Individuals who work for companies in a non-employee capacity often refer to their roles as consultants or contractors. The interchanging of these words can make it challenging to understand precisely what their role entails. U.S. Department of Labor (DOL) Bureau of Labor Statistics (BLS) career data shows that these two titles describe two distinct roles.
Debt is a typical cost associated with doing business. It's not uncommon for governments and companies to accumulate debt by borrowing funds from bondholders. They often pay the debt back at a specified period at an agreed interest rate. Generally, payments are made monthly or quarterly. The borrower must then pay back the lenders in full once the borrowing period is complete.
The concept of equitable securities describes a share of common stock in a corporation. This financial instrument gives individuals an ownership stake over an Ohio business when they invest in it. The amount of controlling interest that you have over the company depends on the percentage of the total number of shares you receive.
There's a difference between a merger and a joint venture. A merger involves two companies coming together to form one new company, meaning that the two former companies no longer exist in the end. A joint venture consists of the creation of a new, separate company. The two original companies remain in existence in the case of the latter.
If you've leased space for your business in an office building, shopping center or other commercial space, you may think you can only get out of it under extraordinary circumstances. However, if you find that the space isn't as conducive to bringing in business as you'd hoped or if you simply find another place you like better, you may be able to get out of that commercial lease early.
Most every Cincinnati business that offers a service or product has to enter into a contract at some point. Many Ohio companies draft these agreements to make sure that they get repaid for the inventory, equipment or service that they're about to lend out or perform. Two of the primary documents that every company should have their customers sign are a promissory note and a security agreement.
Individuals who have specialized expertise often prefer to lend their expertise to other companies on an as-needed basis as a consultant where they can set their own rates instead of working for a single employer for a set salary. While working as a consultant can be an exciting career, your consulting contract needs to be airtight if you want to make sure that you get paid.
Before you finalize any of your business contracts and leases, it is vital to make certain that you understand every word and every term appearing in the document. Failure to understand what you are signing off on can sometimes be detrimental to your operating expenses.
If you're going into business with a friend or someone you've known for a long time -- maybe from your college or military days -- you may not be very concerned about your partnership agreement. You both have the same goals for the business, so you assume that you'll work things out as issues come up.
When business owners are reviewing or negotiating the terms of a lease with a property owner, they don't always give sufficient attention to parking provisions. However, parking can make the difference between customers choosing your business or going somewhere else.