6 Reasons Your Company Needs Employee Manuals

Writing an employee manual might seem like an unnecessary task on your never-ending to-do list for your business. However, having a well-written employee manual benefits you in multiple ways. 1. Sets Clear, Measurable Expectations A business runs more smoothly when everyone has specific standards and responsibilities. Your employee manual should outline the duties for each position, allowing every new hire to Read More

4 Benefits of Conducting a Legal Audit for Your Business

Whether your business employs one or 10,000 and whether its annual revenue is in the thousands or millions, a legal audit is an essential part of protecting your business interests and laying the groundwork for future growth. Learn more about the benefits of conducting routine legal audits and what your legal audit should include. Minimize Legal Liabilities A comprehensive legal audit can significantly reduce Read More

Planning for the Future: 6 Reasons You Should Have a Succession Plan in Place

It may seem unnecessary to create a succession plan for your business if you’re in good health and you plan on running your business for decades to come, but you should always prepare for unexpected circumstances. If you don’t specifically address your company’s needs in your estate planning, your business could suffer. 1. Your Minor Children Could End Up Owning Your Business When you own a business, it is Read More

Sharing Your Life: Understanding the Legal Implications of Generating Income from Uber or AirBnB

The sharing economy is here, giving consumers a way to earn money while sharing their home, vehicle, or items with other people. While some simply choose to earn a little extra money by occasionally renting out their home or picking up passengers in their vehicle, for others it’s a primary source of income. However, since this way of earning money is relatively new, there are legal and financial implications to Read More

Business and Taxes: What Business Owners Need to Know About the Changes to 2017 Business Tax Laws

Changes to the 2017 tax code may have a serious impact on your 2018 business taxes. In addition to learning about changes to the tax code, you should work closely with a business lawyer to ensure that your company is ready for the financial implications of these changes. Changes to Income from Pass-Through Entities One significant change that affects small business owners is the pass-through deduction. The Tax Read More

Business Law 101: Understanding the Difference Between Virginia S-Corps and C-Corps

Businesses come in all sorts of shapes and sizes—sole proprietorships, partnerships, LLCs, LPs, corporations, and more. If you are considering forming your company as a corporation, you will have to understand the important differences between the C-corp and the S-corp.  C-corp and S-corp are tax filing statues that are governed by the IRS. There are advantages to being an S-corp, but there are restrictions on using Read More

5 Ways Your Business Can Reduce Its Tax Burden

If you have a small to mid-sized business, you know how much taxes can eat into your profits and cut into your bottom line. From federal taxes to local ones, making a mistake or missing a deadline can set you back by a lot. It can even increase what taxes you already owe. When you’re a small business owner trying to make a profit, it can be frustrating to see a chunk of what you’ve earned taken out of each paycheck. Read More

Veterans: How VetFran Can Help You Get Started With Owning Your Own Franchise

VetFran was founded in 1991 as a strategic initiative of the International Franchise Association (IFA). The IFA recognized that veterans are uniquely prepared to operate a business because of their rigorous military training and experiences. Short for Veterans Transition Franchise Initiative, VetFran helps veterans who have served the U.S. military transition to civilian life. To date, one in seven franchise Read More

Getting Started: The Benefits of Using SBA Loans to Start Your Business

Did you know that 7.5% of the U.S.’s 5.4 million businesses with employees are owned by entrepreneurial veterans? Many veterans return from service wanting to work for themselves, but are often turned down for small business loans by banks because of bad credit. However, banks are not your only option! As the number of veteran entrepreneurs continues to rapidly increase, the government has a program called the Read More

Veterans Giving Back to the Community: What Veterans Need to Know About 501(c) Organizations

A 501(c) organization is a nonprofit organization that is exempt from paying federal income taxes and sometimes state taxes by virtue of their 501(c) designation. Additionally, donations to 501 (c) organizations can be tax deductible for the donor.  All in all, there are 29 different types of 501(c), and you can find a summary list here. The one you’ll most likely have heard of is a 501(c)(3). These are the most Read More