If you're a small business owner, you've most-likely considered entering a partnership at one point or another. From an outsider's perspective, joining a partnership can seem like a great use of resources, capital, and energy. However, most partnerships don't pan out the way partners would hope because many business partners enter a partnership for all of the wrong reasons. Some of these reasons include not having enough connections, shortage of financing, lack of skill set, or simply not wanting to operate alone. That being said, there are many variables that may come into play and derail a partnership as the business picks up.
Every business owner has signed an agreement at one point or another. In a perfect world, these agreements would always be executed as they're agreed upon. However, everyone knows that contracts are breached and agreements aren't honored all the time. These disputes and incongruities can lead to more trouble, headaches, and lawsuits more often than not. One thing is certain, when these issues arise, all parties are faced with potentially higher fees and costs than they initially anticipated. As a business owner, it's imperative to find a way to mitigate the cost of these issues when they do arise. So, how is this done?
When should my hobby become a business? It sounds like a simple question but there isn't a simple answer, unfortunately. Whether it's sewing, painting, cooking, or performing - any hobbyist and business owner should understand the IRS's rules for what qualifies as a business or a hobby. Whether your venture is a hobby or a business affects your tax liability. In addition to the tax implications, you should also consider your legal requirements and protection.
There are many things at the top of every business owner's mind when they launch their company. This may include raising capital, revenue, sales, marketing, getting clients and customers - and rightfully so. There would be no company to manage without revenue. However, intellectual property is among the last things that a start up thinks about and it shouldn't be.
Nevada has been a popular destination to establish businesses and the popularity is recognized by foreign business owners as well. This is largely due to the tax benefits and protection that many Nevada entities currently have. It's no secret that many businesses form shell companies here to protect sensitive information. In comparison to other states, Nevada has little power under the current statute to audit or investigate companies that have incorporated here, unless asked by law enforcement. The reason for the discussion of tightening the rules for Nevada entities is due to the recent discoveries of shell companies being linked to the government corruption scandal in Brazil, most commonly known as the Panama Papers in 2016.
As a business owner, you will certainly be faced with the task of hiring new employees. While you are focused on getting the right person for the job, there are certain legal requirements that you cannot overlook to avoid being sued for discrimination or liability issues.
It wasn't long ago when documents weren't saved on a hard drive, a server, or sent via email. Today's businesses have gotten very good at going paperless and as a result have gotten more efficient. E-signatures are a big part of the efficiency and are essential for people on the go. They are common now but there are still some lingering questions related to e-signatures.
Nevada is typically considered a "tax-free state," the state attracts business owners from across the country for its low filing fees and absence of state income tax. However, the commerce tax, effective July, 1, 2015, put a dent on the "tax-free state" image. If your business is registered in Nevada, be prepared to turn in your Nevada Commerce Tax Return Form this summer.