to continually track key performance metrics and industry trends, to identify areas for improvement. Accountants can provide critical insights by relating specific numbers in the income statement to those in the balance sheet. Listen in and enjoy. Links Lawhorn CPA Group, LLC QuickBooks Online Xero If you have not checked out all of our free resources available to you Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Do you remember having to download your books to a flash drive to take to your accountant? Those days are long gone, and we now have cloud accounting. On this show, Jason Lawhorn of Lawhorn CPA Group joins us to talk about how cloud accounting affects accountants, and CPAs. Founded by Jeff Lawhorn in 1979, Lawhorn CPA Group started as a family business offering accounting services and developed over the years into more than the traditional accounting firm. The group leverages on technology and is today associated with a variety of services and brands, including auditing, marketing, and processing of credit cards. Lawhorn CPA Group has multiple locations:  Knoxville, Tennessee; Jefferson City, Tennessee; Jackson, Wyoming; and the newest addition is Augusta, Georgia. Jason joined the business in 1992 and never looked back.  He has a master’s degree in Accounting Information Systems. Click here to find more information on our website. Cloud Accounting - Key Points Lawhorn CPA’s early adoption of the virtual office cloud platform. More and more accounting firms are embracing technology and the cloud. Using Microsoft Azure to access your office from any location. There’s an opportunity to adopt efficient and effective ways of working. Recalling how books used to be done with old-school technology. Business intelligence and analytics for small business. Xero enables real-time processing of business transactions. Accountants and other professionals can make decisions must faster for better results. QuickBooks Online has some limitations. Partner eco-systems can be used to develop custom solutions for your business. Outsourcing of back-office accounting can be varied to suit a client’s preferred level of integration and involvement. Having a cloud-based accounting program does not mean that you will be able to do your accounting without professional support. Businesses need to continually track key performance metrics and industry trends, to identify areas for improvement. Accountants can provide critical insights by relating specific numbers in the income statement to those in the balance sheet. Listen in and enjoy. Links Lawhorn CPA Group, LLC QuickBooks Online Xero If you have not checked out all of our free resources available to you Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Whether you have zero employees or thousands of them, you need workers compensation insurance or workers comp as it's known. On today's show, Travis Gensler of Beacon Point gives insights on this topic and talks about how to control your costs and avoid letting your payroll company dictate the type of insurance you need. Since his college days, Travis has always been an entrepreneur. He started with a lawn care business, ventured into property for a while, and then owned a digital advertising franchise before settling into the insurance world. Beacon Point is an insurance firm located in Independence, Missouri, just outside of Kansas City. Click here to find more information on our website. Workers Compensation Insurance - Key Points What exactly is workers compensation insurance? Each state has its own rules regarding workers comp. Payroll companies might not be the best place to look for advice, pricing, or assistance. Contracts you enter into with other parties may demand that you have workers comp on yourself. Health insurance policies sometimes exclude work-related injuries. The industry you work in, job descriptions and payroll information will determine the policy premium. Ideally, the insurance company will proactively outline the steps to take should an incident arise. Many insurers provide coverage on a national basis, but four states have their own state pool. Working with an agent or broker is often the best way to find the most appropriate insurer. Get more value by working with an organization that has gone through additional workers comp training. You are sure to get nuggets of information to help protect your purpose. Links Beacon Point If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Whether you have zero employees or thousands of them, you need workers compensation insurance or workers comp as it’s known. On today’s show, Travis Gensler of Beacon Point gives insights on this topic and talks about how to control your costs and avoid letting your payroll company dictate the type of insurance you need. Since his college days, Travis has always been an entrepreneur. He started with a lawn care business, ventured into property for a while, and then owned a digital advertising franchise before settling into the insurance world. Beacon Point is an insurance firm located in Independence, Missouri, just outside of Kansas City. Click here to find more information on our website. Workers Compensation Insurance - Key Points What exactly is workers compensation insurance? Each state has its own rules regarding workers comp. Payroll companies might not be the best place to look for advice, pricing, or assistance. Contracts you enter into with other parties may demand that you have workers comp on yourself. Health insurance policies sometimes exclude work-related injuries. The industry you work in, job descriptions and payroll information will determine the policy premium. Ideally, the insurance company will proactively outline the steps to take should an incident arise. Many insurers provide coverage on a national basis, but four states have their own state