Risk
Product Liability
There are a number of risks facing your business, many of which you might already be very aware of. Another risk that is increasing rapidly in recent years is product liability. Manufacturers and retailers confronting this issue have had to increase the costs of their goods and services in order to pay the price for…
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How to Pass On Your Family Business
You have spent 15, 20, or even 30 years building up a business that you plan to pass on to your family. Now, most of your time is spent laying out your future travel schedule, perfecting your golf game, or thinking about lazy Sunday afternoons hanging out having fun. You are finding it hard to…
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Consultant’s Corner: Small Business Retirement Plan Options
Question: Would it be better as the owner of a sole proprietorship to invest in a 401k versus a SIMPLE IRA? There is not a single best approach to retirement planning for the owner of a sole proprietorship in every conceivable situation. Your business structure and other considerations, including the employee participation requirements, your expected…
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What is a Business Owner’s Policy?
One of the most popular insurance forms for small businesses is a BOP, or business owner’s policy. These policies have increased in popularity in recent years. A business owner’s policy is convenient and specifically designed for small or medium sized businesses. Here are some strengths and weaknesses of the business owner’s policy for you to…
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Chargebacks Defined
A chargeback is a credit card processed sales transaction that occurs when your customer disputes the transaction or when you fail to follow proper credit card acceptance and authorization procedures. The result of a chargeback is a reversal of the transaction, the withdrawal of funds from your merchant account and a deposit of the funds…
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How Do Business Categorization, Industry, and Location Impact Merchant Rates?
There are many factors that will determine what kind of fees you are charged by your processor. There are some factors that you can control, such as limiting charge-backs and fraud exposure, and others that you cannot, such as how you accept payments, your industry, and your physical business location. Business Categorization Your business categorization…
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Warning Signs of a Bad Lender
You receive a phone call, open an email, hear from a friend-of-a-friend about some company that is providing business loans at fantastic rates. You can’t help but wonder, is this the source of working capital you’ve been searching for, or the start of a very painful learning experience? What should you do when you come…
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Improving Your Business Credit Score
The credit score for your business is created and compiled in a manner similar to your personal score. Using your business’s Taxpayer Identification Number (TIN), vendors and other entities that extend your business credit will report the timeliness of your payments to the major credit reporting agencies. If you pay your obligations on time, your…
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Errors and Omissions Insurance
Errors and omissions are the mistakes made by professional persons in the delivery of their service offerings. An example might be the instance of a real estate agent failing to disclose that an adjoining property had been rezoned for a purpose that might impact property value. Insurance for this type occurrence by a doctor, lawyer,…
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The Basics of PCI Compliance
Payment Card Industry (PCI) Compliance refers to legal requirements aimed at protecting cardholder information by preventing security breaches and data theft. The PCI DSS (Data Security Standards) Council sets standards that any merchant who holds, processes, or transmits cardholder information from any card association must comply with. What You Need to Know to Get Started…
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