I have the honor of working with dozens of Colorado’s most creative entrepreneurs and smartest business leaders every day. One of the hardest things to tackle when you are a small, fast growing company is hiring. I’m not talking about the mechanics of employment, but rather the timing of each new person so that you maintain the customer services levels and delivery schedules necessary to do good work. In this highly active labor market it may take you some time to find the right combination of skill, character and experience. When faced with impending deadlines or an unexpected resignation, many hiring managers feel like their backs are against a wall, and will resort to desperation hiring – making an offer to a less than ideal candidate and hoping they will be a shining star.
Here are 7 of the many reasons why this is a bad idea:
Filing your business as a legal entity with the state is a huge step for new small business owners. Both Corporation and LLC owners have the opportunity for limited liability protection, saving on taxes, and letting their customers know that they’re giving their business to a legitimate, professional entity of the state. But there are a few key differences between the two. Choosing an entity is ultimately up to the business owner to decide which formation will complement their business’s needs best.