The Money Pump
This money pump represents the way you generate cash for your personal use. If you are an employee the outflow from the pump represents the cash generated for your employer from your efforts.
Your share is mostly represented as your wage. If the pump represents your business the outflow is the gross cash generated by the operations of the business.
Understanding Risk Management
Risk management covers a wide range of business functions including; business legal entity selection and maintenance, insurable areas, safety management, financial accuracy and theft protection, employee actions, and more
Insurable risks of loss
The fact that your business is a limited liability entity helps manage risk to other assets but does not relieve you from certain legal insurance requirements. The following insurances represent the basic types of insurance required.
Can You Use Independent Contractors?
The following is the story of how one person came to an understanding of what an “Independent Contractor” is.
The morning sun was just warming the tops of the hills surrounding the lake as Ed dropped his line in the water and made himself comfortable in the deck chair. The light breeze was just enough to cause small waves to lap against the pontoons of the houseboat and give a rocking motion to the craft. Ed knew none of the others would be getting up any time soon.
Business Help Resources
- Can You Use Independent Contractors?
- Doing Business in the 21st Century Electronic World
- How to Get Up and Running
- Notice to LLC Owners
- Ten Essential Business Functional Areas
- The Money Pump
- Understanding Risk Management
- What You Need to Know Before Starting a Business
- What You Need to Know When Your Business Needs Workers