pool. Working with an agent or broker is often the best way to find the most appropriate insurer. Get more value by working with an organization that has gone through additional workers comp training. You are sure to get nuggets of information to help protect your purpose. Links Beacon Point If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Knowing what numbers to look at i your financial statements could save you thousands of dollars, that's why we'll spend some time today deliberating numbers. We are joined by Richard Lindsey, CPA, of Lindsey & Waldo, LLC. Richard worked in a family business for 15 years before getting a Master of Accounting degree. He's been a CPA for about 26 years, and his focus is primarily on individuals, small businesses, and their owners - helping them with their financial statements, payroll, tax returns, and tax planning. Lindsey & Waldo, LLC is located in Mobile, Alabama. Click here to find more information on our website. Financial Statements - Key Points Where should you focus your attention? A business owner's industry will influence the figures that are essential. Not all critical numbers appear in financial statements. Some practical examples of figures that are useful in analyzing a restaurant business. Do you know the significant numbers associated with your expenses? Keep a hawk-eye on variable costs. Depending on the industry, some numbers that management should be looking at may seem insignificant but could add up to a whole lot. Management accounts tend to be more voluminous than the set of financial statements you would share with your bank. Business owners could save money by paying themselves less in wages! Profit distribution vs. salary income for S Corps. The best CPA to work with is one who is proactive with suggestions or solutions for your business. Track everything and document everything. Soak this information in and enjoy. Links Lindsey & Waldo, LLC If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Knowing what numbers to look at i your financial statements could save you thousands of dollars, that’s why we’ll spend some time today deliberating numbers. We are joined by Richard Lindsey, CPA, of Lindsey & Waldo, LLC. Richard worked in a family business for 15 years before getting a Master of Accounting degree. He’s been a CPA for about 26 years, and his focus is primarily on individuals, small businesses, and their owners - helping them with their financial statements, payroll, tax returns, and tax planning. Lindsey & Waldo, LLC is located in Mobile, Alabama. Click here to find more information on our website. Financial Statements - Key Points Where should you focus your attention? A business owner's industry will influence the figures that are essential. Not all critical numbers appear in financial statements. Some practical examples of figures that are useful in analyzing a restaurant business. Do you know the significant numbers associated with your expenses? Keep a hawk-eye on variable costs. Depending on the industry, some numbers that management should be looking at may seem insignificant but could add up to a whole lot. Management accounts tend to be more voluminous than the set of financial statements you would share with your bank. Business owners could save money by paying themselves less in wages! Profit distribution vs. salary income for S Corps. The best CPA to work with is one who is proactive with suggestions or solutions for your business. Track everything and document everything. Soak this information in and enjoy. Links Lindsey & Waldo, LLC If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Are you an LLC with clients outside the state you reside in? If yes, you may have to pay sales tax in every state you conduct business. In a previous episode, we talked about sales tax on tangible goods and today we transition into what the law says for businesses that don't sell physical goods. We continue our conversation with Derrick Winke of Wink Tax Services, a firm located in Troy, just outside of Detroit, Michigan. In his line of work, Derrick focuses primarily on tax returns for individuals and small businesses. Click here to find more information on our website. Business Sales Tax - Key Points Not all states apply sales tax to digital products and services. Whether or not you collect sales tax on intangible goods is not always affected by where you choose to operate from. Understanding the legal concept of Nexus when it comes to doing business. There is always the possibility that the State will eventually go after third-party record-keepers, to require them to report information. If you are an LLC outside of California and have clients in California, you may be required to pay taxes on the profits you make on those clients. In recent years, there has been a push by the IRS requiring that 1099s be issued to more businesses. The requirement for form 1099 is different for corporations, LLCs, and LLPs. Cutting corners today could cost you a fortune in future. Some useful questions to ask your CPA or Bookkeeper before you hire them. Most businesses fail because of bad record-keeping. Invest in the next 15 minutes to find out more Links Wink Tax Services If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Are you an LLC with clients outside the state you reside in? If yes, you may have to pay sales tax in every state you conduct business. In a previous episode, we talked about sales tax on tangible goods and today we transition into what the law says for businesses that don’t sell physical goods. We continue our conversation with Derrick Winke of Wink Tax Services, a firm located in Troy, just outside of Detroit, Michigan. In his line of work, Derrick focuses primarily on tax returns for individuals and small businesses. Click here to find more information on our website. Business