For the love of your business

Articles to LIFT Your Life and Business

Can Bankruptcy Save My Business?

Q: Can Bankruptcy Save My Business? – Concerned Entrepreneur A: Dear Concerned: If you’re struggling with debt, but don’t want to shut down your business, bankruptcy might be one way to save your company. While this may sound paradoxical, many big corporations— American Airlines, General Motors, and Kodak—have successfully used bankruptcy to restructure debt and […]

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What Insurance Do I Need?

Q: What insurance do I need? – New Biz Owner A: Dear Biz: Liability insurance is a valuable form of protection needed by most businesses. Choosing the right policy for your business can be tricky, so it’s important to understand what liability insurance covers before you make the investment.cl If you get sued for personal […]

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What is Cyber Insurance?

Q: What is cyber insurance? -Tech Newbie A: Dear Newbie: Cyber insurance offers protection against damages resulting from threats to your company’s computer systems and data, such as hacking, data breaches, network failures, and other events. If your computer network is breached and your data is lost, stolen, or compromised, the cost to recover and […]

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Why would I want my LLC taxed as an S corporation?

Q: Why would I want my LLC taxed as an S corporation? -Tax Saver A: Dear Saver: Outside of personal liability protection, one of the biggest benefits of an LLC is the flexibility the entity offers for taxation. LLC owners, or members, get to choose how they want to be taxed: as a sole proprietorship, […]

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What are the penalties for misclassifying employees?

Q: What are the penalties for misclassifying employees? -Concerned CEO A: Dear Concerned: Hiring independent contractors (ICs) can be a great way to save on labor costs and avoid the HR hassles that come with traditional employees. But misclassifying workers, even unintentionally, can lead to serious consequences, which could potentially destroy your business. In today’s “gig” […]

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What tax breaks does Trump’s new tax law offer small businesses in 2019?

Q: What tax breaks does Trump’s new tax law offer small businesses in 2019? -Penny Pincher A: Dear Pincher: The biggest break offered by the Tax Cuts and Jobs Act (TCJA) was lowering the tax rate for C corporations from 35% down to 21%. But very few small businesses are structured as C corporations, so […]

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Is my business website considered my intellectual property?

Q: Is my business website considered my intellectual property? -Concerned Coder A: Dear Concerned: Your website is most certainly intellectual property (IP). But whether or not it’s your IP depends on whether or not you were the one who originally created the website.  When it comes to IP, patents protect inventions, trademarks protect brand names, […]

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What is an arbitration clause, and how does it work?

Q: What is an arbitration clause, and how does it work? -Engaged Entrepreneur A: Dear Engaged: Arbitration is a form of alternative dispute resolution in which two parties settle their dispute without litigation. An “arbitration clause” in an agreement requires the parties entering into the agreement to go through arbitration before taking a dispute to […]

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What is employment practices liability insurance, and do I need it?

Q: What is employment practices liability insurance, and do I need it? -Befuddled Boss Employment practices liability insurance (EPL) protects your business from lawsuits that originate over employment disputes, including suits brought by current employees, former employees, and even potential hires. EPL is one of several different types of businesses liability insurance, such as general […]

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Do I still have to comply with Obamacare’s employer mandate?

Q: With Trump’s new tax law in effect, do I still have to comply with Obamacare’s employer mandate? -Insurance Inquiry A: Dear Inquiry: While Trump’s Tax Cuts and Jobs Act (TCJA) did repeal the Affordable Care Act’s (ACA) individual mandate, the new law did NOT change the employer mandate.  So if you were previously required […]

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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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