S corporations (S-corps) are pass-through entities that don’t pay federal income taxes. Rather, their profits, losses, deductions, and credits pass to their shareholders’ tax returns. The shareholders are then responsible for paying federal income taxes on their share of the S-corp’s income based on their individual income tax rates. Since S-corps are not taxed at…
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What Is Job Shadowing? Benefits & Best Practices
Job shadowing is a type of on-the-job training in which an individual follows or observes (aka “shadows”) a co-worker to see firsthand what their day-to-day activities entail. It offers a unique opportunity to gain an in-depth understanding of a particular career or role. Through job shadowing, employees can develop skills and knowledge in various areas…
Radio Advertising Costs: A Simple Guide to Ad Spend
Radio advertising costs average from $200 to $5,000 per week depending on location, ad length, and size of the listening audience. Producing radio commercials costs from $1,000 to $2,500 depending on inclusions like music, voice actors, and editing, but some stations have in-house resources to cut your costs. Learn more about what drives the cost…
What Is On-the-Job Training? A Small Business Guide
On-the-job training (OJT) refers to the process of acquiring new skills, knowledge, and competencies while actively performing job-related tasks and responsibilities. It involves practical, hands-on learning within the actual work environment, allowing employees to gain experience and proficiency through real-time experiences and guidance from more experienced colleagues or supervisors. It is a crucial component of…
Rehiring Former Employees in 6 Steps [+ Free Policy Template]
Rehiring former employees who already know the company culture and how things operate can save time and money. Additionally, rehired employees often bring skills and experience gained from working elsewhere, making them even more valuable assets to the company upon their return. Now, let’s take a look at the steps involved in rehiring former employees…
What Is Job Rotation: How It Works, Benefits & Drawbacks
Job rotation is a talent management strategy that involves periodically shifting employees from one position to another within an organization. It gives employees an opportunity to explore various skills, gain new skills, and boost their engagement. Through job rotation, organizations can also identify people with leadership potential and train them accordingly. How Job Rotation Works…
Cash on Delivery: What It Is & How It Works
Cash on delivery is a method of accepting customer payment when a product or service is delivered (as opposed to in advance). COD reduces card fees and lets customers try before they buy.
With cash on delivery (COD)—also called collect on delivery—a customer can use cash or another payment type, like a cashier’s check or credit card, to pay the courier once their merchandise is delivered. COD is popular in regions where consumer trust in online payments is low and among businesses that want to let customers “try…
What Is a Business Partnership?
A partnership is a business structure where two or more individuals or entities come together to conduct a business venture. Each partner contributes money, property, skills, or labor to the business and shares profits and losses. Most partnerships have an agreement that states every partner’s rights and responsibilities, how much ownership each has, and how…