Should I Separate My Business Values From My Personal Values

Should I Separate My Business Values From My Personal Values Should I Separate My Business Values From My Personal Values Todays question comes from a busy professionalShould I separate my business values from my personal values? Should I work with an organization, even if I dont personally agree with what they do? For example, what if a company asks me for help managing their Webreputation and I dont believe in their practices or their product?Whetherself-employed or workingfor a company, most people feel it is imperative to stay aligned with their principles. But what does itreally mean to never stray from ones values during the course of a career?For example, a criminal defense lawyer may assist criminals and get them back on the street. Thats their job but theythemselves are not criminals. They believe in the law.Are they working against their principles? Not necessarily. Theybelieve thatevery person has the right to a fair trial. They believe that people need to be prosecuted under the law and with proper evidence thatis collected in the proper manner. They themselves are law-abiding citizens, even if their clients are not always.Its Rarely That Black and WhiteIf you believe that abusiness or organization is the only show in town, then I can see your dilemma. But we both know thats not really the issue here.If youre worried about working with or for a particular company, you needto make sure you are discounting them for the right reasons and in the right way. One way to do this is to clearly articulate your vision and mission statement. Let potential clients or employers know what kind of company you want to work with. Clearly itemize the attributes of your target client/employer.For example I work with high-quality, high-integrity corporations that focus on customer satisfaction. My clients succeed because they are ready for success. My clients deliver what and when they promise. Myclients and I not only follow the wording of our contracts, but also th e spirit of ouragreements and I make sure they know that.Live Your Mission gutachtenIf you clearly articulate your mission statement,then you will attract clients and employers of thecaliber and type you desire, as well asward off those who do not meet your standards.Once you make your goals and expectations known, you have a foundation to work from. For example, say the company you are worried about working with still wants to work with you, even after you have shared your vision. The companyhas told you that titsmission is the same as yours but you dont see it that way.You can now comfortably and diplomatically point out any discrepancies between what the company iscurrently doing and what the company claims its mission is.The company, after all, hasbeen doing the same things the same way for a long time.The company may not seethe discrepancies. You can help the company achieve its goalsand transform itinto a company you respect.On the other hand,if this same company doesnt want to work with you because of your mission statement and goals, then you no longer have to worry about compromising your values.Either way, you have eliminated your dilemma.For mora information on everything discussed here, feel free to reach out to me.We canschedule an appointment, and I can get to know more about your unique situation. I will be happy to make recommendations on what your best steps are moving forward.ContactLauraRoseRoseCoaching.info.

3 Lessons You Can Learn From the Office Newbie

3 Lessons You Can Learn From the Office Newbie3 Lessons You Can Learn From the Office NewbieIts hard not to pity new employees at the office. On those first few days, theyre often pretty nervous- with no idea of where anything is, what theyre supposed to be doing, or if theyre meeting expectations. Thankfully, youre there to help. Youve worked at the company for a few years, which means you know the lay of the land. You have all the information that those office newbies need to succeed in their new roles.But as experienced as you are, training a new hire isnt a one-way street. There are actually a few things you could stand to learn from a brand new employee- things that can actually advance your career. 1. Never Stop Asking the Hard (and Obvious) QuestionsOnce youve worked in the same place for a few years, some things simply become the norm. You do things a certain way because thats the way youve always done them- no questions asked. The other day, for example, I attended a departm ent-wide meeting where we talked about the results of the latest trade show wed attended. The lead for that show talked through our fabulous new display, the snacks and beverages wed handed out, and how many people walked through our booth- and at the end, quickly glossed over the fact that wed generated just 300 leads from the event. Immediately after the meeting, our newest team member approached our boss and asked, Is that muster? Three hundred leads seems like a pretty small number for what we invested in attending the show.She was right- but no one else had brought up the issue because that was simply the norm. In many offices, new employees are often the only ones willing to question what everyone else has learned to just go along with.Lesson LearnedNew employees can often see beyond what the rest of the team sees as normal. In an attempt to better understand their role and the mission of the department, theyll ask the most obvious questions- simply because theyre curious. But honestly, thats what every employee should be doing. Even the most seasoned employees should be able to look critically at their companys processes and results and ask themselves, What could we be doing better? 