Category: Running a Business

Sole Proprietorship vs. LLC: Which Is Right for You?

Sole Proprietorship vs. LLC: Which Is Right for You?

The decision to incorporate or not incorporate your business can be a very important choice. While most businesses operate as sole proprietorship, a formal business structure such as an LLC can provide significant benefits including asset protection and greater access to small business financing. Learn more about an LLC vs. a sole prop in this article from Nav’s experts. Sole Proprietorship vs. LLC: Comparison One of the key differences—and benefits— of a limited liability company (LLC) versus the sole proprietorship is… Read More
Everything You Need to Know About the New Overtime Law for 2020

Everything You Need to Know About the New Overtime Law for 2020

Cash is king for business owners, plenty of it can make your dreams come true, and a lapse in cash flow can sink everything. One of your most important expenses as a business owner is payroll, and things could get a lot pricier starting Jan. 1, 2020, thanks to a change in overtime rules. New Overtime Rule In 2004, the US Department of Labor (DOL) established $455 per week as the earning level at which employees would become exempt from… Read More
Balance Sheet vs. Income Statement: What’s the Difference?

Balance Sheet vs. Income Statement: What’s the Difference?

A balance sheet details your company’s assets, liabilities, and shareholder equity at a specific time. An income statement shows what income is going in and what spending is going out, detailing a net profit or loss for a company. Balance Sheet Template Income Statement Template What is a balance sheet? A balance sheet is a financial statement of what a company owns, what it owes, and how much shareholders invest.  The balance sheet formula is: Shareholders’ equity + Liabilities =… Read More
Protecting Your Personal Assets As a Business Owner

Protecting Your Personal Assets As a Business Owner

Over a million lawsuits are filed in state courts every year. And, according to one source, all of us have a 10% chance of getting sued in any given year and a 33% chance of getting sued during our lifetimes! This is scary information given that being on the losing end of a lawsuit can be financially devastating.  As a business owner, you have special cause for concern. That’s because if your business is sued and ordered to pay a… Read More
Business Checking Accounts – Everything You Need To Know

Business Checking Accounts – Everything You Need To Know

Advertiser & Editorial Disclosure Whether you’re starting a new business or trying to grow an existing business, a business bank account is essential. Learn how to find and choose the best business checking account for your business.  Why you should have a business checking account for your business Whether you’re a freelancer or small business owner with employees, it’s essential that you open a business checking account to manage your income and expenses. It can help in myriad ways: Separate… Read More
FreshBooks Review 2022: Is FreshBooks the Right Fit For Your Small Business?

FreshBooks Review 2022: Is FreshBooks the Right Fit For Your Small Business?

One of the lessons business owners have learned over the last few years, impacted by the coronavirus, is the importance of having accurate (and accessible) financial records. A lack of good accounting made it difficult for many businesses to get approved for one of the small business loans that were part of the Paycheck Protection Program (PPP). Now that PPP is closed, this will be even more important as those funds are exhausted and business owners turn to more traditional… Read More