Failure to secure ownership of intellectual property is one of the most costly mistakes for any small business owner. It is also one of the most easily preventable. This is what company owners and executives should know: Under federal copyright law, the ownership of copyrights and inventions belongs to independent contractors and employees, unless there  Continue Reading »

Paying employees involves more than just issuing checks. Sometimes small business owners don’t realize how many specific records must be kept. For each employee there has to be records including details such as name, address, and Social Security number, but also information about pay rate, tips, payroll taxes, fringe benefits, and any other pertinent payment  Continue Reading »

Many small businesses owners are aware that they should have, and regularly update, a strategic plan. They may not, however, realize that part of the process should involve having a succession or exit plan. The Anatomy of a Strategic Plan The best way to start working on a strategic plan is to skip to the  Continue Reading »

As a Maine-based small business owner, you know how important location is. Before choosing a location, you looked into things like foot and car traffic, as well as the occupancy rates of neighboring buildings. However, it is just as important to research the local zoning laws You wouldn’t want to find out after signing a  Continue Reading »

Often a Maine-based small business will be asked by staff members if they can be exempt from federal withholding. There are a few different things to keep in mind when considering this question: If the staff member had no liability the previous year, i.e., they received a refund of all federal income tax paid, they  Continue Reading »

It may seem like checks are less common for Maine-based small businesses than they used to be. However, check fraud continues to cost individuals and small businesses billions of dollars every year. Even though forged checks have always been a problem, inexpensive laser printers and easily obtained check-quality paper make check fraud more of a  Continue Reading »

Many Maine-based small business owners are involved in the food service industry. The Food and Drug Administration (FDA) publishes a Food Code for restaurants to protect the public from diseases that are transmissible through food. Owners of food service establishments need to make sure that any employees who handle food are not infected with the  Continue Reading »

Small business owners often prepare a projected cash flow statement. These set a prediction of the company’s available funds over a specified period of time. The primary goal is to determine whether the business will have enough cash to pay the bills. These statements show, ahead of time, whether it will be necessary to find  Continue Reading »

Small business owners want their companies to grow. An efficient way to do this may be to acquire and merge with another company. But it’s not a sure thing, and usually when it doesn’t pay off, it’s because of management issues, and not market conditions. Read these eight key strategies that could make the difference  Continue Reading »

As a Maine-based small business owner, you’ve probably spent a lot of time and money developing unique ideas, products, and services. But the more people who are in on your plans, the more you risk losing your secrets. To help protect your vital assets, it’s important to require confidentiality agreements. Sometimes referred to as non-disclosure  Continue Reading »