2. Dont Be Afraid to Take RisksId been writing my companys internal, employee-facing newsletter for about a year when we hired a new writer in my department and decided to transition that assignment to her. I was ecstatic- the internal newsletter tended to be pretty boring it was sort of a running joke that no one in the company actually read it. To hand off the project, I prepared to meet with the new hire and explain to her how I compiled it each week as well as where I found the stories- but before I could even departure, she was sharing ideas about what she wanted to do with it. In fact, shed already started talking to people in other departments to find out what they wanted to read about in the newsletter and how she could improve it. It was quite the wake-up call. For a year, Id been doing the bare minimum to get the newsletter out weekly, but a new employee- whod been with the department for just a week- was champing at the bit to take a risk and do something different. Lesson LearnedAbiding by the status quo may get you by, but it probably wont get you ahead. New employees often bring new ideas and arent afraid of suggesting ways to do things differently- and often, better. But as you get settled in your job, you can easily become settled in your ways and let your innovation and creativity take a back seat. Instead, you should strive to look at your projects and assignments with the eyes of a brand new employee, asking yourself, If there were no rules, how would I approach this?3. Theres No Time to WasteHow often do you see new employees goofing off on Facebook or pulling out their phone to answer a text? Almost never. Admittedly, this may partially because theyre not sure what the office norms are regarding cell phones and social media- but fo r the most part, its because theyre eager to fill their time with meaningful work.New employees want to do whatever needs to be done. They start with their to-do list, and when thats done, they ask their co-workers and boss what else they can help with. And even if that turns up no extra assignments, they figure out something useful to do. Just the other day, a new hire at my office had a few minutes to spare, so he poked around online finding recent articles that mentioned our company- one in a not-so-positive light. He emailed it to my boss and the rest of the team, asking how to best address the customer who wrote it. What would I have done? Probably pulled out my phone to scroll through Instagram. Lesson LearnedSure, part of the perk of being a long-standing employee is that you know whats acceptable- and maybe, a few minutes on Twitter or Facebook is perfectly fine. Its actually nice to take a breather from your work every so often throughout the day. The lesson here is that no mater how long youve been at the company, you should mucksmuschenstill be hungry- eager for new projects and responsibilities, willing to lend a hand wherever its needed, and driven to help the company in every spare minute you have. Thats the kind of motivation and leadership thats going to advance your career. Its nice to be at the top looking down, but dont get too comfortable. Embracing the eagerness and audacity of a brand new employee could be just the boost your career needs. Photo of puzzle pieces courtesy of Shutterstock.

LLC Operating Agreement FAQ - United States

LLC Operating Agreement FAQ - United StatesLLC Operating Agreement FAQ - United StatesWhat is a Limited Liability Company and what is an Operating AgreementWhat is a Limited Liability Company (LLC)?A limited liability company (LLC) is a geschftlicher umgang entity that enjoys the attractive features of both a partnership and a corporation. It is similar to a corporation in that the liability exposure of individual members is limited to what each member has invested in the business. In addition, an LLC can be structured to be taxed only at one level, similar to a partnership. Like a partnership, income passes through and is taxed against individual members as personal income. The exact tax implications of an LLC will vary between jurisdictions. You should consult a tax professional if you are uncertain how to proceed. An LLC can be managed by members or by a management team.Why should I choose an LLC Operating Agreement instead of a Partnership Agreement for my LLC?In a General Partne rship, each Partner is liable for all debts and obligations of the Partnership. If one or mora of the remaining Partners are unable to meet their obligations to the Partnership then a single Partner could be liable for the full debts of the Partnership. In the case of an LLC, each Member has limited liability and is protected in a similar manner to the shareholders in a corporation. In general, an LLC would leid want to create and distribute ambiguous or misleading documents (such as a General Partnership Agreement) that could potentially be used to defeat the limited liability characteristics of the LLC.What is the difference between a Partnership and an LLC?An LLC can be structured to be taxed in the same manner as a partnership however the owners or partners of a partnership are jointly and severally liable for the debts and obligations of the partnership. This means that if the other partners are unable to meet their obligations to the partnership then each partner could be pote ntially responsible for the full amount of the debts and obligations of the partnership. In contrast to a partnership, the liability of the owners or members of an LLC is limited to the amount of capital investment each member has contributed.How do I register a Limited Liability Company?How do I file my Operating Agreement?You do not file your operating agreement. The operating agreement is simply an agreement between the owners of the LLC. To register an LLC you must prepare and file a document called the Articles