Sales Tax - Key Points Not all states apply sales tax to digital products and services. Whether or not you collect sales tax on intangible goods is not always affected by where you choose to operate from. Understanding the legal concept of Nexus when it comes to doing business. There is always the possibility that the State will eventually go after third-party record-keepers, to require them to report information. If you are an LLC outside of California and have clients in California, you may be required to pay taxes on the profits you make on those clients. In recent years, there has been a push by the IRS requiring that 1099s be issued to more businesses. The requirement for form 1099 is different for corporations, LLCs, and LLPs. Cutting corners today could cost you a fortune in future. Some useful questions to ask your CPA or Bookkeeper before you hire them. Most businesses fail because of bad record-keeping. Invest in the next 15 minutes to find out more Links Wink Tax Services If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Often in business, people discuss and agree on terms of engagement. Today's conversation is about what to consider with business contracts and putting things in writing. On this show, we have Josh Clayton from the law offices of Josh Clayton, located in Shreveport, Louisiana. He began his career with law firms in Baton Rouge and Hammond, then worked briefly at an oil and gas outfit in Shreveport before going into private practice in 2008. Click here to find more information on our website. Contracts - Key Points When does one need to invest in documenting a legal contract? Why lawyers say that phone calls never happened. Contracts don't need to sound like a lawyer wrote them. When entering into a relationship for any service, at the very minimum, put your expectations in writing and get a confirmation. Good contracts make good business partners. Lawyers can use past email correspondence to come up with a proper contract. An attorney will ask the tough questions that you might have overlooked in normal business dealings. No need for reservations; contracts are modifiable. Lawyers are encouraged to write contracts in simple English. When someone hands you a contract, don't be too eager to sign on the dotted line without getting a legal opinion. People sometimes underestimate the value of building a trusted advisor network. A tip on how to find the best lawyer when you have a specific need. Invest the next 20 minutes in finding out more. Links ShreveportAttorney.com If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Often in business, people discuss and agree on terms of engagement. Today’s conversation is about what to consider with business contracts and putting things in writing. On this show, we have Josh Clayton from the law offices of Josh Clayton, located in Shreveport, Louisiana. He began his career with law firms in Baton Rouge and Hammond, then worked briefly at an oil and gas outfit in Shreveport before going into private practice in 2008. Click here to find more information on our website. Contracts - Key Points When does one need to invest in documenting a legal contract? Why lawyers say that phone calls never happened. Contracts don’t need to sound like a lawyer wrote them. When entering into a relationship for any service, at the very minimum, put your expectations in writing and get a confirmation. Good contracts make good business partners. Lawyers can use past email correspondence to come up with a proper contract. An attorney will ask the tough questions that you might have overlooked in normal business dealings. No need for reservations; contracts are modifiable. Lawyers are encouraged to write contracts in simple English. When someone hands you a contract, don’t be too eager to sign on the dotted line without getting a legal opinion. People sometimes underestimate the value of building a trusted advisor network. A tip on how to find the best lawyer when you have a specific need. Invest the next 20 minutes in finding out more. Links ShreveportAttorney.com If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

In a previous episode, we talked about general liability and cyber insurance with Ryan Andrew from The Andrew Agency. Today we're finishing up our time with him to discuss professional liability insurance. If you're a baby boomer, this episode is especially relevant. The Andrew Agency is located in Richmond, Virginia, offering professional insurance services in Virginia, Maryland, and D.C. Click here to find more information on our website. Professional Liability Insurance - Key points General liability vs. professional liability. If your business is about providing advice to others, you need professional liability insurance. Lawsuits cost you, regardless if you win the case or not. A look at examples where professional liability has been claimed. “Per occurrence policies” vs. “Claims made policies.” What is tail coverage? Details that an underwriter will consider when determining the cost of a premium. Your insurance agent should be licensed to operate in your state. There is a good reason why most agencies choose to operate in only a few states. Make sure your agent knows what business you're going to be doing, who you'll be doing it for, and where you're going to be doing it. Depending on your business, the omission of certain coverage could result in hefty fines. Starting a business is exciting but take time to ensure that you're properly covered. A tip on questions to ask your broker before you take out a policy. Tune in to get valuable information for your business. Links The Andrew Agency Telephone: +1 804-320-2886 If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

