Small Business Week is celebrated May 5-11 in recognition of the entrepreneurs who saw a need in their community and stepped out in faith by opening a business to provide a solution to that need. These business owners are key to our economy and without their ingenuity, hard work and dedication, many of our communities would be suffering.
Small business owners hold a special place in our hearts at Davis & McCann. In fact, we’ve helped over 100 businesses get a start in Western Kansas in the past five years alone. There’s something inspiring about listening to someone share their dreams and visions to make their community better. We want to see people succeed and do well in life. Being able to play a small role in someone’s success by helping them get started with a new business venture allows us to end our day feeling content, knowing we’ve helped make our community just a little better than it was yesterday.
Fledgling businesses often find themselves full of doubt when times get tough. With so much business being lost to internet sales, local businesses often fail to see the value they are providing to community members. What are some ways you can encourage your local small businesses? Here are just a few ideas that can go a long way to keeping that entrepreneur flourishing in your local community:
1. Like, share and comment on any social media the business may post. Sharing and commenting on a post will help the information stay visible on social media to a broader audience, and potentially draw the attention of prospective new customers.
2. Leave a positive review for the business on Google, Yelp, or their social media or website. Positive online reviews help attract new customers.
2. Encourage friends and family members to check out the business. Word of mouth from trusted sources carries a lot of credibility.
3. Lend moral support. Stop by and bring a cup of coffee or a snack and let your favorite business owner know you appreciate the service they are providing in your area. Encouraging words go a long way when days are difficult.
4. Don’t expect free goods or services. Businesses aren’t open just for laughs. It is extremely common for
Starting a new business is exciting but the decisions you make in the beginning can have long-lasting impacts on your future profitability and success. If you’re ready to start your new for-profit business in the State of Kansas, here are a few basics on the various business entities available to you:
• Although arguably the least complicated way to set up your business, it also creates the greatest liability risk for the owner.
• No annual minutes are required and no reports or filings, other than income tax filings, have to be made with the State.
• With this form of business entity, the owner is 100% liable for the company debts and obligations.
If you own income-producing property, one of the ever-present concerns you face is the possibility of being sued by a tenant. If you own the income-producing property individually (not in and LLC or corporation), personal assets, such as your home and other investments could be subject to the Court judgment, should you be found guilty in the lawsuit. Additionally, have you considered what will happen when you die? Will your family fight over your home, vacation home, or investments properties?
If you haven’t taken the necessary steps to protect your assets from lawsuits or probate, you or your heirs could face a nightmare of legal fees and court dates. Two commonly used tools to protect real estate assets include limited liability companies (LLC) and trusts:
LLC: In a nutshell, an LLC protects your personal assets from lawsuits or claims that results from your ownership of assets in the LLC (in this case, real estate). You must comply with Kansas LLC laws in order to receive those protections, but with the assistance of an experienced attorney, this is easily accomplished. Your attorney should prepare the LLC formation documents, file your LLC with the State and advise you on your compliance duties with the State. Formation documents should at least include: Limited Liability Articles of Organization and an Operating Agreement detailing who the members are and what their
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