Category: General

Should I Form a Corporation or LLC?

should-i-form-an-llc-or-corporationWhen starting a new business, getting the structure right is extremely important, and can impact the long-term success of the business. A business can be a sole proprietorship, partnership, Limited Liability Company, or Corporation. Within each of these general types there are many subtypes (limited liability partnership, S-Corp, C-Corp, etc.), but before you can consider them, you need to first decide what structure works best for you. Generally, those who are best served as a partnership or sole proprietorship will know that as we did at Sterling Heights Photo Booth, as they are uniquely different from the others. With LLCs and Corporations, however, there are many similarities which can make it confusing as to which is right for you.

But when thinking about forming either a Corporation or LLC, what you want to think about is the ownership structure and future aspirations. With a Corporation, there are shares of ownership …

Third Party Auditors for Your Small Business

third-party-auditAuditors come in all shapes and sizes, for just about every facet of your business. Some will call themselves auditors, others consultants, and still others, simply, experts. But whatever their title or expertise, they are all ultimately trying to do one thing – make your business better by giving you an objective, third party review of your business and its potential shortfalls.

 

Many small business owners are weary of consultants – and perhaps rightly so. They either have worked with one in the past who did not provide any value, or they have heard one of the many horror stories of a consultant collecting a fee and never fulfilling their commitment. For those companies, however, who do take the time to find a good, well-referenced auditor or consultant, the impact can be dramatic.

 

The most common types of auditors would be in the financial accounting, efficiency, and legal …

8 Tips For New Business Owners

chinchilla-business-and-safety-consultingWhen starting out a new business, there will be a constant barrage of well-intentioned acquaintances giving you advice. Some of this advice will be great, some will be less-than-great; some will be extremely applicable to your business, some not so much, and some will be completely contradictory to what you were told the day before by someone else.

All of this advice, while well-meaning, can be overwhelming. So to help you through the process of deciphering the advice, here are 8 tips that are applicable to any new business in any industry to help get you off on the right foot.

Create a Business Plan – By setting goals, projections, and expectations to paper, you can begin tracking successes and failures. This will help you to determine actual startup costs, determine what success looks like in the first few years, and ensure you can afford your business if things start …