In a previous episode, we talked about general liability and cyber insurance with Ryan Andrew from The Andrew Agency. Today we’re finishing up our time with him to discuss professional liability insurance. If you’re a baby boomer, this episode is especially relevant. The Andrew Agency is located in Richmond, Virginia, offering professional insurance services in Virginia, Maryland, and D.C. Click here to find more information on our website. Professional Liability Insurance - Key points General liability vs. professional liability. If your business is about providing advice to others, you need professional liability insurance. Lawsuits cost you, regardless if you win the case or not. A look at examples where professional liability has been claimed. “Per occurrence policies” vs. “Claims made policies.” What is tail coverage? Details that an underwriter will consider when determining the cost of a premium. Your insurance agent should be licensed to operate in your state. There is a good reason why most agencies choose to operate in only a few states. Make sure your agent knows what business you’re going to be doing, who you’ll be doing it for, and where you’re going to be doing it. Depending on your business, the omission of certain coverage could result in hefty fines. Starting a business is exciting but take time to ensure that you’re properly covered. A tip on questions to ask your broker before you take out a policy. Tune in to get valuable information for your business. Links The Andrew Agency Telephone: +1 804-320-2886 If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Not every business is super excited about collecting sales tax but if you sell online or are wondering about your obligations as a seller, this episode is a must-listen. Derrick Winke from Wink Tax Services is with us once more, and he'll be helping us get acquainted with the rules regarding sales tax. In his line of work, Derrick focuses primarily on tax returns for individuals and small businesses. Wink Tax Services, is located in Troy, just outside of Detroit, Michigan, and has clients on almost every continent as well as from most states. Click here to find more information on our website. Collecting sales Tax - Key Points What the law says about collecting sales tax. What happens if you manufacture products and then sell online. Understanding how you are affected by your physical location and your client's physical location. Getting a sales tax license. How often do you need to file your returns? When your warehouse is not in the state where you operate from. Are you liable to pay sales tax if you sell on Amazon? The rules for startup companies. If you manufacture a product overseas, what are the rules? It is possible to save money by deducting certain items. When you have a license, you don't always have to pay sales tax on items that you purchase locally. Some vendors will give you a wholesale account and sell to you without sales tax. Good bookkeeping and record keeping are very important. We're sure you will get a lot out of this episode. Links Wink Tax Services If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Not every business is super excited about collecting sales tax but if you sell online or are wondering about your obligations as a seller, this episode is a must-listen. Derrick Winke from Wink Tax Services is with us once more, and he’ll be helping us get acquainted with the rules regarding sales tax. In his line of work, Derrick focuses primarily on tax returns for individuals and small businesses. Wink Tax Services, is located in Troy, just outside of Detroit, Michigan, and has clients on almost every continent as well as from most states. Click here to find more information on our website. Collecting sales Tax - Key Points What the law says about collecting sales tax. What happens if you manufacture products and then sell online. Understanding how you are affected by your physical location and your client’s physical location. Getting a sales tax license. How often do you need to file your returns? When your warehouse is not in the state where you operate from. Are you liable to pay sales tax if you sell on Amazon? The rules for startup companies. If you manufacture a product overseas, what are the rules? It is possible to save money by deducting certain items. When you have a license, you don’t always have to pay sales tax on items that you purchase locally. Some vendors will give you a wholesale account and sell to you without sales tax. Good bookkeeping and record keeping are very important. We’re sure you will get a lot out of this episode. Links Wink Tax Services If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

There are many ways protect your business's trade secrets and information, but it is essential to do it in a way that is legally binding. On this episode, Amit Bindra from The Prinz Law Firm initiates our discussion on non-competes, non-solicitation, and confidentiality agreements. We examine different types of contracts and agreements, and how they could help you as a business owner protect trade secrets, both yours and those of your clients. Amit practices employment law and does a lot of appellate work. His employment practice is focused towards non-compete agreements, non-solicitation agreements, and trade secrets. The Prinz Law Firm is located in Chicago, Illinois. Click here to find more information on our website. Protect Your Business's Trade Secrets - Key Points Non-compete agreements and what they mean for an employee. Understanding non-solicits and what happens when an employee leaves a company. Confidentiality or non-disclosure agreements. Protecting trade-secrets and the laws that govern protection. The difference between a non-compete and a non-solicit. Overlaps in confidentiality and trade-secret agreements. The case of Jimmy John's and how it relates to non-competes. About 14% of employees who make less than $40,000, are subject to a non-compete. Not all non-compete agreements are enforceable. What influences the duration of an agreement? Factors that determine whether a court will uphold or modify an agreement. Benefits of making employees sign an agreement. Write clauses in a way that ensures you get a favorable judgment in case of litigation. How long does employment have to be before an agreement becomes enforceable? Whether you're an employee or an employer, you will get a lot of information from this episode. Links The Prinz Law Firm Tales from around the Water Cooler Bindra, Recent Trends in Noncompete Laws Across the United States, American Bar Association (February 21, 2018) If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

