Get Going In Business

There are many ways protect your business's trade secrets and information, but it is essential to do it in a way that is legally binding. On this episode, Amit Bindra from The Prinz Law Firm initiates our discussion on non-competes, non-solicitation, and confidentiality agreements. We examine different types of contracts and agreements, and how they could help you as a business owner protect trade secrets, both yours and those of your clients. Amit practices employment law and does a lot of appellate work. His employment practice is focused towards non-compete agreements, non-solicitation agreements, and trade secrets. The Prinz Law Firm is located in Chicago, Illinois. Click here to find more information on our website. Protect Your Business's Trade Secrets - Key Points Non-compete agreements and what they mean for an employee. Understanding non-solicits and what happens when an employee leaves a company. Confidentiality or non-disclosure agreements. Protecting trade-secrets and the laws that gov

Most people overlook insurance when they’re starting their business. Some get a general liability cover and assume that they are sufficiently covered. But what does “general liability” mean, and how do you know if you are insuring your business properly? Ryan Andrew joins us today to shed light on some of the things you should consider when it comes to insuring your business. Ryan is from The Andrew Agency located in Richmond, Virginia, offering professional insurance services in Virginia, Maryland, and D.C. Click here to find more information on our website. Insuring your business - Key Points What does general liability cover? How Hans got into trouble over an insurance policy. As your business grows, and at least once annually, update your insurance agent to help. you determine whether or not you are still adequately insured. Less than 10% of active businesses have cyber liability. When would you need cyber liability insurance? Small businesses are just as susceptible as large corporations t

Did you know that the IRS says you're guilty until you prove them otherwise? This is our topic of discussion today and our guest, Derrick Winke from Wink Tax Services, will help us understand what is involved when you receive an IRS notice. Derrick Winke is an enrolled agent; a federally-authorized tax practitioner empowered to represent people before the IRS in all 50 states. In his line of work, he focuses primarily on tax returns for individuals and small businesses. Wink Tax Services, is located in Troy, just outside of Detroit, Michigan, and has clients on almost every continent as well as from most states. Click here to find more information on our website. IRS Says You're Guilty - Key Points The difference between a CPA and an Enrolled Agent. All IRS correspondence starts out as an inquiry, and their specific concern will be in the notice reference. What do you do next after you get an IRS notice? Why you need to get a professional involved. Handling correspondence between you and your nom

Today, we're going to touch on what you need to know when it comes to setting up your business's Board of Directors. We are continuing our conversation with Ken Turnipseed who has been in a couple of previous episodes. He has a background in accounting and tax and is now an attorney at Whelchel & Carlton LLP, located in Moultrie, Southern Georgia. Click here to find more information on our website. Setting Up Your Business's Board of Directors - Key Points Do you need a board of directors? Defining board resolutions and why you might need them Regulatory requirements regarding board meetings What are minutes? What details must be in the minutes Some “best practice" advice about keeping and filing minutes Maintaining all corporate formalities for liability purposes Getting a Tax ID for your business How you could lose your business over payroll tax and other obligations When you make a deal with the IRS, better stick to your end of the bargain There’s no one-size-fits-all approach in c

Many businesses establish their online presence by having a website, but do you know what the law says about the information you display and collect? How do you determine whether or not you’re complying with regulation? Learn how to shift your business risk from yourself to others. Our guest today is Josh Clayton who runs a private practice in Shreveport, Louisiana, and he will discuss some of the things you need to know about collecting information. Josh studied accounting but decided early on that he was cut out for law, so he went back to school for a law degree. He started his career at McKernan Law Firm in Baton Rouge, worked at the Hammond law firm of Anderson & Boutwell, and had a brief stint at an oil and gas outfit in Shreveport. He hung out his shingles in 2008 and has been in private practice ever since. Click here to find more information on our website. Shift Your Business Risk - In this episode Collecting customer information via your website Privacy statements Determining just what sho

