“Bias for action” is what sets today’s successful leaders apart from the crowd. Leaders also need the ability to move quickly, adapt and learn and grow from experience.
Read the full article at http://www.columbusceo.com
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One of the best gifts you can give your loved ones is the peace of mind that comes with a will and estate planning. In fact, at Nichols & Company, we encourage all of our clients to, at the very least, have a last will and testament.
These days there are a plethora of legal documents available online; but, do these documents really fit your needs? According to Mike Mahoney of Columbus CEO, using online legal tools and documents might end up causing unwanted problems—and those problems may only surface at the reading of your will. While online sites might work […] Read more
Are you really in business? Racing enthusiast lacked profit motive for racing business, finds Tax Court
Your hobby or your for-profit business venture? Sometimes it’s hard to differentiate how the government classifies what you are doing. Roger Russell at Accounting Today spells out the nine specific criteria used by the government to evaluate whether your business is really a business or a hobby. The criteria include: 1) the manner in which the taxpayer carried on the activity; 2) the expertise of the taxpayer or his or her advisors; 3) the time and effort expended by the taxpayer in carrying on the activity; 5) the success of the taxpayer in carrying on other similar or dissimilar activities; […] Read more
Much like downhill skiing, changing direction in business requires “committing yourself to the turn.” If you stick with the turn and work through it, you’ll find yourself heading the right direction. However, if you waiver, you might find yourself facing a steep downhill slope—literally or metaphorically. To keep your organization moving in the right direction, stick with your decisions and see them through, even if there are some consequences. Once you work through the hard parts, your journey could be down gentler slopes.
Read more at costcoconnection.com
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When establishing a business, it is important to consider what type of entity your business will be. Aren’t they all the same, you ask? Why no, they are not. Your accountant can be very helpful in determining what type of entity your business should be, as well as helping you to file the proper paperwork. According to Kelly Phillips Erb at Forbes, “entity choice can determine shareholder & partner numbers and identity; equity structure, control & management, as well as what kind of funding you might be eligible to receive.”
The following are types of entities:
General & Limited Partnerships
Limited Liability […] Read more
Employees these days have a number of factors to consider when going into a new job and negotiating compensation. Is it better to have a higher salary and fewer stock options? Or a lower salary and more stock options? According to an informal survey conducted by Forbes magazine, most employees have no idea how to place a value on options and make a clear decision. Factors to consider are:
Vesting (will you still be with the company by the time your options vest?);
Expiration (the options probably expire if a private company never goes public while you are there);
Liquidity (it’s possible your […] Read more
Reaching your personal and company goals is as easy as establishing accountability. How does one accomplish that? According to Jim Boomer, CPA, it’s as easy as writing down your goals and verbalizing them to other people. Getting them out of your head and onto paper, as well as sharing them with others in your firm, helps to increase accountability.
Once you’ve determined the company’s goals, it’s important to meet with your team to develop individual and team goals. Boomer suggests a 90-day game plan: this allows individuals to sharpen their focus for the quarter at hand, as well as look back […] Read more