There are many ways protect your business's trade secrets and information, but it is essential to do it in a way that is legally binding. On this episode, Amit Bindra from The Prinz Law Firm initiates our discussion on non-competes, non-solicitation, and confidentiality agreements. We examine different types of contracts and agreements, and how they could help you as a business owner protect trade secrets, both yours and those of your clients. Amit practices employment law and does a lot of appellate work. His employment practice is focused towards non-compete agreements, non-solicitation agreements, and trade secrets. The Prinz Law Firm is located in Chicago, Illinois. Click here to find more information on our website. Protect Your Business's Trade Secrets - Key Points Non-compete agreements and what they mean for an employee. Understanding non-solicits and what happens when an employee leaves a company. Confidentiality or non-disclosure agreements. Protecting trade-secrets and the laws that govern protection. The difference between a non-compete and a non-solicit. Overlaps in confidentiality and trade-secret agreements. The case of Jimmy John’s and how it relates to non-competes. About 14% of employees who make less than $40,000, are subject to a non-compete. Not all non-compete agreements are enforceable. What influences the duration of an agreement? Factors that determine whether a court will uphold or modify an agreement. Benefits of making employees sign an agreement. Write clauses in a way that ensures you get a favorable judgment in case of litigation. How long does employment have to be before an agreement becomes enforceable? Whether you’re an employee or an employer, you will get a lot of information from this episode. Links The Prinz Law Firm Tales from around the Water Cooler Bindra, Recent Trends in Noncompete Laws Across the United States, American Bar Association (February 21, 2018) If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Most people overlook insurance when they're starting their business. Some get a general liability cover and assume that they are sufficiently covered. But what does “general liability” mean, and how do you know if you are insuring your business properly? Ryan Andrew joins us today to shed light on some of the things you should consider when it comes to insuring your business. Ryan is from The Andrew Agency located in Richmond, Virginia, offering professional insurance services in Virginia, Maryland, and D.C. Click here to find more information on our website. Insuring your business - Key Points What does general liability cover? How Hans got into trouble over an insurance policy. As your business grows, and at least once annually, update your insurance agent to help. you determine whether or not you are still adequately insured. Less than 10% of active businesses have cyber liability. When would you need cyber liability insurance? Small businesses are just as susceptible as large corporations to cyber-crime. One in three businesses will get sued. When a breach occurs, the cost of sorting it out and subsequently complying with regulation could shut down a small business. Cyber liability is new territory for insurance companies, but they are developing products to meet your needs. Professional liability and cyber liability are a higher risk to the business than general liability. Your insurance policy is a working document that evolves as your business evolves. When starting a business, take time to set it on a solid foundation. This is worth listening to! Links The Andrew Agency Telephone: +1 804-320-2886 If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Most people overlook insurance when they’re starting their business. Some get a general liability cover and assume that they are sufficiently covered. But what does “general liability” mean, and how do you know if you are insuring your business properly? Ryan Andrew joins us today to shed light on some of the things you should consider when it comes to insuring your business. Ryan is from The Andrew Agency located in Richmond, Virginia, offering professional insurance services in Virginia, Maryland, and D.C. Click here to find more information on our website. Insuring your business - Key Points What does general liability cover? How Hans got into trouble over an insurance policy. As your business grows, and at least once annually, update your insurance agent to help. you determine whether or not you are still adequately insured. Less than 10% of active businesses have cyber liability. When would you need cyber liability insurance? Small businesses are just as susceptible as large corporations to cyber-crime. One in three businesses will get sued. When a breach occurs, the cost of sorting it out and subsequently complying with regulation could shut down a small business. Cyber liability is new territory for insurance companies, but they are developing products to meet your needs. Professional liability and cyber liability are a higher risk to the business than general liability. Your insurance policy is a working document that evolves as your business evolves. When