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Small Business Legal and Employment Considerations

Employee or Contractor Record Retention Franchises Legal Entities Good Standing Employment Law Guide Employee Handbook Copyrights Trademarks Department of Labor (DOL): Compliance Assistance Source: Hampton Roads, VA Small Business Development Center

What Types of Insurance will I need for my Business?

What types of insurance will I need for my business? It is very important that business owners maintain adequate insurance coverage such as liability, property/casualty, loss of use, unemployment, workers’ compensation, and product liability insurance. We recommend that you review … Continue reading »

The Patenting Process

I. Overview of types of protection of intellectual property; different strokes for different folks. A. Patentable “invention” 1. Utility patent for an “invention” … that is novel, non-obvious and useful: a. article of manufacture b. machine or apparatus c. composition … Continue reading »

What Should I Consider when Hiring Employees?

Making the decision to hire employees is a big and often necessary step for any business. As an employer, you must consider many critical issues to ensure compliance with employment rules and regulations. Key issues to consider when hiring employees … Continue reading »

Buying a Business: A Checklist of Information to Gather Financial Information

A prospective buyer should request access to business financial records. This financial information is key to understanding past profitability of the business as well as projected future success. If the seller cannot provide adequate information, the buyer must make the … Continue reading »

Is it Better to Buy an Existing Business or Start a New One?

It depends. An existing business should have established procedures and processes, operations, reputation, as well as a customer base which can result in a high price tag. It should also have a positive cash flow. If the business is lacking … Continue reading »

Developing a Business Loan Proposal: Suggested Contents

A loan proposal is an abbreviated form of a business plan and can be used by existing business owners in place of a business plan in order to seek financing. In some instances, a loan proposal can be used by … Continue reading »

I need an Employer Identification Number (EIN) or Federal Tax ID number? If so, how do I obtain it?

The EIN is essentially the social security number for your business and is the same as a Federal Tax ID number. A EIN is a nine-digit number assigned to sole proprietors, partnerships, corporations, estates, trusts, and other entities for filing … Continue reading »