Many small business owners determine that it is in their best interests to start an LLC, or a Limited Liability Company. These companies may consist of just a single person who was previously doing business under their own name, or they may have employees. If you’re...
Business Law
What happens if someone does not follow a vendor agreement?
As a business owner in Arizona, you will enter into many vendor agreements that will determine how you and another party agree to an exchange of goods and services for compensation. The number of goods or services and their prices will all be agreed upon and put into...
The importance of due diligence when buying a business
If you buy a second-hand car, failing to carry out the necessary checks could leave you with a money pit. The same applies when purchasing a company; only the stakes are much higher. However much you trust the seller, you need to do a thorough revision. Not everyone...
How can two equal business partners resolve a dispute?
In situations where there are multiple business owners, they may all gather to make important decisions, which can be put to a vote if there is a dispute. This is a simple way to resolve disputes and help the business move forward, even if those who were outvoted are...
What happens with the accounts receivable when you purchase a business?
There's a lot to think about when you're buying a business. One of the things you need to consider is what will happen to the outstanding invoices for the company. In many cases, a business will have some accounts receivable that haven’t been paid by the time the...
5 tips to help your business thrive
Many excellent business ideas fail due to mistakes made when beginning the company. Failure could take months -- or it could take years -- but the problems often go back to the very first days of conception. While there is no way to guarantee your business is a...
A partnership agreement is somewhat like a prenup for your new business
Starting a business is an exciting endeavor. A partnership can be an ideal solution for someone who has ideas but not resources or perhaps investment capital but not hands-on experience. You and your partner combine your resources to help develop a new business. If...
Financial mistakes can undermine your LLC protections
One of the reasons people create limited liability corporations (LLCs) is right in the name of the business organization. They do it to limit their personal liability if the business fails or faces legal action. When you create a business, there is always a risk of...
When it comes to buying a business, new is not always better
What was the last thing you built from scratch? There are a lot of advantages to buying something preowned. This applies to businesses as well as cars and homes. Setting up a brand new business is hard. You will make costly mistakes along the way. You need to train up...
Business contracts are essential to organizing your business
As a business owner, you rely on many sets of people. You cannot afford to subject yourself to their whims. You need to know who is doing what when. Failing to use well-written contracts allows people to do as they please Contracts provide a solid foundation for your...