In these times much is being discussed about the future of work. The third industrial revolution is just around the corner and could completely change the way we relate to work. But even if machines fail to destroy most of today’s jobs and the creativity or manipulative ability of…
In 1980, a California man named John E. Fox opened a wine store near San Francisco called Premier Cru. More than a decade later, when the business was struggling financially, Fox devised a way to make a lot of money—all at his customers’ expense.
What transpired on and off during…
CATONSVILLE, MD, December 19, 2016 – With travelers spending more than $278 billion on accommodations in the U.S. last year, hotel chains that explore creative new ways to engage customers have the potential to significantly increase their profits. Standby upgrade programs are an innovative way for hotels to increase…
The number of companies using ‘creative accounting techniques’ can be expected to increase in Republican-governed states and decrease in Democrat-governed states when Donald Trump becomes US President tomorrow, according to new research from the University of Bath.
Widely seen in recent accounting scandals, companies under pressure from analysts and investors…
Starting a business is a huge endeavor. For many people, starting a business is the best way to maximize their talents while also maximizing the amount of income they have the potential for. This comes at a huge risk. Far too often there are some simple mistakes that even the smartest people seem to make time and again. Here are five mistakes to be aware of if you are starting a new business.
Making sure to properly classify your business
Classifying your business is one of the first decisions entrepreneurs make. Far too often they are making these decisions without the proper knowledge or expertise to make the right decision. This is a decision that can cost your business immense problems if not done correctly. There is not one absolute way to determine if you are classified properly. Two people who run very similar businesses may classify their businesses differently and the classifications might fit their needs perfectly. Looking down the road to where your company might be in ten years can make a difference in how you want to classify your business. Here are the 6 main classifications business owners choose:
- Sole Proprietorship
- Limited Liability Corporation (LLC)