I am working with a client who has a percentage ownership in an LLC, however, the company is in the process of being bought out by a C-Corp. If this happens, is it good for him? Bad for him? Should the LLC stay in place because of the advantages it possesses? Or is a C-Corp better? We will analyze the advantages of an LLC vs. a C-Corp and decide what is best for our client.
Advantages and Disadvantages of an LLC vs. C Corporation
What is a HIPAA violation?
Consumers are more concerned about their data and personal information than ever. Whether it’s a credit card security breach at their favorite store or concerns over social media platforms abusing user data, personal information is more valued than ever.
This is especially true for patients’ medical data. Medical data is among the most private and personal information a person has. Your patients not only trust their lives in your hands, but also their private medical history.
Four struggles female entrepreneurs face
Female business ownership is on the rise. According to Forbes, there was a 114% increase in businesses owned by women between 1997 and 2017. But while female entrepreneurs have been able to increase their hold on business ownership, they still face struggles when creating and owning businesses.
In order to create a successful business, women must jump through hurdles. Here are a few issues facing women entrepreneurs:
Safeguard the intellectual property of your business
Your company is almost certainly part of the information economy, constantly generating mission-critical data, ideas and intellectual property (IP) of all kinds. At the same time, it often appears as if copyrights, trademarks and patents are losing all meaning to much of the public, including a good portion of your pool of employee prospects.
Of course, many of us sign non-disclosure agreements when we join a company, and ask others to do the same, but they can only do so much even in the best of circumstances. What can be done continuously to protect key assets of a 21st century business? A recent article gathered some expert opinion.
It may be in your best interests to use an employment contract
A new team member in your business is always exciting. A previously vacant role being filled means your crew will operate more effectively. A new hire also means there is new potential ready to learn how to operate within your venture. Before their first day, though, you may want to consider an employment contract.
A written employment contract is a signed agreement between the employee and your business. While a written contract of employment is not required, they are commonly used by business owners who want to be thorough or who have invested a lot in new hires. These are a few situations when taking the time to draft an employment contract may be beneficial.
What you need to know when selling your business
There are many reasons you may decide to sell a business. Maybe it is time to retire, you want to move on to the next big idea or you simply want to spend more time with your family. Selling a business can give you the financial push you need to move forward with these lifestyle changes.
However, you must be careful as you prepare to sell your company. Here are some things you may need to know about selling a business.
Protecting trade secrets in the cyber age
In a constantly evolving society, trade secrets are increasingly harder to protect. Businesses rely on trade secrets for maintaining a competitive edge in their industries. However, advancements in digital technology put intellectual property at risk. Trade secret litigation is on the rise, and unfortunately, oftentimes legal action is not quick enough. The result may be disastrous for companies.
Veterans become entrepreneurs at home
Military members develop crucial skills during their time in service including responsibility, determination and leadership. Many military-based skills easily transfer into civilian life as veterans pursue academic studies, employment or personal opportunities.
The combination of skills preached by the military actually create savvy business techniques, so it's not a surprise that more veterans are putting their training into use through personal businesses and franchises.
Protect your business from employee fraud
There’s no shortage of things to do when forming a business. Choosing a location or office, drafting a business plan, picking a business model and securing financing are the big ones to get started, but there are infinite small steps throughout the process that will ultimately guide how successful a business becomes.
Which employees are hired and how they behave is vital to any brand, whether in customer service, business-to-business operations or manufacturing. Employee skills are paramount, but so is their integrity. One bad apple can be costly and it’s up to management to find ways to reduce and respond to unethical behavior.
A safer workplace can help improve your bottom line
Injuries in the workplace can be costly for your business. In the U.S., it’s estimated that employers pay more than $1 billion per week in direct, non-fatal workers’ compensation costs. That’s an alarming figure, and it’s enough to make every business owner ponder how to reduce such an expense.
As it turns out, employers who go above and beyond to exceed safety standards in the workplace could see an increase in profits. By reducing injuries and illnesses, and the workers’ compensation payments, medical expenses and lost productivity that can come along with them, you might see a healthier bottom line.
