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What Are “Articles of Organization” for a New Small Business?

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All you really need to start a small business is a good idea and the willingness to put that idea into action. However, there are some official steps you need to take in order to legally run and operate a business. One of the elements you may need to file is called the Articles of Organization. When Do I Need to File Articles of Organization? You need to file Articles of Organization if you are looking to form a Limited Liability Company, or LLC. A Limited Liability Company is one with a small ...

What Sort of Insurance Does Your Business Need?

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When you are in business, there is often a difference between what you need to insure, what you should insure, and what you can insure. How do you know the difference? Of course it is all a personal call, but it should help to know what sorts of policies are out there so that you can at least make an informed decision as you proceed. Here are the vitals: Health: Of course it is no secret that health insurance is a key factor in any small business for many reasons, but did you know that ...

Small Businesses Turn to Pawn Shops for Credit and Financing

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Pawn Shop Loans Lure Small Business Owners Small business owners are now securing loans with a different kind of asset: their own personal belongings. Whether the collateral comes in the form of a Rolex or an engagement ring, pawn shops are becoming the go-to financiers of the small business world. As an alternative to selling valuables outright, pawnshops offer secured loans by using those valuables as collateral. The loans come with very high interest—about 6% per month. If the loan ...

Why You Should Keep Your Personal and Business Accounts Separate

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The Benefits of Keeping Your Business Account Separate If you’re a sole proprietor, then your personal and business accounts are one and the same. You collect all the revenue, pay all the debts, and deal with all the taxes. You’re personally liable for all of your business finances, debts, and taxes and you assume all legal liability as well. As a sole proprietor, you could wind up losing personal property (such as your house), if you’re unable to settle your financial obligations ...

Setting up an LLC and Managing Liability for Small Businesses

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Setting Up a Corporation Protects You From Liability Sole proprietorship is one of the simplest and most common ways of organizing a business that a single individual owns and manages. While it can be a great form of organization for businesses that intend to remain small (or otherwise can’t justify the expenses of incorporating) and have little exposure to liability, sole proprietorship has its drawbacks as well. One of the primary concerns is that, as a sole proprietor, you assume ...

What Is Invoice Factoring?

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Turning Unpaid Invoices Into Financial Assets: Factoring Accounts Receivable If you represent a company that primarily deals in business-to-business transactions and you’re looking to immediately improve your cash flow or to acquire capital fast, you might want to consider invoice factoring. Factoring is the process of selling accounts receivable (meaning unpaid invoices) to a financial firm. The invoices are sold at a discounted rate to generate capital up front, while the invoice factoring ...