According to a 2019 study by SCORE, most small business startups are funded by personal savings. When startup principles launched their companies, nearly half had $10,000 in the bank that they used to fund the endeavor. A quarter of those surveyed had $50,000 on hand....
Surprise: Business startups skyrocketed during 2020
It was a challenging year for businesses across the U.S., and it certainly seemed as if business startups would be down for the year. Indeed, new business filings dropped off by 30% after the lockdowns began in March. But by June, according to an analysis of federal...
Protect your assets from rising taxes with these 3 options
If you make over $400,000 a year or have a sizeable estate, you may be worried that taxes could go up soon. Although it’s hard to say what Congress might do, increases in capital gains taxes and estate taxes, along with a reduction in the estate and gift tax...
It is crucial to carry sufficient UM/UIM insurance in Texas
What happens if you are injured in a car accident, but the at-fault driver doesn’t have enough insurance to cover your losses? Your own auto insurance policy pays -- to the limit of the policy. In Texas, a certain amount of uninsured/underinsured (UM/UIM) coverage is...
Coronavirus has upended our habits. Which changes are permanent?
If you’re running a business during this pandemic, you’ve probably already had to pivot once or twice. You may have had to figure out how your employees could get the same work done from home. Or, you may have had to switch to an online model of sales. Perhaps you...
Choosing an LLC or a limited partnership for your new business
If you are planning to start a business with one or more others, you are probably deciding whether to set it up as a limited partnership or a limited liability company (LLC). Each has some advantages and disadvantages, but in most cases, we recommend the LLC option. A...
Buying a business? There are bound to be surprises and challenges
These days, there may be businesses available for purchase at bargain rates. If you have the capital to invest wisely, you can get a business that is fundamentally sound but was crippled by the pandemic. Today could be a great time to buy, but you shouldn’t assume...
New businesses are being formed at fastest pace in over a decade
If you’re trying to operate a business in this environment, you may be rightfully concerned. The pandemic and the associated economic downturn have made things tough for many going concerns. Surprisingly, however, these events have spelled opportunity for those with...
Is the worst of the pandemic’s impact still ahead?
According to a recent poll by the U.S. Chamber of Commerce and MetLife, most small business owners in the U.S. think the worst effects of the coronavirus pandemic still lie ahead of us. Half of the respondents said they will close permanently if the business...
To save your business, should you adopt a start-up mentality?
It can take years to build a business up from a garage-based effort to a going concern. For many, all that hard work was paying off until the Coronavirus pandemic came along. For the past months, you may have been relying on loans, forbearances, rolling up your...