Most everyone has heard the term “silent partner.” However, it’s important to understand what their role is in a business and how that role needs to be detailed in a partnership agreement. Basically, a silent partner is a person whose role is to invest capital in the...
What should you look for in a business partner?
You're going to start a business with a partner, but you haven't decided exactly who you want to choose. You just know that you don't want to start it on your own, so you're trying to decide who would help your business be the most successful. To do this, it's...
Do you need a lean or traditional business plan for your startup?
A Florida startup should utilize every resource available to maximize success and attract investment capital. Your business plan is one such resource that you can use to help grow your new startup. You have two choices when creating a business plan. You can go the...
Do family members make good business partners?
If your business has managed to grow exponentially, then this is obviously a positive thing. However, if it has been a sole operation, you may find continuing to expand a little overwhelming. At this point, you might consider restructuring your company. One way you...
Q&A: Forming and operating a nonprofit business in Florida
Why are more Fort Lauderdale, Florida, residents asking about starting a nonprofit corporation? That is a question that has been on our minds for some time. We decided to address nonprofits in today’s blog by answering some of the questions that Floridians ask....
What is an S-corporation?
Choosing the correct entity type when you start your business can significantly affect its chances of success. There are pros and cons to each type, related to tax, simplicity and cost. An S-corporation is not the simplest form to use or the cheapest to set up, but it...
How to update your employee handbook
Employee handbooks create standards and expectations between companies and their employees. They may also create a contract that controls how employees may be disciplined or fired. Plus, they’re a handy method for disseminating information that you’re legally required...
What should you consider when starting a business?
Starting a company isn’t easy. One of the greatest things about America is that anyone has the opportunity to start a business and carve out a career for themselves, but the other side of that coin is that you’re going to face a lot of competition from others who are...
How to draft a good partnership agreement
If you plan on entering into a business partnership with another individual, you will first need to draft a partnership agreement. This is important because a good partnership agreement will cover a lot of bases, and ideally, will see you and your partner through both...
Planning for the worst is crucial when entering a partnership
When starting a business with a partner, you could do worse than take British politician Benjamin Disraeli’s advice. Almost 200 years ago, he said, “I am prepared for the worst, but hope for the best.” Business gurus such as Dale Carnegie to Zig Ziglar have rehashed...
