Business

If you have ever tried to get any financing for your business, you probably know that one of the first things they ask for is a Financial Statement.  But these statements are not only necessary for getting funding - they are a vital tool for you  to look at how your company is doing now and will do into the future.  As a business owner, you need to know how to read and use them.

There are three types of financial statements: the Balance Sheet, Profit & Loss Statement, and Cash Flow.

As your business grows, one of the things that you should consider is buying business insurance.  We live in a time where people will sue business at the drop of a hat and if you haven't protected yourself, it could mean the loss of all your hard work.

Check out these tips:

Almost every professional freelancer eventually faces the question of whether to remain a sole proprietor or form an LLC. This is particularly important as the business grows and the potential for liability increases.

As a freelancer, you may have heard that forming an LLC provides liability protection.  Understanding how liability protection works is vital for protecting you and your freelance business.

Flea markets and crafts shows have become a cultural phenomena. Increasingly small businesses are mastering the quality of the artisanal goods that they make and sell. While these types of businesses usually start out as a hobby there are some steps that you should take to ensure that your business is selling goods legally.

Being an entrepreneurs is one of the most rewarding experiences that a person can engage in. On the other hand, it is a lot harder than most people think. Making sure you don't make any legal mistakes when you are getting started is something a lot of people ignore, but is very important. I know that 'legalese' can be intimidating and a lot of people would just like to ignore the paperwork.  It is also true that most small business people can't afford a high priced lawyer to do it for them.

For those of you who have already successfully started a business and are ready to take the next step, you may be wondering what you can do to help your business grow. There are many ways to do this, 10 of which are outlined below. Choosing the proper one (or ones) for your business will depend on the type of business you own, your available resources, and how much money, time and resources you?re willing to invest all over again. If you're ready to grow, take a look at these tips.
 

When deciding which compliance tool to use, IRS aims to balance the burden on the taxpayer with the potential benefit of the compliance effort.

If I were to ask you how the IRS ensures that people are complying with tax laws, what immediately comes to mind? I’ll bet that most people think of audits. Audits (or examinations, as they call them) are certainly an important piece of the puzzle – but they are by no means the whole story. The reality is that the IRS has many additional tools to support compliance and fairness in the nation’s tax system. 

The length of time that you should keep a document depends on the action, expense, or event which the document records.  Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out.

Every year, during the month of November, the nation and U.S. government recognize and celebrate the National Veterans Small Business Week. And rightly so - one out of every 10 small businesses in American is started by a vet. These companies employ nearly 6 million workers and generate more than $1.2 trillion in revenues. Moreover, statistics show that the success rate of these veteran-owned businesses is higher than other startups - perhaps a reflection of the discipline, skills and leadership experience acquired in military service.

Having strong business credit scores and ratings are key to getting approved for trade credit and financing for your company. In the same way that personal credit scores serves as a financial report card, your business credit scores grade the creditworthiness of your business.

A statistically derived algorithm designed to determine risk based on multiple factors calculates your scores. Although each business credit-reporting agency utilizes its own scoring model there are several common factors that are used to calculate your business credit scores.