There are numerous business forms that people use, and each of these structures offers unique benefits and certain drawbacks. A sole proprietorship is a popular choice among those starting their first-ever business or intending to run a small business in addition to...
A History Of Growing Trust In Kentucky
business formation & planning
Does your business need a succession plan?
As a business owner, you are consistently planning for the future. But are you and your partners prepared for a time when you retire, pass away or are ready to sell? Succession planning is a lot like estate planning in that everyone knows it is important, but not...
Signs that it’s time to part ways with your business partner
It can take time to find the right business partner. Once you finally find them, everything may initially seem like it's going so well that you couldn't envision any strife emerging between you. Emotions such as resentment and distrust can snowball, though. There are...
2 primary risks of owning a business as a sole proprietor
There are multiple ways for you to structure your new business. You could enter a partnership with another person or even incorporate your business. There are advantages and disadvantages to each of the various business forms. Many people, by default, end up selecting...
3 things you want to include in your vendor contracts
Without vendors, your business would not have products to sell or supplies to manufacture goods. You need reliable resources and dependable pricing for your company to manage daily operations and minimize the expenses it incurs. When you choose a vendor and negotiate...
What details should you include when drafting your employee handbook?
Many employers take time to draft their employee handbook only to see their workers take it and read a few pages then stow it away in a drawer. Most employees don't ever take another look at it again -- until there is a problem. This often happens when someone is told...
Why you shouldnʼt own a business as a sole proprietor?
Many individuals looking to test the waters with their business concept opt to operate as sole proprietors. It avoids them having to go through the incorporation process, which involves paying state registration fees and holding annual meetings as required by...
In business with a family member? Get a partnership agreement
Falling out with your business partner can create a world of problems. It is even more so when your partner is also your family member. When you start a business with a relative, you might think an equal split is fair. It allows you both an equal say in the running of...
Should you start an LLC to hold your investment property’s title?
There is always some degree of risk when you purchase real estate. There are many ways for an individual to reduce those risks, especially if the property is an investment and not their primary residence. Those planning to invest in real estate frequently consider...
Don’t forget about your staff when merging with another company
A company is only as good as its staff. However, employees can easily feel forgotten about when the company they work for merges with another. What can I do to keep staff happy during a merger? It is probably impossible to keep all staff from two merging companies...