Minnesota lawmakers have written a whole new chapter in Minnesota law for limited liability companies (LLCs), and those changes may impact your current LLC.
Since 1992, Minnesota LLCs have resembled a corporation in that the LLC board of governors, managers and members were similar, respectively, to a corporation’s board of directors, officers and shareholders. However, starting with LLCs created on or after Aug. 1, 2015, they’ll resemble a partnership model. » Read more..
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Corporate America may discriminate against employees over age 50, but the savvy and experience of graying Baby Boomers are often considered advantages when a Baby Boomer opens his or her own business.
Boomers are generally defined as persons born between 1945 and 1964, which means that the youngest Boomers are turning 50 in 2014. » Read more..
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In deciding whether to start a business once you’re age 50 or older, it’s important to consider the “why” of doing so.
Are you doing so because you’ve always dreamed of running your own business? Or, is it because you need the income?
There are lots of advantages to starting your own business, but creating and growing a business takes lots of work. The workload may seem lighter if you’re living your dream rather than feeling forced to do something in search of income. Of course, needing money for groceries can be a powerful motivator – you just may not have as much fun building your business. » Read more..
Cash is king. Perhaps nothing is more important to the success of a business than having enough cash coming in to pay the bills.
A new business may lose money its first year. Therefore, persons starting businesses need to consider whether their initial cash investment will be higher than what’s needed as outlays for technology, marketing, supplies and rent. And that’s not even counting the fact that the new business owner will need an outside source of cash to pay his or her personal living expenses until the new business becomes profitable. » Read more..
There are many factors that impact whether your business start-up will be successful or not.
Here are some of the key factors:
Don’t Be Penny-Wise & Pound Foolish. Recognize that you don’t know everything and can’t do everything. Hire a lawyer to handle the myriad legal matters of starting a business, and an accountant to advise you on bookkeeping and tax-related matters. If you don’t know web design, hire someone who does. » Read more..
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