starting a business, take time to set it on a solid foundation. This is worth listening to! Links The Andrew Agency Telephone: +1 804-320-2886 If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Did you know that the IRS says you're guilty until you prove them otherwise? This is our topic of discussion today and our guest, Derrick Winke from Wink Tax Services, will help us understand what is involved when you receive an IRS notice. Derrick Winke is an enrolled agent; a federally-authorized tax practitioner empowered to represent people before the IRS in all 50 states. In his line of work, he focuses primarily on tax returns for individuals and small businesses. Wink Tax Services, is located in Troy, just outside of Detroit, Michigan, and has clients on almost every continent as well as from most states. Click here to find more information on our website. IRS Says You're Guilty - Key Points The difference between a CPA and an Enrolled Agent. All IRS correspondence starts out as an inquiry, and their specific concern will be in the notice reference. What do you do next after you get an IRS notice? Why you need to get a professional involved. Handling correspondence between you and your nominated agent. Your presence during an inquiry. The process of getting audited by the IRS. Is there a limitation to how far back the IRS can go to audit you or your business? It is crucial to keep good records. Always keep your personal assets separate from your business. Remember, you are presumed guilty until you prove otherwise. What Derrick has to say is pure gold, so please stay tuned and enjoy! Links Wink Tax Services If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Did you know that the IRS says you're guilty until you prove them otherwise? This is our topic of discussion today and our guest, Derrick Winke from Wink Tax Services, will help us understand what is involved when you receive an IRS notice. Derrick Winke is an enrolled agent; a federally-authorized tax practitioner empowered to represent people before the IRS in all 50 states. In his line of work, he focuses primarily on tax returns for individuals and small businesses. Wink Tax Services, is located in Troy, just outside of Detroit, Michigan, and has clients on almost every continent as well as from most states. Click here to find more information on our website. IRS Says You're Guilty - Key Points The difference between a CPA and an Enrolled Agent. All IRS correspondence starts out as an inquiry, and their specific concern will be in the notice reference. What do you do next after you get an IRS notice? Why you need to get a professional involved. Handling correspondence between you and your nominated agent. Your presence during an inquiry. The process of getting audited by the IRS. Is there a limitation to how far back the IRS can go to audit you or your business? It is crucial to keep good records. Always keep your personal assets separate from your business. Remember, you are presumed guilty until you prove otherwise. What Derrick has to say is pure gold, so please stay tuned and enjoy! Links Wink Tax Services If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Today, we're going to touch on what you need to know when it comes to setting up your business's Board of Directors. We are continuing our conversation with Ken Turnipseed who has been in a couple of previous episodes. He has a background in accounting and tax and is now an attorney at Whelchel & Carlton LLP, located in Moultrie, Southern Georgia. Click here to find more information on our website. Setting Up Your Business's Board of Directors - Key Points Do you need a board of directors? Defining board resolutions and why you might need them Regulatory requirements regarding board meetings What are minutes? What details must be in the minutes Some “best practice" advice about keeping and filing minutes Maintaining all corporate formalities for liability purposes Getting a Tax ID for your business How you could lose your business over payroll tax and other obligations When you make a deal with the IRS, better stick to your end of the bargain There's no one-size-fits-all approach in choosing the right structure for your entity. Get sound advice from a professional. Talk to someone who is licensed in your jurisdiction. Make the most of this episode and enjoy. LINKS Links to Ken Turnipseed's information can be found at GetGoinginBusiness.com/105 Welchel & Carlton, LLP If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Today, we're going to touch on what you need to know when it comes to setting up your business's Board of Directors. We are continuing our conversation with Ken Turnipseed who has been in a couple of previous episodes. He has a background in accounting and tax and is now an attorney at Whelchel & Carlton LLP, located in Moultrie, Southern Georgia. Click here to find more information on our website. Setting Up Your Business's Board of Directors - Key Points Do you need a board of directors? Defining board resolutions and why you might need them Regulatory requirements regarding board meetings What are minutes? What details must be in the minutes Some “best practice" advice about keeping and filing minutes Maintaining all corporate formalities for liability purposes Getting a Tax ID for your business How you could lose your business over payroll tax and other obligations When you make a deal with the IRS, better stick to your end of the bargain There’s no one-size-fits-all approach in choosing the right structure for your entity. Get sound advice from a professional. Talk to someone who is licensed in your jurisdiction. Make the most of this episode and enjoy. LINKS Links to Ken Turnipseed's information can be found at GetGoinginBusiness.com/105 Welchel & Carlton, LLP If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Many