Category Archives: Business Tips

Little known tips and how-to’s for an easier day at the office.

Is it Time for a Small Business Rescue?

Posted on by July 3, 2012

3-13-is-it-time-for-business-rescueIt’s really surprising how many Small Business Rescues we have completed in the last few months.
We are finding more and more business owners who need to be “rescued.”

Is this you?

Click HERE to find out what a rescue is, and if you need one for your company.

When we “rescue” a company, we are essentially setting up the foundational documents and that
are needed to build a strong company; documents such as: Operating Agreement (for an LLC) or
Bylaws (for a Corporation), Organizational Meeting and Company Summary, Exhibits identifying
managers and/or officers, and initial capital contributions.  A rescue also includes a company
minute book, company seal, company stock certificates and transfer ledger.

Recently, Aubrey and I just completed a rescue for a client who had SIX companies that each
needed attention. What a blast! I don’t know about you, but at our office we LOVE to organize
and get company documents in ship shape. I guess that is why we do what we do! It becomes a
little more complicated with that many companies to handle (some were LLCs, others were
Incorporated). We had fun creating the spreadsheets to manage them all.

The great thing about a rescue is that when it’s done, it’s DONE! The foundational documents
don’t have to be created again. BUT, the ongoing minutes and meetings must now be kept.

So, take a look at your company documents… and your company minute book. How strong is your
foundation? Is it time for a Rescue?

Click HERE for more information about our Rescue program and costs involved.

Business Year End Review Strategies

Posted on by December 7, 2011

The Power of Gratitude…
Why a “Grateful Year In Review” will get you ready to Look Ahead 

This is the best time of the year, and the most hectic time of year for most small business owners. It is easy to fall into the anxiety and rush of the season.

But when you pause to reflect on what you are thankful for, it can put you in a positive mood; And isn’t that the greatest way to end the year?

“Gratitude bestows reverence, allowing us to encounter everyday epiphanies, those transcendent moments of awe that change forever how we experience life and the world.” –Sarah Ban Breathnach, inspirational author

One tradition we have at our business, is to take time to list all of the major (and some of the minor) accomplishments for the entire year. We write them all down and schedule an entire morning to review them with everyone in our office. It becomes an energetic time to share and reminisce about the year! And if I left anything off of the lengthy list, someone is sure to let me know. We love to celebrate how far we have come and reward those who have done an outstanding job.

This “meeting” gets us in the frame of gratitude for all who have helped to move the business forward, and becomes a time of recognition (which everyone loves).

We also take time to recognize the feedback we receive from our clients and how those suggestions have made us a better company.

It is amazing to see this “Year in Review” and spend the time to show our employees our appreciation.

Here’s a few questions to ask yourself that will put you in that grateful perspective, and get you ready to think about your direction for 2012:

1) Who has made a difference in your life this year? What did they do? Have you thanked them for it? (It’s not too late to send a card of thanks!)

2) What has created the biggest impact on your business this year? Was it an event, an employee, a new marketing strategy? Who has helped you to implement and create positive change in your business?

3) What are some of your unique talents and gifts? What are some talents of your employees? What outstanding trait could you recognize for each employee?

4) Name five new things you learned this year related to the business. Is something working well…not working…does something need to change? Write them down and use this as a starting point for the new year.

Take a look at how far YOU have come this year, and use this to remind yourself to be grateful and positive. Then let us know what you are grateful about!

Advantages of Linking your Business to your Living Trust

Posted on by October 13, 2011 
3-13-advantages-of-linking-business-to-living-trust
Have you given thought to what would happen to your business if
something happened to you?

Would it continue on, or would it be sold by your heirs?

Linking your business to your Revocable Living Trust will allow
the flexibility of choosing what you want to happen with your
company.

As a business owner, your stock or membership interest is subject
to probate if it is held in your name personally.

The probate process takes anywhere from a required minimum of 4
months up to 2 years. I have even seen probate drawn out to a
lengthy 16 years due to arguments.

Would your business be worth anything after going through that?

If your business is like most, it would be better to sell or
transfer the company immediately so as not to lose clients or
contracts.

It’s easy to accomplish this with a revocable living trust. When
you establish a living trust, set it up to own your business
stock or company membership interest (rather than you owning it
personally).

This is the first step to keeping your business out of the
probate process. Here are the main advantages to linking your
business to your trust:

•	Avoid Probate
•	Avoid arguments (Last Will & Testament contests)
•	Transfer your interest to your heirs quickly
•	Continue with Business as usual or sell business with no probate court intervention

Four Steps to Safeguard Your Business Remember these basic steps
to ensure your business is linked to your trust:

1. Prepare Certificates—Issue your membership interest or stock
in the name of your trust, with you as trustee. For example: The
Celebrity Trust, John Doe, Trustee. Cancel the original
certificates previously owned by you and replace them with the
new certificates.

2. Update Ledgers—For an LLC, the schedule of membership interest
should reflect that your interest is held by you as trustee of
your trust. For a corporation, the corporate stock transfer
ledger would show your shares are held by you as trustee.

