For the love of your business

Articles to LIFT Your Life and Business

7 LIFT (Legal, Insurance, Financial and Tax) Prerequisites for Starting A New Business

As lenders ease credit conditions following the Great Recession, new business formation in the U.S. is on the rise. If you are starting a business in 2015, be sure you pay attention to the following prerequisites: Discuss with legal counsel which corporate structure is best for your business: sole proprietorship, partnership, corporation (C or S), […]

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Don’t Panic Over Taxes. Use These Special Tax Tips for the Small Business Owners

Completing your small business taxes for 2014 may already be in your rear view mirror, but the stress of taking time out of your business to do them may be lingering.  Even if you have filed an extension, there’s always next year. And, you may be surprised to hear this, but this is the time […]

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Preparing Your Company for an Eventual (and Profitable) Sale

If you are a small business owner, chances are that most of your personal net worth is tied up in your business.  So even if selling your company is not on your radar anytime soon, there will come a day you will want to cash out and sell it at the best possible price. Even […]

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Did You Just Hire an Employee or an Independent Contractor? Be Sure You Know!

In its recent ruling in FedEx Home Delivery, the National Labor Relations Board (NLRB) added a new factor for the classification of a worker as an employee or an independent contractor.  The NLRB found that a worker’s right to “entrepreneurial opportunity” was not solely sufficient to classify a worker as an independent contractor; rather, the […]

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Choose the Right Business Entity

One of the first decisions an entrepreneur should be making is the selection of the right form of business entity.  This is a critical decision because of its ongoing legal and tax consequences. Liability protection is the most important non-tax consideration in the business entity selection process.  The business owner has to have a shield […]

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The Audit That Will Change the Way You Run Your Business

Most people hear the word “audit” and hit the panic button, including business owners.  But there is an incredibly powerful tool called the LIFT Foundation Audit that can change the way you run your business for the better. The LIFT (Legal, Insurance, Financial, Tax) Foundation Audit is a process we walk through with our business […]

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Asset Protection Strategies for Business Owners

If there was ever a Catch-22 situation for business owners, it is this:  most do not take the necessary legal steps to protect their personal wealth until it is threatened by creditors or litigants – and by then, it’s too late to implement effective asset protection strategies. A survey of 242 business owners conducted by […]

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How Overtime Rules Overhaul May Impact Small Businesses

On March 13, President Obama signed a presidential memorandum that directs the U.S. Department of Labor to propose new rules governing overtime exemption regulations for white collar workers under the Fair Labor Standards Act (FLSA). The Presidential Memorandum instructs the Secretary of Labor to update the FLSA regulations for workers who qualify for overtime protection, […]

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$150,000 Risk: Know the Difference Between an Employee and an Independent Contractor

The IRS and State Governments have both stepped up their enforcement action against business owners who misclassify employees as independent contractors. One friend of ours was just fined $150,000 for Worker’s Comp Fraud stemming from a misclassification of employees as Independent Contractors.  Knowing this, it is imperative for you to know the difference when it […]

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Top 3 Considerations When Choosing a Business Structure

Choosing the right business entity for your new or growing company is one of the most important decisions that you as a business owner will make, since your decision will impact important things like compensation and taxation.  If you’ve given more thought to your company logo than the structure under which your business will operate, […]

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Last Chance to Take Advantage of Large Section 179 Deduction

Section 179 of the tax code is provides a great opportunity for small business owners to save on their taxes by allowing you to deduct in one year the cost of any new or used personal property that you purchase and use in your business more than 50% of the time. Some of the items […]

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