businesses establish their online presence by having a website, but do you know what the law says about the information you display and collect? How do you determine whether or not you're complying with regulation? Learn how to shift your business risk from yourself to others. Our guest today is Josh Clayton who runs a private practice in Shreveport, Louisiana, and he will discuss some of the things you need to know about collecting information. Josh studied accounting but decided early on that he was cut out for law, so he went back to school for a law degree. He started his career at McKernan Law Firm in Baton Rouge, worked at the Hammond law firm of Anderson & Boutwell, and had a brief stint at an oil and gas outfit in Shreveport. He hung out his shingles in 2008 and has been in private practice ever since. Click here to find more information on our website. Shift Your Business Risk - In this episode Collecting customer information via your website Privacy statements Determining just what should be included on your website How do you avoid assuming liability for the risks inherent in data collection? The role of trusted third-party intermediaries Use of non-disclosure language when collecting certain information Storing information on a safe server with firewall protection An LLC is a safe structure for most businesses Sometimes a CPA has better answers to the question of corporate structure Operating agreements and why you need one LLCs, APLCs, APMCs Use iron-clad agreements and corporate structures to prevent piercing of the corporate veil Licensing and reciprocity agreements for attorneys A tip on optimizing your URL for search engines Let's dive in and learn. Links ShreveportAttorney.com If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Many businesses establish their online presence by having a website, but do you know what the law says about the information you display and collect? How do you determine whether or not you’re complying with regulation? Learn how to shift your business risk from yourself to others. Our guest today is Josh Clayton who runs a private practice in Shreveport, Louisiana, and he will discuss some of the things you need to know about collecting information. Josh studied accounting but decided early on that he was cut out for law, so he went back to school for a law degree. He started his career at McKernan Law Firm in Baton Rouge, worked at the Hammond law firm of Anderson & Boutwell, and had a brief stint at an oil and gas outfit in Shreveport. He hung out his shingles in 2008 and has been in private practice ever since. Click here to find more information on our website. Shift Your Business Risk - In this episode Collecting customer information via your website Privacy statements Determining just what should be included on your website How do you avoid assuming liability for the risks inherent in data collection? The role of trusted third-party intermediaries Use of non-disclosure language when collecting certain information Storing information on a safe server with firewall protection An LLC is a safe structure for most businesses Sometimes a CPA has better answers to the question of corporate structure Operating agreements and why you need one LLCs, APLCs, APMCs Use iron-clad agreements and corporate structures to prevent piercing of the corporate veil Licensing and reciprocity agreements for attorneys A tip on optimizing your URL for search engines Let’s dive in and learn. Links ShreveportAttorney.com If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Today we are going to continue our conversation with Ken Turnipseed of Whelchel & Carlton, LLP. In episode 105, Ken talked about determining the right corporate structure for your business and today we will dive into the nuts and bolts of your business structure. If you are unsure if terms like articles of organization and operating agreements apply to your business, you'll find this episode especially helpful. Ken provides representation to both business and individual clients, doing a lot of work in the areas of healthcare and small businesses, so we are happy to tap into his expertise and experience. Click here to find more information on our website. Your Business Structure - In this episode A new business has to meet the requirements of the State's filing agency What are the Articles of Incorporation and how is it structured? What about articles of organization? Why your company needs bylaws The information that goes into company bylaws What is an operating agreement? Election of officials, meetings, and other essentials When starting out, business partners often neglect to prepare for a worst-case scenario Filing documents for a single-owner business Always get help from someone competent to handle requirements of your jurisdiction Tune in to find out more. Links Whelchel & Carlton, LLC Kenneth Turnipseed on LinkedIn If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Today we are going to continue our conversation with Ken Turnipseed of Whelchel & Carlton, LLP. In episode 105, Ken talked about determining the right corporate structure for your business and today we will dive into the nuts and bolts of your business structure. If you are unsure if terms like articles of organization and operating agreements apply to your business, you’ll find this episode especially helpful. Ken provides representation to both business and individual clients, doing a lot of work in the areas of healthcare and small businesses, so we are happy to tap into his expertise and experience. Click here to find more information on our website. Your Business Structure - In this episode A new business has to meet the requirements of the State’s filing agency What are the Articles of Incorporation and how is it structured? What about articles of organization? Why your company