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5 Key Things You Must Consider When Setting Up A Partnership

5 Key Things You Must Consider When Setting Up A Partnership

By Uncategorized

Starting a new business with a partner is much less overwhelming than trying to do everything on your own. You each bring a certain level of expertise in different areas that make you stronger together. As a business entity, a partnership is a step up from a sole proprietorship. The difference is that each of you owns half the business. This also means that you divide its assets and liabilities. While a business partnership has many advantages, both people should…

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How to Plan to Sell Your Business

How to Plan to Sell Your Business

By Accounting Advice, Small Business Advice

Whether you’re planning to retire or move into another line of work, the time may come when you choose to sell your business. Taking the time to plan your strategy now is essential to ensure that everything goes smoothly when it’s time to transfer ownership to the buyer.   Does Your Estate Plan Include the Use of Trusts? Assuming you have already established an estate plan, it’s a good idea to incorporate one or more trusts into it. Trusts offer…

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Every Business Needs a Budget

Every Business Needs a Budget. Here’s Why and How to Make the Best One.

By Accounting Advice, Small Business Advice

Many business owners would rather do just about anything else instead of creating a budget. At the same time, they know how essential it is to reign in expenses and ensure that the company remains profitable. Setting priorities for the business is another important aspect of creating a budget. It lets all employees know with one glance which things are the most important things to spend money on as well as the things that can wait until cash flow improves….

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Financial Tips for Small Business Owners

Top Three Financial Tips for Small Business Owners

By Accounting Advice, Small Business Advice

When you decided to start a business, you did so because you felt passionate about offering a unique product or service. It might have never occurred to you how much accounting and bookkeeping work you would need to do as well. Unfortunately, some new business owners become so overwhelmed by financial tasks that they ignore them or do them incorrectly. Not only can this lead to prompt business failure, it can cause tax problems with long-term implications.   Separate Your…

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Which Business Structure is Right for My Company?

Which Business Structure is Right for My Company?

By Accounting Advice, Small Business Advice

It’s very important that you choose the right company structure when starting out in the business world. There can be a great many impacts on your company which are all devoutly derived from the structure that you choose to do business under. For instance, your taxes will be strongly affected, your ability to raise money for the company will be affected, and if you happen to be sued, company structure will have strong implications there also. In order to make…

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Key Questions to Ask Any Prospective Employee

Key Questions to Ask Any Prospective Employee

By Small Business Advice

There are a number of great questions you can ask a prospective employee, and there are number of not-so-great questions as well. The kind of questions you should avoid as an interviewer are those which permit a one-word response, such as ‘yes’ or ‘no’. This tells you very little about the candidate, and forces you to ask a lot more questions in order to find out anything relevant. On the other hand, questions which are far more useful are those…

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5 Business Tips You'll Be Glad You Learned Sooner Rather Than

5 Business Tips You’ll Be Glad You Learned Sooner Rather Than Later

By Small Business Advice

Most small business owners have some regrets about how they tried to get established, and the approach they used to achieve business growth. In some cases, goals and objectives fall by the wayside as an owner becomes overwhelmed by the day-to-requirements of conducting business, and as a result, you can slip into the trap of simply reacting to circumstances as they arise. Here are some recommendations on how to avoid this common business pitfall.   Don’t compare yourself to rivals…

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5 Ways to Make Your Business Better by Outsourcing

5 Ways to Make Your Business Better by Outsourcing

By Small Business Advice

If you’ve never seriously considered it, there are some significant advantages to outsourcing. Most types of businesses would benefit a great deal by at least some level of outsourcing. For starters, you can maintain much better control of your operational expenses, you can achieve greater continuity and predictability for your business, you can manage risks better, and you can even improve the balance between your work life and your home life. In most cases, you’ll also find that it costs…

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