The main difference between an LLP (limited liability partnership) and LLC (limited liability company) is that the LLP provides business asset protection from another partner’s negligence. If one partner were to get sued because of negligence, only that partner’s assets are held liable. Common LLP businesses are law, accounting, and architecture firms. When To Form…
Starting a Business
Registered Agent: What Is It & How To Get One
A registered agent (RA) is a business’s official contact to receive important documents—a summons, subpoena, or registration renewal. While every state requires a business to have a registered agent, regulations may differ. Several states allow the business to be its own RA, and others don’t. If you’d like to hire a company to serve as…
3 Reasons CBD Will Overtake THC in the Legal Cannabis Market
The $13.6 billion legalized cannabis industry is booming; it’s projected to grow to a whopping $85 billion in sales in 2030. But not all cannabis products are the same. There are two major types cannabis-derived products: THC-based: Made with tetrahydrocannabinol, the primary psychoactive component of cannabis. THC gives the user a “high,” and is far…
26 Eye-Opening Coffee Statistics for Startups
Coffee sales in the US have increased for several years. At the same time, the cost of bulk coffee has been falling every year for seven years. If you have a coffee-based business, consider the stats below to create an up-to-date marketing strategy or business plan. 1. Coffee Shops Have Seen a 5,380% Sales Increase…
40 Resources for Black-owned Businesses: HR, Sales & More
Black business owners looking for training and certifications, access to funding, and assistance with key business operations like HR and sales can unlock access to programs and opportunities geared to help them succeed. Fit Small Business has created a list of resources for Black-owned businesses in the following areas: Training and certifications: Get certified as…
What Is a Feasibility Study for Small Business?
A feasibility study for small business is an in-depth research and financial analysis that recommends if one should pursue a business idea or product. The study contains estimates of items such as income, costs, obstacles, and technical challenges. Typically, a feasibility study for a small business costs a minimum of $5,000. However, they can cost…
10 Creative New Business Ideas Started During the Pandemic
From virtual team-building campfires to quantum leaps in AR technology, the coronavirus has motivated some enterprising business owners to think outside the box. And many entrepreneurs are not letting the pandemic or recession stop them, with 500,000 new employer identification number applications submitted since mid-March. A depression or recession can paradoxically be a great time…
What Is a DBA & Who Needs It
The DBA (doing business as) is the public facing name of a business. For a sole proprietor, a DBA allows them to market a business other than their legal name. For an LLC, a DBA allows the owner to market a business with a name other than the registered name. Several states and counties use…