Some of the world’s most profitable products are based on secret formulas and processes that were never patented, they just can't be replicated , like Coke’s formula or the unique snap of a Borsalino hat.
A list of the different types of businesses and some considerations an employer should reflect on.
Exporting and importing are two strategies for expanding your business. They are the two important components of a foreign trade. Foreign trade is the exchange of goods and services between the two countries, across their international border. Employers should decide if they want to import and export only after reviewing all the important laws and regulations that importing and exporting is paired with.
Non-disclosure agreements are generally used when two or more businesses or individuals chose to conduct some sort of business together or must share confidential information. In these cases it's important to make sure all privilege information is only shared with the appropriate people.
Mr Cohen's textile business is in dire need of $100,000 working capital. So Cohen approaches Mr Mamon, a wealthy Jewish businessman. Mr. Mamon is prepared to lend Mr Cohen the money but would like to earn 10% interest on the loan and receive back $110,000. But this is not possible because Mr Cohen and Mr Mamon would be in violation of the prohibition against paying and receiving interest. Does this mean that Mr Cohen’s business must fail? No, it does not.
Jewish religious law strictly prohibits the paying of receiving of interest on loans made between Jews. However, when monies are advanced in the course of a business transaction an agreement may be entered into, whereby the provider and receiver of these funds are considered equal partners.
When planning to start a new business, it is essential to keep in mind the importance of licenses and permits that give you the permission to operate in your area. No doubt, applying for a new license or permit is as fun as visiting a dentist but failing to do so from the beginning is a mistake most new entrepreneurs make. Failure to comply with city and state regulations may result in the closing or suspension of your business
Question: My business is registered as an LLC. Do I still need to take out insurance to protect me against business losses? For example, property damage due to fire etc.
There are many advantages as well as disadvantages of each business structure that will be discussed. After analyzing and understanding the different types of business structures, an employer should go through each business structure to see which one suits their particular business.
If you are self-employed or are a small business owner, and need a command of the process of intellectual property protection, below is a summary of the basics as well as links to other resources that can help set you on your way.
Asher Lieblich is a CPA and principal of Lieblich Financial Services. He is also a Business Mentor at CHYE for more information logon to CHYE.info/Mentors