Maine-based small business owners often face a balancing act when it comes to deciding how much cash to keep in their regular checking accounts. On one hand business owners want to keep the money available for an emergency or great opportunity. But on the other hand, it doesn’t generate any extra income, as banks are  Continue Reading »

It’s one thing to read about other companies facing tough financial times. It’s quite another to experience the pressure yourself. The fact is, however, that many companies are having trouble paying their debts. And small business owners are called daily by lenders who want to collect. Here are some recommendations for talking and negotiating with  Continue Reading »

Small business owners almost always have to ask for a loan at some point. It’s important to remember that when requesting a loan, you will have to deal with the issue of covenants. These are constraints lenders impose on your company to keep it operating within specified financial ranges, and to prevent your small business  Continue Reading »

In re Civic Partners Sioux City, LLC, 2013 Bankr. LEXIS 4225 (Oct. 7, 2013) After declaring Chapter 11 bankruptcy, the debtor, a developer, asked the Bankruptcy Court to confirm the latest version of its reorganization plan in a “cram down” proceeding. Two key creditors objected, arguing that the plan rested on an improperly low valuation  Continue Reading »

If you use part of your home as an office for your Maine-based small business, and deduct related expenses on your tax return, you may wonder if you can claim a valuable federal tax break when you sell. This tax benefit is the home sale gain exclusion, of up to $250,000 for single taxpayers. In  Continue Reading »

If you want your Maine-based small business to grow and remain competitive, a solid financial plan and a well-conceived strategy can mean the difference between boom and bust. The most important starting point is a cash-flow analysis. Looking at your company’s cash flow statements you as a business owner to understand the cycle of inflows  Continue Reading »

Does your Maine-based small business sell products or services over the Internet? It is extremely important to understand the laws pertaining to the collection of sales taxes. Collecting sales tax is relatively straight forward if your business has a physical store. You charge your customers the sales tax required by the jurisdiction where your business  Continue Reading »

Brave v. Brave, 2013 Ark. App. LEXIS 570 (Oct. 2, 2013) For over 25 years, Arkansas courts recognized a tight “professional license goodwill” exception in divorce cases. It applied primarily in cases involving professional partnerships such as medical and dental offices and treated the professional spouse’s personal goodwill as his or her separate property for  Continue Reading »

Years ago, many companies dealt with vendors, suppliers, customers and others that were located in the same geographic area. Today, the Internet has made the business world a much smaller place, and it’s not unusual to engage in transactions with entities in multiple states and even countries. While doing business outside your area may open  Continue Reading »

Thanks to legislation passed in 2013, the federal income tax rates for individuals remain historically low for single taxpayers with taxable income below $400,000.The rates for C corporations, however, remain at the same levels that have been in place for years. As a Maine-based business owner, you may wonder if you should switch a C  Continue Reading »