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Why buddies can be bad for business

Your friends are there for you through thick and thin. They were likely also there in the early stages of starting your own business. You may have had one friend who helped you generate ideas, or even do some of the initial work to get your new business going.

After doing all that work together, it may seem natural to invite your friend to be part of your business venture. While some friends can also be good business partners, it often results in hard feelings and can be detrimental to your business’ success.

Small businesses are increasingly at risk of phishing

In December, the Associated Press published an article about the increase of business-related scams during two seasons of the year. One popular season is during the holidays, which just past, and the other heavy scam season tax time. With employees seeking W-2s and other important forms, it is time for a seasonal reminder about phishing and cyber security as a whole.

Adding a non-compete for current employees

Your employees are a terrific asset. They can help you support a higher volume of client needs and they can help you with areas where you are weak.

Unfortunately, however, employees can also be a risk. No matter what you do, there will be a day when your employees leave your business. Before they leave, you need to make sure your business has the protection it needs if your former employee becomes a new risk.

A succession plan may save the business

Business ownership is complicated. During start-up, it is important to consider every scenario and detail of a business model. Once open, though, many owners focus on management and growth, relying on their own expertise to get them through the problems that may arise.

When a business owner becomes unexpectedly ill or passes away, it creates many challenges for the company. Even outside of complex business operations, this is a highly regulated society. Giving a used car to a loved one requires paperwork. A change of ownership or business responsibilities is no simple task.

Spotlighting a foundational business tool: the company handbook

Lots of things promote or militate against success for a New York business.

A company's leadership team and its core strategies concerning profitability tied with products and services obviously command paramount importance. So too do things like efficient production, marketing chops, timely and consistent quality improvements, ready access to relevant technologies and attractive financing options.

Should parents fund a child's startup company?

There are many avenues to explore when an entrepreneur is raising funds for a new business. It is easy to get caught up in seeking investors, financing, partnerships and sponsorships. While there will be many formal business discussions, many people seek a familiar, and less formal, source of funding: they ask their parents for money.

NY's pending cannabis-linked changes: drilling down to specifics

New York legislators have obviously thought long and hard about ushering in marijuana-tied laws that focus upon adjustments yielding material changes across the state's vast business community.

We alluded to that in a recent Tarantino Law Firm blog entry. We noted in our November 2 post the pending adjustments called for in the Marijuana Regulation and Taxation Act, stressing that they "espouse a legal philosophy that is unquestionably bold and forward-looking." The MRTA includes these key features:

The MRTA: a New York business acronym with tremendous implications

States across the country are revising -- in some cases dramatically adjusting -- their laws concerning marijuana oversight and regulation. Some focus primarily on key decriminalization aspects relevant to cannabis manufacturing, possession, use and sales. Others seek to adjust current marijuana schemes in a manner that will optimally promote legitimate business activities.

New York's pending MRTA program prominently takes into account both of those objectives.

Can free services get a new business off the ground?

Many start-ups begin with the expectation that income will be lean. That it will take time to build a brand, a reputation and a steady base of clients or customers. While that is typically true, it is often counter to a business's goals to offer free or discount services to grow that reputation.

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