In today's competitive landscape, choosing the right legal structure for your business is paramount for success. Keeping your home-based business legal involves choosing its legal structure: sole proprietorship, partnership, or corporation. The structure you opt for impacts your taxes and dictates your liability, governance, and compliance requirements. This is necessary for … [Read more...] about Choosing the Legal Structure of Your Business
What is a Partnership
Friends as Business Partners: How to Maintain Friendship in a Partnership
Question on Friends as Business Partners: How to Maintain Friendship in a Partnership: I sat with a friend of mine and brought up the idea of making accessories and selling them. We both began throwing out ideas and I threw out the name we chose. That same day we bought some inventory but since then I have been the only one buying and doing any of the work for the business. … [Read more...] about Friends as Business Partners: How to Maintain Friendship in a Partnership
6 Signs Your Business Partnership Will Fail: Changing Vision
In order for a business to be a success the vision and mission must be reflected in all aspects of the structure, the culture and the strategy by which business is conducted. Contained in these are core values and principles set forth by the owners and leaders. If there are discrepancies between any of these, I can assure you there will be problems. There are two … [Read more...] about 6 Signs Your Business Partnership Will Fail: Changing Vision
6 Signs Your Business Partnership Will Fail: Control Issues
When control is in the picture it is a lose/lose proposition. First, it is an illusion that anyone can control a person or a situation. The need to control is born of fear, lack of trust and insecurity. A person who feels it is necessary to control is robbed of a sense of well being. In business, control or the attempt to control can occur in many venues. The attempt to … [Read more...] about 6 Signs Your Business Partnership Will Fail: Control Issues
6 Signs Your Business Partnership Will Fail: Cumulative Money Problems
Conflicts over money or money problems are very high on the list of reasons that 70% of business partnerships fail. I'm not referring necessarily to lack of money. The damage to business partnerships stem from the fact that each of us have different attitudes about money and therefore handle it in different ways. The most hopeful scenario is that differences have been … [Read more...] about 6 Signs Your Business Partnership Will Fail: Cumulative Money Problems