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Showing 88 posts from 2014.
How can small business owners prepare for business succession?
Business succession planning is something every business owner needs to think about at some point, and the earlier the better. The need to come up with a viable plan to pass on one’s business is particularly important for small business owners who are alone responsible for passing on their business. Unfortunately, too many small business owners fail to take steps to come up with a transition plan, or do so too late. More >
What is Cyber Liability Insurance?
Last week, I discussed statistics from a recent survey conducted by the Ponemon Institute. The study found, among other things, that a staggering 43% of companies have experienced a data breach in the past year. With statistics like this one, it is no surprise that insurance companies are now protecting businesses from the losses sustained in a breach by offering cyber liability insurance. The financial burdens, reporting obligations, and need to update or secure a system after a breach can be devastating for a business. Cyber liability policies can be integrated into current risk management programs to address what could be a potentially crippling cyber liability claim. More >
FCC halts cable merger to resolve stakeholder concerns
The proposed merger between major cable companies Time Warner Cable Inc. and Comcast is reportedly on hold after the Federal Communications Commission halted the process to deal with important issues related to programming agreements. For readers who don’t know, the mega-merger—which was announced in February—has become a source of contention among consumers, who feel the deal will have a negative impact on them. More >
Setting up a business in Kentucky
When it comes to setting up a business, it is important to put careful thought into the particular form the business will take. The business form one chooses affects various aspects of the business, including the personal liability of the business owners for company liabilities, the way the business and its owners are taxed, and how ownership works. More >
Ponemon Institute Finds Data Breaches Are Increasing - Are You Ready?
With the number of high-profile data breaches that have occurred recently (JPMorgan, Home Depot and Dairy Queen among the list), it should come as no surprise that the frequency of data breaches has increased. According to an annual study conducted by the Ponemon Institute (an organization which does independent research on privacy, data protection and information security policy), a staggering 43% of companies have experienced a data breach in the past year. This figure increased 10 percent in one year according to the Institute...and shows no sign of stopping. More >
Possible Delay to 2015 Tax Season
In a letter dated October 6, 2014, IRS Commissioner John Koskinen wrote to Senate Finance Committee Chairman Ron Wyden expressing his concern about the upcoming 2015 tax filing season. Specifically, he is worried about dozens of tax breaks which lapsed at the end of 2013. More >
‘Jersey Shore’ star pleads not guilty to tax fraud
C’mon, admit it: you’ve watched at least a few minutes of MTV’s “Jersey Shore.” Okay, fine, not all of us have let our curiosity get the best of us, but for those who have, one of the main characters of the series is currently making headlines for a tax fraud case. Mike Sorrentino, whose nickname on the show was “The Situation,” is currently facing charges that he and his brother failed to pay $8.9 million of taxes between 2010 and 2012. More >
Understanding Stock Versus Asset Sale Agreements
When purchasing or selling an existing business, both the buyer and the seller must determine whether it is advantageous to structure the transaction as a sale and purchase of the assets of a business ("asset sale") or of the ownership interest of the business (a "stock sale"). Understanding the basic differences between the two is the first step to structuring a deal that is most beneficial to you, whether you are the buyer or the seller. More >
Independent PayPal could be target for acquisition
PayPal, for readers who don’t know, is an e-commerce business which allows customers to make secure payments through the Internet. PayPal is well known for processing payments to online vendors, particularly its partner company eBay. Readers may or may not have heard that PayPal recently announced that it would be ending its partnership with eBay. The plan is specifically for eBay to spin off PayPal into a separate publicly traded company. The change is expected to be complete by the second half of 2015. More >
Understanding succession planning to ensure business success
Running a successful business is not only a matter of attending to the needs of the moment and the coming year, as any business owner can tell you. Ensuring the success of a business also entails planning for its long term success. This includes passing the business on to appropriate individuals once one is gone. More >