Today we are going to continue our conversation with Ken Turnipseed of Whelchel & Carlton, LLP. In episode 105, Ken talked about determining the right corporate structure for your business and today we will dive into the nuts and bolts of your business structure. If you are unsure if terms like articles of organization and operating agreements apply to your business, you’ll find this episode especially helpful. Ken provides representation to both business and individual clients, doing a lot of work in the areas of healthcare and small businesses, so we are happy to tap into his expertise and experience. Click here to find more information on our website. Your Business Structure - In this episode A new business has to meet the requirements of the State’s filing agency What are the Articles of Incorporation and how is it structured? What about articles of organization? Why your company needs bylaws The information that goes into company bylaws What is an operating agreement? Election of officia

Protecting your business against insurable risks starts with ensuring you have the right information from the get-go. When you need to make a claim, the last thing you want to hear is that your business insurance is inadequate. With us on the show today is Kenny Hollingsworth from Brock & Associates Insurance, to give us insights into the essential pieces of data and factors you should consider for different types of insurance. Kenny has been in the business for over 26 years and specializes in commercial and business insurance. He helps clients mitigate office risks, lessor's risk, group health insurance, and many more. Brock & Associates Insurance is located in Hendersonville, North Carolina, and operates in three states: North Carolina, South Carolina, and Georgia. Click here to find more information on our website. Business Insurance - Key points Five pieces of data that you have to know to get the right type of insurance for your business Correct identification of your business is the starting p

Have you ever wondered whether or not you can get sued in the course of doing your business? Then you need to make sure you have the right corporate structure for your business. It is important to know which structure is best for your business's particular situation and will protect you against personal liability. We are joined by Ken Turnipseed from Whelchel & Carlton, LLP a firm located in Moultrie, Southern Georgia. Ken worked with Ernst and Young as a CPA and Tax consultant before going to law school. He then practiced with a large regional firm in Birmingham, Alabama until moving to South Georgia. He provides representation to both business and individual clients and does a lot of work in the areas of healthcare and small businesses. Click here to find more information on our website. We discuss the Right Corporate Structure for Your Business Natural persons and legal persons. Minutes, resolutions, and other business records. Setting up a corporation. The difference between an S Corp and a C C

Today, with all the resources available online, it is easy to set up or start a business. More people are indeed getting started, but many overlook essential foundational details that could make or break the business. Business insurance is one of those details. In this episode, we are joined by Ryan Andrew of The Andrew Agency in Richmond, Virginia. Ryan has been in insurance all his career; he has worked for several large companies and now runs his independent general agency. He explains why insurance is the engine and foundation that allows you to do business properly. Click here to find more information on our website. We discuss: The meaning of captive agencies and proprietary insurance products. The difference between working with a captive agency and working with an independent agency when you’re looking for coverage. General liability and other policies: most businesses choose general liability as their first policy, but that isn’t necessarily the best option. What questions you should ask

People seek business valuations for a variety of reasons. Often, triggered by a court order in divorce proceedings or to settle a dispute. Valuations can also be obtained in anticipation of buying or selling your business to a third party. In today’s podcast, Ryan Moore, a manager at Riney Hancock CPAs, tells us about the methods used to determine the fair value of your business. Someone with the right expertise and competence such as a CVA or ABV should conduct your valuations. Click here to find more information on our website. Two well-known professionals in this field are: Certified valuation analyst (CVA), accredited by the National Association of National Association of Certified Valuators and Analysts; Accredited in business valuations (ABV), a designation awarded by the American Institute of Certified Public Accountants (AICPA). Business Valuations Methods: The income approach, which assumes the value of your business, is a function of the economic benefit of the business. Commonly used for

Private business owners often analyze their financial statements only when it’s time to prepare taxes. However, there is a lot to be gained from monitoring your numbers more regularly and even getting professional input for better results. In this episode, we talk about keeping an eye on the numbers, best record keeping practices, and the role of a CPA as your trusted advisor. Today, we are joined by Richard Lindsey, CPA, from Lindsey & Waldo, LLC in Mobile, Alabama. He has been a CPA for about 26 years, and his focus is primarily on small businesses and individuals; helping them with financial statements, payroll management, tax planning, and tax returns. Click here to find more information on our website. Best Practices in Record Keeping - You will hear about: The difference between an accountant and a CPA. Working with a CPA across state lines. Who is responsible for recording daily transactions? Bookkeeping systems: some pros and cons of online solutions. How to share data with your accountan