Is It Time to Incorporate in Another State?

Some businesses use the summer months to kick back and relax after all their hard work in Q1. Others spend these laidback months strategizing their initiatives for the remaining year. For some startups, their next move might be to literally move—with plans to expand their business and incorporate in another state. Incorporating in another state…

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Consultant’s Corner: Forming a General Partnership

Question: I am ready to start a business with a partner. What steps should I take? You can review information for forming a General Partnership at state and legal websites; however, these are the general steps required for formation of this entity type: Choose a business name File a trade name Draft and sign a…

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Startup? Don’t Forget These 4 Areas

The final phase of starting a new business involves several administrative matters. With the business entity formed and registered, the physical facility ready, the new business owner must address outside professional support: banking, insurances, accounting and tax systems, and staffing. Some of these administrative elements significantly impact the financial health and management efficiency of the…

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Consultant’s Corner: Setting a Price for Consulting Services

Question: I want to start a consulting company. How do I bill my clients for my consulting services? We do not know the type of consulting services you plan to offer, however, business consultants and other service businesses have standard billing rates by staff position. Also, these billing rates are often adjusted based on the…

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What Do LLCs Need to Know About Operating Agreements?

What comes next after an entrepreneur forms an LLC for their startup? Small business owners may prioritize registering for a trademark or filing for an employer identification number (EIN) next. If you already have obtained these assets, it’s time to look into preparing an operating agreement for your business. What’s An Operating Agreement? An operating…

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Consultant’s Corner: Adding a Member to an LLC

I have a Single Member LLC. What are the issues and process to add a partner and how does it affect the closing out of the original Single Member LLC and setting up a new entity? It is common for members or owners of single member LLCs to take on partners by converting their LLCs…

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How I Let My Passion Follow My Opportunities

Sometimes a business idea comes from a passion. There’s something you love, you’re completely immersed in it, and it becomes a business. The whole idea of the gurus who say, “Do what you love,” and “Follow your passion” comes from this path. But that’s not the only way to start a business. That’s never really…

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The One Thing Your Business Idea Needs

There’s really only one thing you need to start a business. It’s the one thing that’s more important than your genius, your work ethic, the honesty of your partners, your credit rating, your friends’ cash, your charm, your business plan, your logo, your office space, your website, your distribution strategy, your manufacturing deal, or your…

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What Business Records Should You Keep?

Knowing what business records to keep is critically important to a small business entrepreneur. These records serve many functions. They help you quantify and monitor the progress of your business, and make decisions accordingly. They give you the information you need to prepare a financial statement. They allow you to identify your various receipts and…

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The Power of Bootstrapping

I’ve learned a lot from failure. One of the biggest lessons came from one of my earliest businesses. After a couple years in professional football, with a motley assortment of jobs in the offseason, I wanted to go out and start my own business. I worked with a close friend of mine to think through…

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