of Organization. All states have a blank copy of the Articles of Organization available for download on the state website.How are Limited Liability Companies created?A limited liability company must be registered in the relevant jurisdiction. This is accomplished by preparing and filing a document called the Articles of Organization. The Articles of Organization must conform with the reporting requirements of the jurisdiction. All states have a blank copy of the Articles of Organization available for download on the state website. The operating agreement is a separate document and is an agreement between the owners of the LLC. The operating agreement outlines the terms under which the owners will interact as members of the LLC. The operating agreement does not have to be filed with the governing jurisdiction.How does a Limited Liability Company end?The parties can expressly agree that a LLC will end at a specified date, or upon completion of certain tasks. Absent an agreement to the contrary, members of an LLC can make a written submission to the other members to have themselves withdrawn from the LLC. An operating agreement should protect the LLC and the remaining members from the withdrawal of an essential member. If the voluntary withdrawal of a member offends a term of the operating agreement then the withdrawing Member may be liable for any damages suffered by the LLC or remaining members.Registered/nicht auslagerbar werberWhat is a Registered or Resident Agent?The state requires that each LLC be represented by a registered agent. This will ensure reliable communication between the company and the state. The agent must have a physical office within the state. The registered agent may also be referred to as an Agent for Service of Process.What is the registered office?The registered office is the physical street address within the state where the registered agent can be contacted during normal business hours for service of process.How do I change my Resident/Registered Agent?In most cases the Secretary of State will provide a standard form specific for this purpose. It is important to report any change in agent or agent address promptly.Follow the directions carefully.Business nameHow do I know if my business name is already taken?When you file your Articles of Organization the registry office will tell you if your business name is in use or is similar to name already in use by another company. Typically the registry offi ce will not allow two companies in the same business sector to have the same or similar name.Can I be sued for using someone elses business name?Usually when one company unfairly takes advantage of the goodwill in another companys business name, a court will issue a cease and desist order requiring the offending company to change their business name.OwnershipDoes an LLC have shares of stock like a corporation?When forming an LLC, there is no requirement to declare a share structure with various classes and series of stock. Nor do you have to declare the total number of authorized shares of stock. In this way an LLC is different from a corporation. Ownership in an LLC is most usually referred to as a member or unitholder, owning a percentage of the company, rather than as a shareholder, owning a number of shares of stock. Most jurisdictions allow that a certificate may be given as evidence of LLC membership however a membership certificate is not required and is not the same as a sto ck certificate seen in a typical corporation.When adding a new member do I issue new shares?Ownership in an LLC is most usually referred to as a member or unitholder, owning a percentage of the company, rather than as a shareholder owning a number of shares of stock. When a new member is added to an LLC, the new member is not issued a number of shares. Instead, the capital contribution of this new member is added to the capital value of the LLC and the percentage ownership of each member is adjusted as necessary.ManagementHow is an LLC managed?An LLC can be managed by the Members (the owners) or by one or more managers hired for that purpose. The type of management will be identified in the Operating Agreement.Who are the Members of the LLC?The Members are the actual owners of the LLC. They will provide capital, assets or a primary service to the LLC and in exchange will receive an ownership interest in the company.Why would the LLC want an initial period of prohibition on withdrawa l?Members of the LLC have a duty to function in the best interest of the LLC and of each other. By enforcing a prohibition on withdrawal, individuals will be motivated to take their responsibility as a member seriously and commit to at least a minimum period with the LLC. The other Members can then feel comfortable relying on the commitment of their fellow Members to the purpose and goals of the LLC.AccountingWhat is the Cash method of accounting?The Cash method of accounting is a method of recording earnings and expenses only upon receipt or payment without regard to when they occurred or were incurred.What is the Accrual method of accounting?The Accrual method of accounting is a method of recording earnings and expenses as they occur or are incurred, without regard to the actual date of collection or payment.What is a disregarded entity?For tax purposes Disregarded Entity status is available to an LLC where there is only one Member. An LLC that is classified as Disregarded Entity will be taxed in the same manner as a sole proprietorship. If an LLC has a single Member they will be treated as a Disregarded Entity by default. If an LLC has two or more Members it will be treated as a Partnership by default. In order to change the classification of the LLC for tax purposes, form 8832 will need to be filed along with the federal income tax