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Business Formation & Planning Archives

3 simple finance tips for new business startups

You don't have to be rich to start your own business, but you do need some financial savvy and a strong plan. Planning ahead and understanding your goals and how you can realistically reach them is a huge part of driving long-term success. Business owners who reach out to other experienced professionals to get advice about the legal, account and human resource aspects of starting a small business can save themselves a lot of trouble later. Here are three simple tips for helping ensure financial stability for your start up.

Understanding unpaid internship requirements

April is Internship Awareness Month, and with so many college students wrapping up classes or graduating soon, internships might be on the minds of job seekers and businesses alike. For businesses, internships are often a way to get free or low-cost help while also developing professionals for future positions. For the interns themselves, the opportunities can provide invaluable experience that strengthens their resume. Not every internship can be unpaid, though. Federal law requires certain guidelines be met if you aren't going to pay your interns.

3 reasons you need business succession planning

Financial advisers often encourage clients to take time for estate planning, and if you're a business owner, the same type of advice applies to you. Estate planning is about getting your affairs in order so you can pass on assets to heirs and ensure your legacy is treated according to your wishes when possible. Business succession planning is about passing your company on to others and setting to foundation so your brand and business vision is kept intact.

Don't make these mistakes when starting your business

Entrepreneurs have a lot to consider when they launch new businesses, which is why we always recommend reaching out to professionals to help with legal and financial matters. Once you've dotted the Is on any incorporation or formation documents and crossed all the Ts on your financial plans, though, you aren't completely out of the water. As you start and grow your business, you'll always run into areas where you can make errors, and taking a proactive approach and thinking your way carefully through your plans can help you avoid such errors.

Two business resolutions that could save you hassle in 2017

It's that time of year again. The holidays haven't quite passed us by, but you might already be considering your 2017 resolutions. While health, fitness and personal productivity are all great goals for the New Year, don't forget to set some resolutions for your business. Here are two resolutions that could save you a lot of hassle in 2017 if you stick to them.

2 mistakes you might be making in forming your business

Forming a new business is exciting, so it's easy to get caught up in handling the fun stuff and forget about all the tedious details. Those details are what can end up making or breaking your business, and here are two major mistakes that many new business owners make. Avoid these mistakes, and you can save yourself a lot of time and money.

Should you trademark your new logo or brand name?

If you come up with and publish a new brand name or logo -- and you've used the appropriate processes to file for a business license and register your business -- you are afforded some legal protection already. You might also have some copyright protection related to your design or creation. One way to add to your legal protection and keep other people from using your brand or phrase without impunity is to trademark it.

What are some negatives to launching your own company?

People often extol the virtues of starting your own business. You become your own boss, you set your own schedule and you can do what you love for a living, which all sounds wonderful. It can be wonderful, but you also have to be willing to put in a lot of hard work and put up with some of the negative aspects of starting your own company.

Should you look for a location to start your business?

One of the mistakes many new business owners make is opening a stand-alone location right away. If you aren't going to have walk-up business or serve in the retail or restaurant niche, consider carefully whether you need a business location. This can be one of the largest expenses for a newly formed business, and you can save tens of thousands in the first year by taking a more frugal stance.

Some good steps for starting a new business

You're tired of the corporate grind and ready to branch out on your own, but you're flustered by the statistics that indicate new companies have an uphill battle. While you can't do anything to guarantee your business idea will make it, you can take steps to ensure you have the best possible chance.

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