Vague Benefit Policies are Risky
It's critical to have a written policy at your company detailing how vacation and paid time off is accrued. Many small businesses offer paid vacation, paid sick leave, paid time off or paid holidays, but have no formal policy in place. Legally, there is an implied...
5 Collection Mistakes to Avoid
When dealing with accounts receivable, it can be easy to put off having a policy in place to protect your business. As unpleasant as it can be do deal with customers who aren’t paying their bills, it is far worse for your small business to do nothing and hope the...
Successful Bill Collecting Begins with Information
As a small business owner, you are always going to have customers who don't pay their bills on time. Due to unique relationships with customers as well as the varied responses they have to collection efforts, trying to collect the money owed to your business can be a...
Tax Court Explains How to Value a Holding Company and Discount For BICG Liability
Just as film critics predict that a movie they see today will be a contender in next year's Oscar race, we venture to say that the Tax Court’s recent Estate of Richmond opinion will be one of the most important valuation decisions of 2014. It deals with a number of...
Profit Audits Can Revive the Bottom Line
It isn’t necessarily true that to increase profits a small business needs to increase sales. Extra cash could already be available. A thorough profit audit can uncover those dollars in every department of your Maine-based small business. Here are five ways to start...
What You Need to Know about Board Meetings and Resolutions
A corporate business owner with partners is knowledgeable about what it takes to keep the company running smoothly, but is often unaware of the statutory requirements for a board of directors. Someone with the title of president or chief operating officer may...
S Corps: Time for a Year-End Tax Projection
Fall is just beginning, but it’s not too early to think about year-end tax planning. As the end of the year approaches, it's time to identify moves small business owners can make before December 31st. The first thing to do is to make a projection of this year's...
Create a Plan for Family Business Succession
If your Maine-based business is family owner, sooner or later, it will be time to hand over the reins to the younger generation. In order to improve the odds for continued success of your family business, you need to develop a plan of succession. If you already have...
Don’t Forget About Your Expert Valuation, DE Chancery Warns
Even when a case ostensibly is not about valuation, valuation issues often play a pivotal role, and failure to provide a valuation may undermine a party’s claim. This is one of the lessons gleaned from a Delaware shareholder suit that moved from the Delaware Court of...
How to Negotiate with Edgy Lenders
It's one thing to read about other companies facing tough financial times. It's quite another to experience the pressure yourself. The fact is, however, that many companies are having trouble paying their debts. And small business owners are called daily by lenders...