Thinking about selling your business? Before buyers scrutinize your records, ensure your books are in order to avoid deal-breaking red flags. From legal structure updates to contract oversight and employee classifications, this guide covers the most common business lapses—and how to fix them before they cost you a sale.

Proper record-keeping is crucial for a smooth business sale, yet many owners overlook it until due diligence exposes gaps. Missing or inaccurate records can delay or derail a deal, making proactive organization essential. Learn which key documents to maintain to protect your business, streamline due diligence, and enhance its value.

The U.S. Treasury’s FinCEN now mandates businesses to disclose beneficial ownership under the Corporate Transparency Act, affecting over 32 million entities. Starting January 1, 2024, certain U.S. and foreign-registered companies must report key ownership details to combat financial crimes. Non-compliance may lead to hefty fines and imprisonment—learn how to prepare before the deadline.

An LLC operating agreement is essential for defining ownership, management, and profit-sharing, even if not legally required. Without one, your business may be governed by default state rules that don’t suit your needs. Customize your agreement to protect your interests and ensure long-term success.

Protect your business with a buy-sell agreement—a crucial contract that ensures smooth ownership transitions in cases of death, disability, divorce, or departure. This legal safeguard provides stability, prevents disputes, and secures buyout rights, making it an essential part of your business plan. Learn why every business owner should consider one.

A joint venture can be a powerful business strategy, but its complexity depends on legal structure, capital investment, and project scope. Whether structured as a contractual relationship or a separate legal entity, both parties share resources, risks, and liabilities. Understanding tax implications, legal considerations, and exit strategies is crucial for a successful joint venture.

A joint venture is a strategic alliance between two parties for a specific project, while a partnership is a long-term business relationship focused on profit. Learn the key differences, benefits, and how joint ventures help businesses secure government contracts and tackle large-scale projects.

Setting up a nonprofit and obtaining 501(c)(3) tax-exempt status is a multi-step process that can take months. Smaller organizations may qualify for the streamlined Form 1023-EZ, with approval in as little as four to six weeks, while others face an eight to ten-month wait. While the application is pending, nonprofits can operate as tax-exempt, but donors should be informed that contributions may not be deductible if the exemption is denied.

Signing a Letter of Intent (LOI) to sell a business is just the beginning—due diligence follows, and unprepared sellers risk delays or deal breakdowns. A well-organized due diligence process strengthens buyer confidence, accelerates closing, and ensures a smoother transaction. Learn how to navigate due diligence effectively and make your business stand out.