Maintaining the legal status of a limited liability company (LLC) is essential for protecting its benefits and ensuring compliance with state requirements. By following a few key practices, LLC owners can avoid complications that could jeopardize their business...
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What are key cybersecurity considerations for small businesses?
Cybersecurity is necessary for keeping customer information safe and earning their trust. Small businesses can avoid costly problems by learning the basics of cybersecurity and following state and federal laws. Finding risks The first step in cybersecurity is finding...
How to maintain your LLC’s legal status
Limited liability companies (LLCs) offer personal liability protection and other benefits, but maintaining these benefits requires ongoing work. Failing to fulfill certain obligations can lead to a loss of legal protections. Learn how to maintain your LLC's legal...
The tax consequences of converting an LLC to an S-corporation
Businesses sometimes convert from a limited liability company (LLC) to an S-corporation to gain potential tax benefits. While both structures offer liability protection, an S-corporation can provide a way for businesses to save on self-employment taxes. However,...
Creating a business plan for your farm
Developing a business plan is an important step for the future success and growth of any farm. A well-structured plan provides a roadmap for operations, financial management, and long-term goals. Having a plan can truly set your farm apart as a promising business....
Mitigating tax risks when converting business structures
Transitioning from one business structure to another can offer a variety of benefits. However, it also introduces tax risks that can have significant financial implications if not properly managed. Understanding the ins and outs of these risks is crucial for a smooth...
Why you should include business succession in your estate plan
Including what you want to happen to your business after you pass away is an integral aspect of your estate plan. Without clear instructions, your business could face uncertainty. It can lead to potential financial losses or even closure. It becomes more important in...
What manufacturing companies should keep in mind while merging
Merging with another company can be an important step for manufacturing businesses in Indiana. It can be helpful to consider some key areas for a successful merger. Conduct thorough due diligence Evaluate the financial health, efficiency, and market position of the...
Frequently asked questions for starting a business in Indiana
Starting a business can be an exciting yet challenging venture. Indiana offers a favorable environment for new businesses. With the right knowledge and preparation, you can realize your entrepreneurial dreams. What are the steps to start a business? To start a...
What provisions can you include in an LLC operating agreement?
A limited liability company allows you to create a small business that protects your personal assets from creditor claims. This makes an LLC a popular company structure. Still, your business may not function to your benefit if you do not compose a comprehensive...