For the love of your business

Articles to LIFT Your Life and Business

What is involuntary bankruptcy, and can it happen to my business?

Q: What is involuntary bankruptcy, and can it happen to my business? —Concerned Borrower A: Dear Concerned: While uncommon, creditors who believe they have no other recourse to get paid by a business debtor can force that company into what’s known as “involuntary bankruptcy.” Though involuntary bankruptcies against businesses do happen, several rigid conditions must […]

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What are entrepreneurial retreats, and what value do they offer?

Q: What are entrepreneurial retreats, and what value do they offer? —Stressed-Out Business Owner A: Dear Stressed-Out: Entrepreneurial retreats offer a blend of personal and professional development for business owners looking to relax and recharge their creative batteries. Many retreats involve traveling to foreign locales, where attendees are completely removed from their demanding daily pressures, so […]

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What is Professional Liability Insurance and why do I need it?

Q:     What is Professional Liability Insurance and why do I need it? –Cautious Business Owner A:      Dear Cautious: Business owners are probably aware they need liability insurance to shield their company from costly lawsuits. But not all liability insurance is the same, and it’s important to understand what types of coverage are available, so […]

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How Can I Spend Money to Make Money?

Q: How Can I Spend Money to Make Money? -Business Owner A:  Dear Business Owner: Great, and very important question. If you want to increase your top line revenue, you’ll likely need to increase your expenses as well.  Not all expenses are bad. Shift into the question of how can you best invest money to have […]

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What Financing Options Do I Have When Buying a Business?

Q: What financing options do I have when buying a business? -Future Business Owner A: Dear Business Owner: Owning your own business can be a dream come true. But many people shy away from the idea of purchasing an existing business because they lack the capital to make the purchase. Buying a business may require […]

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What Are the Tax Benefits of Hiring Your Children?

Q: What are the tax benefits of hiring your children? Business Owner and Parent– A: Dear Business Owner: Hiring your children can teach them about entrepreneurship and building a work ethic. It can work out to your benefit, too. Your child’s earnings might be exempt from payroll taxes if your business is unincorporated. Hiring your […]

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How Can I Boost My Authority as a Business Owner?

Q: How can I boost my authority as a business owner? Business Owner– A: Dear Business Owner: Authority in the business world can be the decision-making influence that gets you hired. But many business owners don’t know how to practically establish authority. You can boost your authority as a business owner by: Developing a trusted […]

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Will I lose my home if my business files for bankruptcy?

Q: Will I lose my home if my business files for bankruptcy? —Homeowner/Business Owner A: Dear Homeowner: As a business operator, the line of liability isn’t always clear. You could lose personal assets—such as your home—if your business files for bankruptcy, but it depends largely on the way you have legally structured your business and the […]

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How can I foster transparency in my business?

Q: How can I foster transparency in my business? –Honest Business Owner A: Dear Honest: Transparency can help you identify and prevent potential legal and financial problems before they happen. So, how can you foster transparency in your business? Here are a few best practices to help you get started: Hire honest employees who won’t be […]

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How can a PLLC protect my business?

______________________________________________________________________________ Q: How can a PLLC protect my business? –Professional Entrepreneur A: Dear Professional: Deciding how to form your business entity requires finding the formation that provides you with maximum benefits and minimal investment. For licensed professionals, a PLLC (Professional Limited Liability Corporation) structure can provide many advantages while limiting your liability. Typically, any business that requires you to […]

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What Are the Tax Pros and Cons of LLCs?

Q: What Are the Tax Pros and Cons of LLCs? –Strategic Business Owner A: Dear Strategic: LLCs, or “Limited Liability Companies,” bridge the gap between sole proprietorships and traditional corporations, meeting an unmet need in today’s dynamic small business world. LLCs appeal to business owners because they combine the liability protection of a corporation with the tax advantages of […]

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