What is a partnership?
A partnership can be created automatically when two or more people engage in a business for profit. The Uniform Partnership Act states: “The association of two or more persons to carry on as co-owners of a business for profit forms a partnership, whether or not the persons intend to form a partnership.” This means that the neighbor kid and his friend who run a lemonade stand on the corner of your street technically have formed a partnership.

A partnership can offer owners flexibility and relatively simple organization and operation. While it’s generally not the preferred method for starting a business, knowing some of the basics about a partnership can be a useful tool when starting a new business.

Pros…

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In this day and age it’s difficult to succeed without a certain element of innovation. Competition is growing due to the rise in global trade, and the internet has virtually eliminated common barriers to entry in a number of industries. Innovation has become a key element of starting up and growing a small business. Anymore, it’s not just enough to have a good idea and solid business plan. Below are four ideas for promoting innovation in your small business.

Don’t be afraid to be different. So many industries are rooted in traditional ways of doing things. While the traditional ways of doing things may work, it’s much more difficult to stand out within your industry if you decide to follow your…

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By now, I’m sure you’ve heard the term crowdfunding, as its popularity has grown exponentially in the past few months due to pending legislation, the Entrepreneur Access to Capital Act. Today’s post will explain what crowdfunding is, the pending legislation permitting it, and its effects on entrepreneurs, investors, and small businesses across the U.S.

What is Crowdfunding?
Crowdfunding is a way for businesses to raise money through small contributions from a large number of people. This type of investing is said to combine the best of microfinance and crowdsourcing into a convenient investment tool for entrepreneurs and investors.

Pending Legislation: The Entrepreneur Access to Capital Act (H.R. 2930):
Currently, entrepreneurs and investors face a number of costly Securities Exchange Commission (SEC) registration requirements, compliance…

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An unstable economy and tighter credit regulations have spurred on a movement toward non-traditional financing solutions for small minority businesses. It’s very difficult to grow your business without an influx of capital. The last couple of years have been especially difficult for businesses looking to raise money. Many small businesses lack the experience and credentials necessary to secure financing from traditional financial institutions. A recent study released by the Minority Business Development Agency (MBDA) found that minority-owned businesses are less likely to receive loans than non-minority-owned businesses. Furthermore, those minority-owned businesses with gross receipts of less than $500,000 are even less likely to secure a loan.

The National Small Business Association reports that only 59 percent of small businesses are able…

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