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Small Business Blog
The Wall Street Journal is Looking for Innovative Entrepreneurs
There is no question that times have been tough for our locally owned small businesses, and it looks like there is no end in sight. However, if you haven’t already heard, The Wall Street Journal wants to celebrate and promote the small business that found a way to power through these tough times by doing something creative, imaginative or cutting-edge with their business model in order to stay afloat and survive, and possibly even thrive. They are seeking applicants for its “Small Business, Big Innovation” competition for America’s...
read moreWhen a Business Fails
In our current economy, it seems every time I turn around a business is closing, and it is usually the small, independent business that is affected. One such business, a pizza carryout and delivery restaurant in my neighborhood, just closed and I couldn’t help feel saddened by this, and not just because my weekly pizza source has been cut off. Even though this restaurant was not my client I couldn’t help but reflect on what they could have done differently from a legal perspective in order to keep their doors open. First, when leasing a...
read moreStarting a Business on Your Own
We use the Internet for just about everything nowadays, it is second nature for most of us. As such, I am never surprised when a new client tells me they formed their limited liability company on line, using an online service. On its face, these services look good – you get a fancy book that contains your articles of organization, pretty blank stock certificates, even a corporate seal – plus they are relatively inexpensive. But once you peel back the embossed layers you find that this online service used the Secretary of State’s form...
read moreThe IRS Revokes Tax-Exempt Status of 275,000 Non-Profit Organizations
The Internal Revenue Service has revoked approximately 275,000 non-profit organizations for failure to file the legally required annual reports for three consecutive years. While the IRS believes the vast majority of these organizations are defunct, it is possible that many of these organizations are small enough not to have remembered to file. Fortunately for affected existing non-profits, the IRS announced special steps to help them apply for reinstatement of their tax-exempt status. In 2006 Congress passed the Pension Protection Act...
read moreCollections
Documenting Collection Efforts As a small business owner managing your accounts receivables is an incredibly important part of your business. It affects not only your cash flow but also your ability to make payroll, order parts, maintain subscriptions, etc. I hope that all your business clients/customers pay on time, but if they don’t here is a tip to help you in the collection process. If you find yourself in the untenable position of having to make concessions for your customers from paying on time, please be sure you document any...
read more“Open Office”
Obtaining sound legal advice is essential for any small business. If you have limited funds, come to Budge Law Offices “open office” hours at Joule. For $50.00* you will receive a 30 minute consult to discuss your legal question – whether it’s choosing the right type of entity to form your business, protecting your confidential information, hiring employees or independent contractors – Budge Law Offices . budgelaw.com is here to help. *Due at time of consult. This fee is credited back to you should you obtain Budge Law Offices...
read moreProper Use of Your Company’s Name
When running your business, please make sure to use the company’s proper name in all of its documents (including business cards, letterhead, contracts, website, etc.) This may seem overly simplistic, but I assure you it is not! Just like you were given a birth certificate when you were born, when you created your company (assuming it is not a sole proprietorship) you filed articles of incorporation or articles of organization with the Secretary of State. The name stated on these forms is the company’s real name, and that is the name that...
read moreSchool’s out for Summer!
Hiring and Using Interns. Small businesses are often strapped for cash and hiring and retaining employees may be outside your comfort zone and budget. A potential work around may be to hire interns or students to help you in your business, especially over the summer when many students are out of school. The general rule is that interns may be unpaid so long as they do not participate in productive work or displace the work of another employee. An individual must meet each one of the following factors to be considered a student or trainee (as...
read moreWhat are the most annoying business cliches?
Time for something a little different! I read this article and thought it would be a good post for my blog since it is basically about businesses. The question posed to readers of the American Bar Association Journal: “What are the most annoying business cliches?” Universally it seems like “at the end of the day” is the most annoying, but some of the answers might surprise you. Check it out at: http://tinyurl.com/443udyj I’d like to hear your favorite (if only to make sure to not use them the next time we...
read moreWhy I joined MetroIBA
I live in the Twin Cities. The Minneapolis-St. Paul community is a fairly large metropolitan area. Most days we all go about our own business, but when tragedy hits or one of our many sports teams actually does well the community comes together and suddenly we are a small town. We care about one another, we celebrate or mourn as a whole, we support one another and lift each other up. It feels good. Then time passes and everyone goes their separate ways again. That good feeling is diminished, forgotten. But I have found a way to keep that magic...
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