needs bylaws The information that goes into company bylaws What is an operating agreement? Election of officials, meetings, and other essentials When starting out, business partners often neglect to prepare for a worst-case scenario Filing documents for a single-owner business Always get help from someone competent to handle requirements of your jurisdiction Tune in to find out more. Links Whelchel & Carlton, LLC Kenneth Turnipseed on LinkedIn If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Protecting your business against insurable risks starts with ensuring you have the right information from the get-go. When you need to make a claim, the last thing you want to hear is that your business insurance is inadequate. With us on the show today is Kenny Hollingsworth from Brock & Associates Insurance, to give us insights into the essential pieces of data and factors you should consider for different types of insurance. Kenny has been in the business for over 26 years and specializes in commercial and business insurance. He helps clients mitigate office risks, lessor's risk, group health insurance, and many more. Brock & Associates Insurance is located in Hendersonville, North Carolina, and operates in three states: North Carolina, South Carolina, and Georgia. Click here to find more information on our website. Business Insurance - Key points Five pieces of data that you have to know to get the right type of insurance for your business Correct identification of your business is the starting point for any business quote Your corporate structure could affect your insurance requirements The majority of commercial insurance situations are rated based on payroll estimates Low-risk and high-risk business classifications North Carolina's Workers Compensation (Assigned Risk) Insurance Plan General liability and workers compensation When does gross sales revenue become a determining factor? Understanding the rule on minimum of three employees for workers compensation Questions to ask your insurance agency before you get a policy The value of a second opinion Make sure you're doing business with a company that's A rated or higher Links Brock and Associates Insurance Address: 801 South Grove Street, Hendersonville, NC 28792 If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Protecting your business against insurable risks starts with ensuring you have the right information from the get-go. When you need to make a claim, the last thing you want to hear is that your business insurance is inadequate. With us on the show today is Kenny Hollingsworth from Brock & Associates Insurance, to give us insights into the essential pieces of data and factors you should consider for different types of insurance. Kenny has been in the business for over 26 years and specializes in commercial and business insurance. He helps clients mitigate office risks, lessor's risk, group health insurance, and many more. Brock & Associates Insurance is located in Hendersonville, North Carolina, and operates in three states: North Carolina, South Carolina, and Georgia. Click here to find more information on our website. Business Insurance - Key points Five pieces of data that you have to know to get the right type of insurance for your business Correct identification of your business is the starting point for any business quote Your corporate structure could affect your insurance requirements The majority of commercial insurance situations are rated based on payroll estimates Low-risk and high-risk business classifications North Carolina’s Workers Compensation (Assigned Risk) Insurance Plan General liability and workers compensation When does gross sales revenue become a determining factor? Understanding the rule on minimum of three employees for workers compensation Questions to ask your insurance agency before you get a policy The value of a second opinion Make sure you’re doing business with a company that’s A rated or higher Links Brock and Associates Insurance Address: 801 South Grove Street, Hendersonville, NC 28792 If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

Have you ever wondered whether or not you can get sued in the course of doing your business? Then you need to make sure you have the right corporate structure for your business. It is important to know which structure is best for your business's particular situation and will protect you against personal liability. We are joined by Ken Turnipseed from Whelchel & Carlton, LLP a firm located in Moultrie, Southern Georgia. Ken worked with Ernst and Young as a CPA and Tax consultant before going to law school. He then practiced with a large regional firm in Birmingham, Alabama until moving to South Georgia. He provides representation to both business and individual clients and does a lot of work in the areas of healthcare and small businesses. Click here to find more information on our website. We discuss the Right Corporate Structure for Your Business Natural persons and legal persons. Minutes, resolutions, and other business records. Setting up a corporation. The difference between an S Corp and a C Corp. Which type of business is best suited to an LLC structure? The extent of liability protection depends on the corporate structure of your business. How the law determines if an individual is liable when there is a case against a business. What to consider when using business accounts to settle personal bills? Choosing which tax rules should apply to your business. Laws are different in every state, and you must seek competent counsel. Invest the next 20 minutes in this episode, and you will get a lot out of it. Links Whelchel & Carlton, LLC Kenneth Turnipseed on LinkedIn If you have not checked out all of our free resources available to you. Click here for our site. Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business