3. Update Trust Schedule – List your membership interest or stock
certificate shares on your trust schedule under the headings of
Corporations  or  Limited Liability Companies. If your schedule
doesn’t have one of these subheads, then add it. Place your trust
schedule behind the trust agreement itself.

4. Prepare Company Resolutions – Record your resolution of this
transfer to trust in your company records, with the correct
resolution document and place it in your Minute Book. It is
important to take ALL the appropriate steps to correctly link
your business to your trust, so consult your attorney or minutes
professional about getting it done right.

Need to link your Living Trust with your company? We'll do it for
you. Call us at 480-344-1870. http://www.JustAMinuteLLC.com

Company Minutes: Do LLCs Really Need to File Them?

Posted on by September 7, 2011

Company Minute BookCompany Minutes: Do LLCs Really Need To File Them?
Or Five Reasons to Keep your Company Minutes (for an LLC)

Many LLC owners wonder if they really need to document company minutes. The answer is an unresounding YES. While the company minutes do not need to be filed with any state or federal entity, they should be kept with the Minute Book of the Company. Let me explain a little of what I mean, and why company minutes are crucial to an LLC and the members/managers of an LLC.

With the increase in popularity of LLCs, there has been some confusion as to what paperwork and filings are absolutely required. With a Corporation, the law requires an Annual Meeting of the Stockholders, and an Annual Meeting of the Directors. With an LLC, the law has no such requirements for an Annual Meeting. And many states do not require an Annual Report to be filed. (see the list of requirements by state here)

However, there are several reasons why it is in your best interests to keep up with your Company Minutes and Annual Meetings for your Limited Liability Company.

1) To protect your Limited Liability Status – when you show you are keeping your business a distinct and separate entity from yourself, you maintain that veil of protection. Every business should maintain regular meetings and keep minutes to have a record of their activities. In addition to having your Articles of Organization, you must have your Operating Agreement and 12 other important documents to show you are running your business like a business, and not just an alter ego of yourself.

2) To be prepared in case of an IRS Audit – company minutes give proof of business purpose behind each decision and business purchase, which in turn could save you a lot of headache and cost (small business audits usually produce between $7,000.00 – $14,000.00 for the IRS). It is much easier to have these documents ready, rather than scramble to get them together at the last minute. A highly organized and documented company also prevents a long drawn out audit.

3) To be prepared in case of a lawsuit – the first thing an opposing attorney will ask for during a lawsuit is the company minutes. Of course they want to prove that your LLC is not a real business, therefore opening up the gates to go after your personal assets as well. While company minutes may not prevent a lawsuit against your business, they could prevent a lawsuit against you personally.

4) To be ready to Sell your business – the company minutes will show to your buyer all important and relevant information about the company: such as, any leases that the buyer will be assuming, any employment contracts, or other agreements such as distribution agreements, etc. When you have your minutes in order, your business is in a better position to sell in a more timely fashion.

5) To have solid documentation of business decisions – company minutes allow you to note the reasons behind making critical decisions, which can head off controversy and dissension in your company in the future.

So, keep up your Annual Meetings and document your important business decisions to protect your limited liability status and have solid documentation in the event of a lawsuit or IRS audit. Having your company records will also allow you to be prepared for selling your business if that’s what you decide to do. And, it’s even good reading when you want to review your business actions over the years.

For more information on Company Minutes, visit www.justaminutellc.com

Tax Free Shopping Days in August

Posted on by August 3, 2011

iStock_000011863582SmallMark your calendars! Select Local governments are offering TAX FREE shopping days in August.

Check the list below to see if your state qualifies.

Sorry, Arizona, we are not on the list!

Eligible items include school supplies and some include computers and computer software.

Alabama
Eligible Items: Clothing (up to $100), computers (up to $750), school supplies (up to $50), books (up to $30).
Dates: August 5-7

Arkansas
Eligible Items: Clothing (up to $100 per item), accessories (up to $50 per item), items normally sold as school supplies.
Dates: August 6-7

Connecticut
Eligible items: Clothing and footwear (up to $300).
Dates: August 21-27

Florida
Eligible Items: Clothing (up to $75 per item), accessories (up to $75 per item), footwear (up to $75 per item), school supplies (up to $15 per item).
Dates: August 12-14

Iowa
Eligible items: Clothing and footwear (up to $100 per item).
Dates: August 5-6

Louisiana
Eligible Items: Items not used for business purposes (up to $2,500 per item).
Dates: August 6-7

Maryland
Eligible Items: Clothing and footwear (up to $100 per item).
Dates: August 14-20

Mississippi
Eligible items: Clothing and footwear (up to $100 per item).
Dates: July 29-30

Missouri (check your city, only some cities participate)
Eligible items: Clothing (up to $100 per item), school supplies (up to $50 per item), computer software (up to $350 per item), computers (up to $3,500 per item).
Dates: August 5-7

