Archive for August, 2010

LLCs can prevent fraud, embezzlement with simple steps

Tuesday, August 17th, 2010

There are a few easy ways to maximize success and prevent fraud after forming an LLC. Fraud and embezzlement often hit small businesses harder than the bigger companies, the Association of Certified Fraud Examiners told the Wall Street Journal. More than 30 percent of all fraud cases occur at companies with fewer than 100 employees, [...]

Good bookkeeping means good finances for small businesses

Monday, August 16th, 2010

Any entrepreneur attempting to start an LLC should note that keeping accurate accounting records will actually improve company finances, says a non-profit consultant for small businesses. Mary Guldan-Lindstrom is the owner of FOCUS CPA and a volunteer at SCORE, a non-profit resource for small business owners. She tells the Green Bay Press Gazette that even [...]

Expiring tax cuts’ possible effect on LLCs

Monday, August 16th, 2010

The possibility of the Bush-era tax cuts expiring should not deter entrepreneurs from forming an LLC because the tax increase is likely to only affect 2.5 percent of the Americans reporting business income. Although it’s impossible to define how many are “small businesses,” Howard Gleckman at the Tax Policy Center writes that 36 million Americans [...]

Credit unions could offer more small business loans if Congress approves

Monday, August 16th, 2010

To help entrepreneurs gain access to capital to start an LLC, the CEO of the nation’s credit union association is calling on the U.S. Congress to allow credit unions to do more small business lending. Credit unions are currently capped by federal law from lending more than 12.25 percent of their assets to small businesses, [...]

Small business owner: Estate tax doesn’t affect most companies

Friday, August 13th, 2010

Claims that the estate tax could hurt small businesses or discourage entrepreneurs from starting an LLC don’t reflect reality, writes small business owner Jim Amaral in Arkansas’s Baxter Bulletin. With business owners earning less than $85,000 accounting for 95 percent of all small business revenues, Amaral claims the estate tax would really only apply to [...]

Formal plans for succession key to assuring company stability

Thursday, August 12th, 2010

Formalizing business relationships, such as forming an LLC or corporation, can help with procedural issues, such as a plan for succession in the event a major partner or owner suddenly departs. A succession plan should outline the temporary leadership, how best to assuage investors and stakeholders and how to quickly find a replacement, reports Businessweek [...]

Networking and choosing best investors key to forming a company

Thursday, August 12th, 2010

Forming a new company in today’s economy requires the right kind of networking and knowledge to maximize exposure and minimize liability. Beyond finding an industry that evokes passion, entrepreneurs trying to start a new company should consider the best way to take advantage of networking, reports Portfolio.com. “Industry and networking events are a must – [...]

New Massachusetts law reduces healthcare costs for small business

Thursday, August 12th, 2010

A new law has been signed by the governor of Massachusetts that could reduce healthcare costs by as much as 12 percent for smaller businesses, corporations and LLCs. The new state law allows small businesses to qualify for lower healthcare premiums through cooperatives, opening up lower group rates typically only obtained by larger corporations. Governor [...]

$10B in funding available during online pitch contest

Wednesday, August 11th, 2010

A new online small business contest is giving entrepreneurs the opportunity to pitch their small business ideas to a group of investors with access to a total of $10 billion in funding. The Perfect Pitch contest, hosted by PerfectBusiness – a California-based business networking firm – is open to entrepreneurs in any sector, who will [...]

Ohio candidate wants to ‘get government out of your way’

Wednesday, August 11th, 2010

Ohio State Auditor and Republican candidate for lieutenant governor Mary Taylor said that the state government needed to take steps to make it easier for local entrepreneurs to form an LLC and run their businesses successfully, the Business Journal reports. Taylor said that many steps needed to be taken in order to improve the state’s [...]

Los Angeles officials unanimously pass tax break for new businesses

Tuesday, August 10th, 2010

Los Angeles legislators are taking new steps to the make sure the city is attractive to those looking to start an LLC. Officials have now unanimously passed a pair of initiatives that give new large companies a three-year exemption from the city’s existing business tax and gives new small businesses an exemption through the end [...]

New York City top location for young entrepreneurs

Tuesday, August 10th, 2010

New York City is the top location for young entrepreneurs looking to start an LLC, according to a new survey by Under30CEO. Survey respondents were asked to rate cities based on a number of factors, including resources, events, schools and even the city’s climate and social environment. "There is a major social scene in the [...]

To encourage small business, lawmakers should take regulatory burden off entrepreneurs

Monday, August 9th, 2010

A new study from the Ewing Marion Kauffman Foundation says that lawmakers looking to encourage business formation should work to streamline the process of business creation instead of focusing down the line. According to the study, while entrepreneurs are willing to take risks in order to receive a significant return, they are also more conservative [...]

Officials approve new Florida business incubator

Friday, August 6th, 2010

Volusia County officials have approved funding for a business incubator at Daytona Beach International Airport, which will provide low-cost office space and mentoring for those who start an LLC, the Daytona Beach News-Journal reports. The program will work to nurture and develop small businesses in the area, which will rent office space at reduced costs [...]

Pop-up small business concept a win-win

Friday, August 6th, 2010

The growing trend of pop-up stores has given entrepreneurs a low-risk way to start an LLC, while also giving commercial landlords needed tenants, the Wall Street Journal reports. Because of low demand in the commercial real estate market, the WSJ reports that many landlords are offering small business owners month-to-month leases – which gives entrepreneurs [...]

Las Vegas officials work to improve city’s business-friendliness

Friday, August 6th, 2010

Members of the North Las Vegas Chamber of Commerce are working to assist small business and economic development in the city by helping promote business-friendly policies, the Las Vegas Business Press reports. The chamber has formed a trio of business committees focused on economic development, small business advice and military affairs. The economic development committee [...]

Massachusetts college partners with SCORE for small business training program

Thursday, August 5th, 2010

Massachusetts-based Massasoit Community College is teaming up with the Service Corps of Retired Executives to create a small business training program, the Middleboro Gazette reports. The program will help teach entrepreneurs in southeastern Massachusetts the ins and outs of a small business, such as business incorporation and starting an LLC. The school will host a [...]

Refinancing still an option for startup capital

Wednesday, August 4th, 2010

Before the recession, many entrepreneurs used rising home values and loan refinancing to bootstrap the money they needed to start an LLC. While home prices have fallen, refinancing a mortgage can still be an attractive option to potential small business owners, Everett Community College faculty members Pat Sisneros and Juergen Kneifel told the Daily Herald. [...]

University of Delaware teams up to help small business owners

Wednesday, August 4th, 2010

Entrepreneurs looking to form an LLC in Delaware now have help when applying for some federal small business technology grants. The University of Delaware’s Office of Economic Innovation and Partnerships and the Delaware Small Business and Technology Development Center have joined up to launch the Delaware SBIR Gateway. The gateway will give entrepreneurs help as [...]

Pennsylvania community college promotes entrepreneurship

Wednesday, August 4th, 2010

Montgomery County Community College is helping encourage those interested in starting an LLC or other small business through a new entrepreneurship certificate program and business incubator, the Pottstown Mercury reports. The certificate program will offer small business owners four three-credit courses covering various aspects of starting a corporation and running it successfully, from business incorporation [...]