A sole proprietorship is the default IRS entity structure for freelancers and contractors who don’t form a corporation. It is also the default for single owners of limited liability companies (LLCs), but they can choose to be treated as a corporation if they prefer. Business income and expenses are reported on Schedule C of Form…
Ultimate Guide
An Ultimate Guide for Land Use & Zoning Laws
Zoning laws enable local governments to control which parts of their jurisdiction may contain real estate or land used for specific purposes. Commercial, industrial, agricultural, and residential zones are a few examples of zoning classifications. Zoning regulations affect you depending on where you live or develop property, so it’s critical to fully understand what zoning…
Ultimate Guide for Hiring Gen Z: Recruiting Strategies and More
When it comes to hiring Gen Z, you need to first understand what matters most to them. Members of this generation are known for being digital natives, socially and financially conscious, tech-savvy, and continuous learners. They are also called the most diverse yet loneliest generation—and they are waiting to reshape the workplace. To attract Gen…
Navigating Small Business Health Insurance Costs in 2024
According to the Kaiser Family Foundation (KFF), group health insurance premiums averaged $8,435 for single coverage and $23,968 for family coverage in 2023. Understanding the costs involved in group health insurance is crucial for making informed decisions for any business. When evaluating group health insurance options, employers have to consider key individual costs including premiums,…
Raising Money From Family & Friends To Fund Your Business
If you’re trying to raise money for your business, turning to your friends and family may be a good place to start. Instead of looking to a bank or other lending institution, sourcing funds from friends and family can be more accessible and often allow for better rates and repayment terms. However, lending always comes…
Guide to Part-Time Employee Benefits: Types & How to Set It Up
There aren’t a lot of federal regulations focused on part-time employee benefits, so it’s up to the employer’s discretion what type of benefits they will give their workers. Companies would typically offer the same benefits to part-timers as they would to full-time employees—the most common of which include health insurance, tuition insurance, fringe benefits, and…
Fact Check: Is It Illegal to Not Accept Cash?
The question of whether it is illegal to not accept cash is a relevant and important question for many small businesses. The short answer is—it depends on where you are located. There is no federal law that requires businesses to accept cash, but there are some states that have laws in place that prohibit businesses…
Rollover for Business Startups (ROBS): Ultimate Guide
A rollover for business startups (ROBS) is a way to use funds from your personal retirement accounts without having to pay the usual taxes or early withdrawal penalties. The retirement funds are transferred to your company’s retirement plan, which must be structured as a C Corporation (C-corp). The retirement plan then purchases stock in the…