Economic and Legal Considerations for Short-Term Rental Businesses
Platforms such as Airbnb and VRBO have disrupted an industry once dominated by hotels and resorts, allowing individuals to open their homes and residential properties to travelers. The boom in short-term rentals has created new opportunities for investors who want to buy income-generating property. Nightly, weekly, and monthly rentals appeal to business and leisure travelers. […]
Releasing Liability: What You Should Know Before Your Business Uses a Release of Liability
Some activities are inherently risky. Visitors of certain types of businesses such as ski resorts, gyms, and amusement parks know there is a chance they could get injured when they engage in the activities those businesses offer. To protect themselves against potentially costly lawsuits, businesses can use a liability waiver to shift the risk from […]
What Is a Series LLC, and Can I Use One?
The series limited liability company (LLC) is a type of business structure that allows a group of subunits called series to be owned in a tiered structure. At the top level is the “parent” or “umbrella” LLC. Below this are one or more “series.” Not all states allow series LLCs. In states that permit them, […]
Balance Sheets: What Are They and Why Are They Important?
Balance sheets are financial statements that provide a snapshot of a company’s financials at a specific time. Also known as a statement of financial position, a balance sheet shows what the company owns that can be converted to cash (assets), its debts and financial obligations (liabilities), and its net worth (owner’s equity or shareholder’s equity). […]
What to Know about Limited Liability As You Grow Your Business
Starting a business involves a certain amount of inherent risk. There are no guarantees that the founders of a company will get along, a product or service will sell, or market conditions or competitors will not create unforeseen problems. While entrepreneurs must be willing to take a leap of faith, there are steps they can […]
Buying a Business with Real Estate
Buying a business and purchasing real estate are two very different investments. Business ownership typically requires some management skills and knowledge about market conditions, consumer trends, staffing, and finances. Ownership of real estate, on the other hand, requires considerable due diligence up front but generally offers passive growth with fewer management responsibilities. The skill sets […]
Legal Considerations for Creating a Cooperative
A cooperative (co-op) is a business entity owned by—and operated for—the benefit of its members. There are several types of co-ops, and they are found in a variety of industries, from agriculture and the arts to finance and electricity generation. While their operations resemble traditional businesses and they seek to make a profit, co-ops are […]
Is My Electronic Signature Valid?
When applying an e-signature, you may have wondered if it is legally valid. The short answer is yes. E-signatures carry the same legal weight as handwritten signatures for almost every type of business and personal transaction in every US state and much of the industrialized world. However, to be valid, an electronic signature must meet certain requirements. There are also a few types of documents that cannot be e-signed.
Developing a Paid Time Off Policy
Although employers are not legally required to offer paid time off (PTO) to their workforce except in a few states, most choose to do so. Those that offer PTO benefits may have a competitive advantage. Nearly a third of employees say they would sacrifice pay for additional PTO. PTO promotes work-life balance and can be part of a benefits package that helps attract and retain employees.
How to Prepare Your Business for an Economic Slowdown
Financial winter is coming. Or is it? Despite renewed optimism that the US economy can avoid a deep economic slowdown, economists say the chances of a recession in 2024 are still about even. Small businesses are feeling the pain from high inflation, declining consumer confidence, and other economic headwinds.