Let's face it, family businesses are important to the economy. According to Forbes, family businesses are responsible for 60 percent of the jobs in the United States and 80 percent of the new jobs created. It is also estimated that family businesses account for 50 percent of the gross domestic product of this country.
For many small business owners, selling the business is the goal when it comes time to retire or move on. If you are in this situation, experts recommend having a business succession plan and familiarizing yourself with the buying and selling process, so you will be able to recognize and act upon a good offer when one comes along. Recently, Entrepreneur Magazine also offered the following tips for business owners that are considering selling their business.
New Jersey businesses may be interested in some information about a federal law that governs their use of email in marketing or advertising their business activities. Failure to follow these regulations could land a business entity in big trouble with federal authorities, leading to large fines and other issues.
Entrepreneurs in New Jersey may be interested in learning more about avoidable mistakes that many small businesses are susceptible to making. Often times, these costly errors eventually manifest in the future because ownership neglected to address certain details during the initial business planning or formation phase. This often leads to organizations fending off preventable lawsuits or investing in rebranding campaigns.
Determining how to split equity can be a daunting challenge for founding members of a new company. Generally, it is common practice to give a larger share to the founder who came up with the idea to start the business. However, there are many different circumstances that might drive such determinations
When entrepreneurs have decided to start their own company, it is important that they do some planning beyond determining what type product they want to make or service they want to provide. Some of the most important steps in running a successful business are ones that are taken before it is even established. Two essential steps are creating a business plan and determining the business' structure.
New Jersey businesses with five or fewer members and whose businesses are not in the professional service industry are considered to be closely held businesses by the IRS. Closely held businesses may select from several different entity types when the business is formed. Each type has different requirements and potential tax liabilities.
A business plan is an essential document that can provide focus and direction for a company. It is also an essential document to have when asking for a loan or for an investor's money. There are four types of business plans that one can depending on its needs.
There are several different types of entities in the world of business that are defined in the IRS's Internal Revenue Code. Each entity has its own tax implications and slightly different filing statuses. The entity that a business chooses can affect how the business is run, the tax liability the business will have and the reports that will be required.
Business professionals and entrepreneurs in New Jersey may learn several valuable lessons from reviewing the history of Norman's Hallmark. The company is now the largest Hallmark Gold Crown retailer on the eastern seaboard, and is currently celebrating its 75th anniversary. From humble beginnings, the current owner inherited his family's four Trenton gift shops, named after his late uncle who opened the first of the stores on South Board Street in Trenton in 1939. Despite its success, the recession challenged Norman's future outlook during 2011, similarly to so many other businesses in the county.