For the love of your business

Articles to LIFT Your Life and Business

Do I need liability insurance if my company is an LLC?

Q: Do I need liability insurance if my company is an LLC? -Wondering A: Dear Wondering: Every company, regardless of entity structure, really should have liability insurance. This is because limited liability companies (LLCs) and liability insurance offer two distinct forms of protection. An LLC is designed to protect your personal assets from lawsuits and […]

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Do I need a lawyer to draw up business contracts, or can I use templates online?

Q: I need some basic contracts to use in my business. Do I need a lawyer to draw them up, or can I use templates I find online? -Buster Budget A: Dear Buster: Though it may be tempting to use generic legal agreements you find online, these do-it-yourself (DIY) documents are no substitute for the […]

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A customer is suing for breach of contract. What should I do?

Q: A customer is suing me in small-claims court for breach of contract. What should I do? -Court Questions A: Dear Questions: First and foremost, do not ignore this claim. Just because it’s small-claims court, does not mean that it’s not as “real” as regular court. What makes small-claims court different is that the court […]

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What is brand safety, and how might it affect my company?

Q: What is brand safety, and how might it affect my company? -Risk Manager A: Dear Risk: Brand safety is a relatively new facet of marketing aimed at keeping your company’s reputation safe when advertising. It primarily involves controlling where your online ads are placed, so they don’t appear alongside content that’s offensive, fraudulent, or […]

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How does alternative dispute resolution work?

Q: How does alternative dispute resolution work? -Leery of litigation A: Dear Leery: Alternative dispute resolution (ADR) is a process of settling disputes without resorting to litigation. ADR can be used in disputes of all kinds: employer/employee, business/consumer, and business/business. In some cases, courts require parties to use ADR before the matter can be brought […]

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What is “private inurement,” and can it affect my business?

Q: What is “private inurement,” and can it affect my business? -Concerned A: Dear Concerned: First off, private inurement is something that only applies to nonprofits, so if you own a standard for-profit business, you won’t be affected. If you do run a nonprofit or are thinking of starting one, read on. The IRS stipulates […]

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How does estate planning help my business?

Q: How does estate planning help my business? -Curious Company Owner A: Dear Curious Estate planning is absolutely crucial for business owners. When you die or if you become incapacitated, not having a plan can not only be disastrous for the company, but also cause major expense and conflict for your family. Your plan will […]

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Q: Are there any tax benefits to hiring my minor children to work for my business?

Q: Are there any tax benefits to hiring my minor children to work for my business? -Pondering Parent A: Dear Pondering There have always been numerous tax benefits to hiring your children, but the 2017 Tax Cuts and Jobs Act (TCJA) has made those benefits even more valuable. By hiring your children to do legitimate […]

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Can I form my LLC in a state other than where I live?

Q: Can I form my LLC in a state other than where I live? -Interested Entrepreneur A: Dear Interested With few exceptions, you can form a limited liability company (LLC) in whatever state you choose. Maybe you’ve heard that states like Delaware, Wyoming, and Nevada offer legal and tax advantages—and this can be true. But […]

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Do I need a business license as a freelance graphic artist working from home?

Q: I’m a freelance graphic designer, who works alone from home. Do I need a business license? -Inquiring Entrepreneur A: Dear Inquiring: Home-based businesses are booming, but many entrepreneurs overlook the fact that such operations are still subject to license and permit laws. The type of licensing required will depend on your industry and location. […]

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Do I qualify for a home office deduction from the IRS?

Q: I work full-time for an employer, but I also run a part-time side business out of my spare bedroom. Do I qualify for a home office deduction from the IRS? -Side Hustler A: Dear Hustler: The answer depends on a few factors, but provided it’s a legitimate business you’re consistently involved with, it’s likely […]

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