Those who build businesses sometimes console themselves about the hard work paying off by handing the successful company to their children and even subsequent generations. This was an easier task for past generations for a variety of reasons, but it is still possible to do it.
One of the first important decisions when starting a business is picking the business's structure. Choosing the right plan can be the difference between profitability and insolvency. For many, partnerships are a good option, but going this route should always include a strong and binding partnership agreement. This can help ensure that all partners involved understand everyone's responsibilities, financial obligations and legal liabilities.
The Health Insurance Portability and Accountability Act (HIPAA) is legislation that protects the privacy of medical information. Founded in 1996, the law covers a wide range of issues involving medical care. In recent years, HIPAA Privacy Rule (officially known as Standards for Privacy of Individually Identifiable Health Information) has become increasingly important in battling against and prosecuting data breaches caused by hackers and others who unlawfully access this private information.
Long-term litigation can be problematic for any business. However, the implications can be particularly detrimental to new businesses and startups. It can be frustrating if the premise of the dispute is a class action lawsuit out of left field or a frivolous lawsuit. Moreover, even the threat of these disputes can cause an entrepreneur to fold up shop before they officially open for business.
Food trucks have taken the culinary world by storm in the last decade. Hungry foodies following them on Twitter, office workers are grateful for an alternative to the cafeteria, and they seem to provide every craft beer brewery in California with vittles to help the beer go down.
A common hope among California small business owners is that their company will last for a very long time. However, there are a range of things that could endanger this hope and put a company at risk of coming to an end.
You finally did it. You said good-bye to your dull, nine-to-five job, and you've decided to branch out on your own. You're starting up your own company, and you'll be doing something you love. It's an exciting time, and you can't wait to get started.
California is currently one of nine states (plus the District of Columbia) that legalized recreation use of marijuana. Yet there are dozens more that have decriminalized it or allow the use of medical marijuana.
Acquiring and merging with another company is an enormous undertaking. There are myriad complex steps to be completed. It is a process that can be daunting for the businesses involved and their employees. It can also have major effects on the companies’ clients, vendors and partners.
As a business leader, you understand the potential challenges that come with purchasing another business. The process may be going smoothly when—wham!—you hit a roadblock. Fortunately, there are steps that you can take to circumvent potential obstacles that come up when buying a business. One of the most important is to perform due diligence.