Ask SmallBizClub
What insurances should we carry at the very minimum to protect the company?
Several factors influence liability (general, professional, product, etc), property, vehicle, workers’ compensation, and other insurance and bond coverage types, amounts, and premiums, including the types of services, amount of company and/or owner assets, the amount of business sales, number of employees, customer contract requirements, and professional licensing requirements.
What would you suggest I do to increase my customer base?
Increasing customer base: You may need to assess your target audience, geographic trade area, competition, staffing, and sales tools:
Is there an acceptable policy for applicant screening for criminal background checks according to the EEOC?
As discussed in the EEOC and other labor industry information below, it is possible to develop acceptable policies and procedures for using criminal background checks in the applicant screening process without violating hiring discrimination regulations. However, due to the general complexities and legal risks, we always recommend that our members consult their business labor lawyers in order identify the federal and state labor laws applicable to their employees and businesses and to develop hiring and other personnel policies and procedures that are legally compliant.
Can you help me choose between a Laptop and Tablet device?
Laptop vs. Tablet: We do not know how you plan to make your presentations and what CRM, business, accounting software, or graphics software you need to run on your computer; however, your first decision may be between a laptop or a tablet.
What are the benefits and downsides of purchasing a car through the business?
We do not know how the tax status of your sole owner LLC, Sole proprietorship, C corp or S corp, but a vehicle used for both business and personal use (a mixed use vehicle) does not have to be purchased and owned by the business in order for the business to deduct expenses associated with the business use of the vehicle.
How do we strengthen our Marketing and Sales Department?
Strategies to Building a Marketing and Sales Force: Effective hiring, employee training, compensation, communications, work environment, and other measures are part of building and maintaining an effective sales force. To help you determine what measure you need to build marketing and sales force, you can review marketing industry articles and suggestions like following…
What are retirement plans for small business owners?
In terms of qualified retirement plans that incorporate an IRA, a SEP-IRA or SEP plan offers the greatest tax benefits to small business owners, but small business owners and their employees have a variety of retirement plan options. For example, there are several different types of IRAs: Traditional IRA, Roth IRA, Education IRA (EDIRA), now called Education Savings Accounts, SEP-IRA, SARSEP-IRA, and SIMPLE-IRA.
Setting up a Foundation?
Scholarship programs. There are different approaches to establishing scholarship programs which range from an annual scholarship awarded by a business to a nonprofit foundation that may fund many scholarships. We do not know how much money your business plans to spend on scholarship awards or if you plan to operate a nonprofit organization to raise money for scholarships, but establishing a scholarship program with preferential tax treatment for donations involves the creation of a nonprofit charitable entity.
Adding a Business Owner?
It is common for entrepreneurs to bring in partners or employees to help manage and grow their businesses; however, there are a few different ways to structure these arrangements. For example, equity awards to key executives in small companies may be in the 5% to 10% range.
Can I Write-off of Software and Intangible Assets?
We do not know exactly how you recorded the software and patent development costs on your Balance Sheet or whether you amortized any of those development costs, but if you have stopped selling the software, have abandoned any further development or sale, and the software programming is not saleable, then…
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