Business

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ArcaMax

Do Personal Guarantees Go on Forever?

"My partner and I bought a small business five years ago from the person who originally started it. We assumed his existing lease for a terrific retail space, and personally guaranteed the lease. As we are both getting ready to retire, we decided to sell the business. We found a great buyer, who is willing to pay us an above-market price ...Read more

Getting the 'Three Stooges' out of Your LLC Operating Agreement

"I just started a limited liability company (LLC) with three partners. Our attorney drafted an Operating Agreement for us, but I'm a little confused by the buyout provisions he drafted.

"The agreement says that if one of us dies, becomes disabled, or otherwise withdraws from the company, we have to buy his shares in the company so the ...Read more

Exorcising the Ghost of Partners Past

"Three years ago, I started a business with two other guys. We set up a limited liability company (LLC), and split the ownership 40 percent, 40 percent and 20 percent.

"The business grew for about a year but then really tapered off when the recession hit. All three of us had to take 'day jobs' just to make ends meet, but we kept the business ...Read more

Does Your Employer Own Everything You Create?

"I'm a full-time employee (W-2) for a large financial institution.

"In my spare time, I have been doing research on a new technology product that will have a dramatic impact on the financial industry, and would like to write a book about it. I am concerned, however, that if my employer finds out about this project that they will claim ...Read more

3 Easy Things the IRS Should Do to Help Small Businesses

With tax time once again upon us, it is time to give some thought to the agency we all love to hate this time of year: the Internal Revenue Service.

While nobody likes paying taxes and anyone who's been through an IRS audit probably doesn't have warm and fuzzy feelings toward the agency and its personnel, I do have more than a little sympathy...Read more

Getting -- and Keeping -- the 'One-Percent Edge'

Dozens -- if not hundreds -- of small business how-to books are published each year. Most of them aren't worth reading, and some merely rehash the same old ground over and over again; they're as useful as a refresher course, but that's about it.

Whenever Susan Solovic puts pen to paper, the result is a must-read. The columnist, media ...Read more

Dealing With Taxes When You Sell Your Stock

"I invested in a small business corporation several years ago. The investment hasn't worked out the way I thought it would, and now I'm looking for the exit door.

"Is there any way I can recoup some of my investment by taking a deduction on my taxes?"

The short answer to this question is maybe.

First, take a look at the corporation's books ...Read more

Initial Coin Offerings: Are They Legal?

It seems like only yesterday -- wait, it WAS only yesterday -- we were trying to wrap our brains around cryptocurrencies like bitcoin and Ethereum.

It seems like only this morning -- wait, it WAS this morning -- we were trying to figure out what a blockchain is all about.

Now for the newest buzzword for creative finance: the initial coin ...Read more

Business Tips for Artists

"My husband is a famous artist but isn't really good at the business side of things. I've just retired from a corporate job and want to help him out.

What's the best way to set up a business like this one, and what are some of the things I need to know about to help him?"

Many of my clients are engaged in creative businesses -- artists, ...Read more

Selling Online? You Soon May Have to Pay Sales Tax

A case pending before the U.S. Supreme Court this spring may overturn 25 years of precedent and allow states to tax people selling goods and services on the internet (including those who sell on eBay, Amazon, Etsy and other web-based retail platforms) even if they don't have a physical location within the state.

The case -- South Dakota v. ...Read more

Before You Sell Your Website: Part 2 of 2

If you have spent years building a successful business on your website and social media pages, sooner or later you will think about selling it. But selling a web-based business is different -- a lot different -- from selling a brick-and-mortar business.

Here is a checklist of the things you should be doing to get your website ready for sale. ...Read more

Before You Sell Your Website: Part 1 of 2

If you have spent years building a successful business on your website and social media pages, sooner or later you will think about selling it. But selling a web-based business is different -- a lot different -- from selling a brick-and-mortar business.

To illustrate how the process works, I'm going to bring back a childhood memory. Do you ...Read more

Even More Tax-Law Changes Affecting Small Businesses

By now, you're probably sick and tired of hearing about the Tax Cuts and Jobs Act of 2017. I know I am.

Previous columns have dealt with the two biggest changes brought about by the law:

--The lowering of tax rates on regular or C corporations from up to 35 percent to a flat 21 percent.

--The creation of a 20 percent deduction on "pass ...Read more

 
 

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