5 Types of Insurance Every Business Cannot Go Without
Before you even launch, it’s imperative that you protect your business with the right types of insurance coverage. A single lawsuit or catastrophic event can wipe your company before it even has a chance to get off the ground. Don’t believe me? Ask other business owners in your community to share their horror stories about spending all the money they intended to invest in growing their companies on paying attorneys to defend suits against their business—all because they had no insurance coverage OR the wrong type of coverage. Read more
When launching a new venture, business owners are sometimes so focused on drumming up dollars that they forget to do what is necessary to build a firm legal foundation on which to build a business that is ready for and will not be rocked by unforeseen legal problems or circumstances. The most effective bedrock for building a legally strong business is to ensure you have in place 4 key legal agreements that no business should be without!
Based on our own experience and the advice of many seasoned, successful entrepreneurs, below are the four core agreements founders need from the moment that brilliant business idea becomes a reality. Read more
Many small business owners fail to realize just how valuable their intellectual property is. Yet according to some valuation experts, intellectual property (IP) makes up between 40% to 90% of the total value of many companies. So, it’s extremely important that you identify your company’s intellectual assets and take steps to protect them!
However, IP is a murky area of law, and if you’re not educated about how things like copyrights, trademarks, and patents work, you might be at a huge disadvantage. To identify and secure your IP, schedule an appointment with Thrive Law today. In the interim, here are four popular myths about IP protection that we would like to debunk for you! Read more
With today’s tuition costs at astronomically high levels, paying for a child’s college education can feel like extortion. If your child is an adult, you may have decided that it’s up to him or her to pay for tuition. But if you DO want to help your adult child (or grandchild) with college tuition, there are some ways to do it—at least part of it—TAX FREE! Read more
In 1988, Stroh’s Beer was one of America’s most impressive family fortunes, estimated by Forbes to be worth $9 billion in today’s dollars. Just two decades later, however, the massive beer empire, along with all of the family’s wealth, would disappear. Read more
By Jamie Moore Marcario, Managing Attorney Thrive Law: a Business Law Boutique with Kathy Cregan, CEO Cregan and Co.
Although many progressives warned that No. 45’s tax plan would bring nothing but wailing and gnashing of teeth, the highly touted “business friendly” nature of the Republican tax bill allowed it to pass both the House and Senate, and many business owners are anxiously anticipating its effects. Known as the “Tax Cuts and Jobs Act,” the bill reduces tax rates, adjusts tax structures, and revamps tax benefits for businesses to stimulate economic growth.
No matter what your political leanings, the new tax bill includes certain elements of which prudent business owners should be aware when planning 2017’s year-end taxes and devising tax strategies for 2018. For example, as a business owner, the bill allows you to adopt tax-saving strategies like deferring income to 2018 or accelerating deductions into 2017 if your business’s marginal tax rate is likely to be lower in 2018. You can also do the exact opposite if the new bill means you’ll experience a tax rate increase or if certain tax deductions will be unavailable to you in the new year. Wicked or windfall? You be the judge.
You started your business or creative venture with a clear vision of the end-goal . . . or did you? If you haven’t provided for your life’s work in your estate plan but fantasize about leaving it as an entrepreneurial or artrepreneurial legacy for your kids (and their kids’ kids), your dream might just become a nightmare for your heirs—and for your business partners, employees and clients, too. Read more