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Business Formation & Planning Archives

Bethesda ranked 8th out of 463 cities for new business

Entrepreneurs face a myriad of decisions when it comes to starting their own businesses. For people in the Metro area who are looking to start a business, deciding where to do so is one of those decisions. It may be helpful to know that Bethesda was recently ranked number eight out of 463 cities in the United States for new business opportunities.

Paperwork is crucial when starting a new business in Maryland

Entrepreneurs are often caught up in the excitement of starting a business and get ahead of themselves when it comes to the paperwork. If the appropriate paperwork is not taken care of before a new business gets off the ground, the business could fail without even having a chance to succeed. Maryland entrepreneurs would most likely benefit from finding out what legal paperwork they need and getting it executed before any problems arise.

Issues to consider when your new business is a corporation

One of the first considerations when starting a business in Maryland is how it will be structured. Making the decision to incorporate your new business involves more than just filing the Articles of Incorporation. Protecting yourself and the corporation involves additional considerations.

Tackling liability issues should be part of business formation

Every business comes with its own unique set of risks. Maryland entrepreneurs who are involved in the process of business formation need to take the time to identify and prepare for liability issues. There are ways to protect the individual from potential lawsuits against the business.

When starting a new business, such as a franchise, details matter

Making the decision to start your own business can be both exciting and frightening at the same time. When you choose to start a franchise as your new business, the amount of paperwork can be intimidating. A thorough review of all of the documents required and the steps that need to be taken is essential to understanding your rights and responsibilities under Maryland and federal law.

Aligning a business plan with life goals

Many people in Maryland dream of opening their own businesses, but some may not consider the futures of those businesses. Before a business plan can be put together, a potential business owner needs to determine what he or she wants out of life. For some, this could mean selling the business sometime down the road or passing it on to future generations.

Employee pay record keeping is a big part of a new business

Taking an idea and turning it into a thriving company requires dealing with a significant number of legal and business issues. Understanding the laws that apply to the industry in which a Maryland resident is entering is critical. For instance, every new business that anticipates hiring employees needs to be aware of the Fair Labor Standards Act (FLSA) and its record keeping requirements regarding employee pay.

A business plan needs to be evaluated every year

An owner of a Maryland business with a fiscal year that ended on Dec. 31 is most likely spending some time reviewing last year's finances during the month of January. As part of that process, it might be beneficial for an owner to review his or her business plan to see if any adjustments need to be made. This can include reviewing employee benefits and other incentives, customer service, customer satisfaction, and the company's financial strengths and weaknesses.

Growth may once again be part of a small company's business plan

Since the start of the Great Recession in 2008, the outlook for small business owners was bleak. Any Maryland company that survived the recession was most likely forced to scale back an ambitious business plan in favor of being conservative and cautious. The latest Wells Fargo/Gallup Small Business Index reveals that, even though small business owners may remain cautious, there is reason to be optimistic.

The Affordable Care Act may require a business plan adjustment

In the past, small businesses in Maryland and elsewhere in the country used to receive discounts from health insurance carriers for healthy employees, while others were assessed a surcharge for employees who experienced numerous health issues. Beginning this year, the Affordable Care Act mandated that those discounts and surcharges cease. This will most likely require an adjustment to a company's business plan -- especially if it was receiving a discount.

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Daniel S. Willard, P.C.
9401 Rockville Pike
Bethesda, MD 20814

Phone: 301-304-4972
Phone: 240-483-0725
Fax: 240-483-0726
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