New Mexico
Eligible items: Clothing and footwear (up to $100 per item), school supplies (up to $15 per item), computers (up to $1,000 per item), computer equipment (up to $500 per item).
Dates: August 5-7

North Carolina
Eligible items: Clothing and footwear (up to $100 per item), school supplies (up to $100 per item), sports and recreation equipment (up to $50 per item), computers (up to $3,500 per item), computer equipment (up to $250 per item).
Dates: August 5-7

Oklahoma
Eligible items: Clothing and footwear (up to $100 per item).
Dates: August 5-7

South Carolina
Eligible items: Clothing, school supplies, computers (no limit).
Dates: August 5-7

Tennessee
Eligible items: Clothing (up to $100 per item), school supplies (up to $100 per item), computers (up to $1,500).
Dates: August 5-7

Texas
Eligible items: Clothing and footwear (up to $100 per item), school supplies (up to $100 per item).
Dates: August 19-21

Virginia
Eligible items: Clothing and footwear (up to $100 per item), school supplies (up to $20 per item).
Dates: August 5-7

For more informattion visit: http://www.taxadmin.org/fta/rate/sales_holiday.html

Tip: Use Dropbox to Make Your Life Easier

Posted on by February 8, 2011

3-13-dropbox-logo

 

Dropbox is one of my favorite tools. I use it everyday. And it’s FREE!!

Why do I love it? Well, it uses the cloud to store all my files so I can access them from anywhere. I can access them from any computer, from my iPad, from my mobile phone, from my laptop……anywhere!

How does it work? Watch this short video and see….and then try it out.

http://db.tt/WuKScUO

Comment below and let me know if this super tool is as useful to you as it is to me.

Are You Leading Your Company With Your “WHY”?

Posted on by June 24, 2010

All the great inspiring leaders in the world, all think, act and communicate in the exact same way…. and it’s the exact opposite from everyone else.

In this transformational 18 minute video, Simon Sinek teaches us his “golden circle” theory…and how you can be the inspirational action leader in your company.

This is an important video for us all.

Simon Sinek….
TEDx Puget Sound speaker – Simon Sinek – Start with Why: How Great Leaders Inspire Action

Did You Know You Are An Expert?

Posted on by May 24, 2010

Guest post by Barbara Rozgonyi, publisher of Wired PR Works

People have questions. You have answers. That makes you, to them, an expert. What do you want to be known for? Here’s some help on figuring out how to be the “know it all” go-to resource in your area of expertise.

Today it doesn’t take a website or a blog to connect with a community online, but it does take some strategic planning and effort. Before you begin answering questions on a site, take some time to think about who you want to be known by and for what do you want to be known.

1. Who Do You Want to Reach?
Answering questions on a site like LinkedIn puts you in front of millions –if they’re searching for your topic. But, maybe smaller is better, especially if having local connections will help you meet your business goals. If you don’t need international influence, then look for smaller centers of influence in forums and LinkedIn groups. Keep in mind that you’ll need a broad reach on a wide platform if writing a book is one of your goals.

2. Professional Industry or Client-Centered Comments?
Joining in with a professional industry group will keep you up-to-date and allow you to get feedback. Because you are all providing the same professional service, joining a group where your customers are will bring you more business. Look for groups where you can easily rank as one of the five top experts or better yet, own the category. Watch out for forums where you’ll be saying the same thing as dozens of other people. Even in these situations, adding a personal touch such as a reference to website of the person who asked the question or a story from your experience will set you apart.

3. How Should You Keep Track of Your Answers?
Compose your answers in Word and save a copy to use in your newsletter, blog or file. Drop in the URL or topic so you can go back and track the follow-up conversation. Be on the lookout for partnerships and connect with people you’d like to know better.

4. How Much Time Should You Spend?
Budget a specific amount of time and don’t go over. It’s easy to get carried away with comments. Resist the urge to become an annoying know-it-all. Even though you may know the answer to every question, give others a turn. Start out by setting aside an hour at the beginning or end of the day to answer comments. Scanning questions takes less time. On some days, you may not have any questions to answer at all.

5. Question Resources: Places to Find Questions to Answer
HARO – Help A Reporter Out
AllExperts
LinkedIn Answers
LinkedIn Groups
Twitter
Yahoo Groups

So, what are you an expert at?

————————————–
Barbara Rozgonyi is the founder of CoryWest Media, LLC, a virtual public relations and marketing consultancy that gets new media to work for you. As publisher of wiredPRworks.com, Barbara reports on ways to use marketing, social media and public relations to grow business, build brands, raise visibility and connect communities. To stay updated on how to use social media and PR, visit http://savvysocialmedia.com. Originally posted at http://wiredprworks.com.

Win an iPad

Posted on by April 21, 2010

Win a New iPad in May 2010

Want a new iPad? Well, a brand spankin’ new iPad from Apple could be yours!

Refer a friend who purchases a yearly subscription for minutes and you will be entered to win! (No limit to the number of friends you may refer — one entry per purchasing friend).

Here’s why (and how you can win):

Just A Minute, LLC has been working hard on it’s new…  (Read more and win)