The Corporate Transparency Act (the “Act”) went into effect on January 1, 2024. The Act was passed in 2021 by supermajorities of both the House and Senate in an effort to combat money laundering and domestic terrorism. Under the Act, many entities will be required to report the identity and certain personal information of (1)…
The prospect of owning a franchise can be exciting. It offers an opportunity to run a business with the support of a proven business model and established brand. However, finding the right franchise opportunity requires careful thought and thorough research. The search for a suitable franchise should start with introspection. You need to identify your…
Partnerships work for many entrepreneurs, but not all. Undoubtedly, a partnership is beneficial in the business industry. However, it may also lead to losses if mistakes are made, and one of them is not having a binding contract. An agreement with strict terms is key to a long-term partnership. Nonetheless, your partner can breach it….
Many people who want to be business owners decide that they are going to start their own companies. But this is not the only path that you can choose. You also may have the option to buy a business that already exists. There are some obvious drawbacks here, such as the fact that you will…
Business mergers offer numerous benefits, including access to resources, increase in revenue, entry to new markets, lower cost of operations and access to top-notch talent. Both small and established businesses in the US are merging. And the numbers are increasing yearly. It will be best to learn how merging works to identify measures that will…
The business structure you settled on when getting started with your new venture may no longer be a good fit. You may find that it’s holding you back in certain areas, such as raising capital or a change in management. Fortunately, a business legal structure is not fixed and definite. You can change your current…