return. Note Statutes and Regulations change frequently. Consult Internal Revenue Services for the most current requirement. For specific information on the benefits and detriments of each system of taxation, it is recommended you contact a tax lawyer in your area or qualified tax accountant.What is a Tax Matters Partner?The Tax Matters Partner (Member) prepares and submits all tax returns and reports as required by the taxation legislation.DistributionsWhat is a distribution?A distribution is an amount paid to Members usually out of the profits of the company. Distributions are paid in a fixed proportion as agreed by all Member s.Are there any limits on distributions?Most states limit the amount of a distribution so that the company cannot be left insolvent. Some states require that, after the distribution is paid, all liabilities of the company cannot exceed the fair value of the assets of the company. If you are unsure of the limits on distributions for your company then consult your state statutes or a qualified lawyer in your jurisdiction.Unanimous Consent of MembersWhy would the LLC require unanimous consent on some conditions but not others?In general, business decisions will be resolved by a majority vote of the members. However where the impact on individual members will be significant, the company may wish to resolve ansicht decisions through a unanimous vote in order to protect the interests of individual members. The members may want to require unanimous consent for areas that are deemed critical to the success of the LLC, such as hiring/firing of employees or things that will affect the interes ts of all existing members and their stake in the enterprise such as bringing on a new member or acquiring or selling company assets or assuming substantial company debt.Under the section Actions that require Unanimous Consent of the Members, what is meant by the option Assignment of ownership rights of Company Property?In order to protect the interests of all members from unauthorized behavior involving company property, the members may want to enhance the control over the use and disposition of company property by requiring unanimous consent on issues involving the use and assignment of property rights in company property.Under the section Actions Requiring Unanimous Consent of the Members, what is meant by the option Incurring Company liabilities over a fixed dollar amount?Where expansion of the LLC requires a significant financial investment involving a large debt load, the interests of all members must be considered before proceeding with that risk. Where the risk is great, the company may wish to protect the interests of individual members in the operating agreement. Within the operating agreement the members can agree what level of liability (dollar amount) is acceptable. Any liability over that amount would require the unanimous consent of all members. Any liability under that amount would only require the consent of a majority of the members.Under the section Actions Requiring Unanimous Consent of the Members, what is meant by the option Incurring single transaction expenditures over a fixed amount?To protect the interests of all members, the unanimous consent of all members may be required when making substantial purchases.Under the section Actions Requiring Unanimous Consent of the Members, what is meant by the option Sale of any Company asset with fair market value greater than a fixed amount?Sale of significant Company assets should require the unanimous consent of all members so that the interests of all members are protected. An individual membe r cannot sell or otherwise dispose of Company property. This option includes the situation where an individual member cannot use Company property as collateral for a loan (either a personal loan or a Company loan) without the majority or unanimous consent of the remaining Members where the property could be subject to seizure if the loan was in default. Ensure the fixed amount selected is practical for the size of the Company. It may be an unnecessary administrative burden to require unanimous approval for the sale of nominal assets.Under the section Actions Requiring Unanimous Consent of the Members, what is meant by the option Releasing any Company claim except for full consideration?Where the Company has a claim against another person or business entity or where a debt is owed to the Company it is in the best interest of the Company and the individual members if these obligations owed to the Company are paid in full. Whenever an obligation is to be released for less than full con sideration it is important that the interests of each member is represented and each member is allowed to provide or reasonably withhold consent to the transaction.Under the section Actions Requiring Unanimous Consent of the Members, what is meant by the option Endangering the ownership or possession of Company property?Individual members do not have property rights in Company property. Where Company assets are put at risk, either by loaning to a third party or by placing the asset in an environment where the asset is subjected to theft or loss, the interest of all Members is affected. In these situations the Company may wish to require the unanimous consent of all members.MiscellaneousWhat is the Principal Office Address?The principal office is where the main office of the Company. The Principal Office does not have to be located in the same state as the state that the Company is being formed in. The principal office address is also not required to be the same as the Registered Off ice. The principal office address is not necessarily the same as the Place of Business, which is the location where the Companys commercial transactions mostly occur.Are witnesses required to sign the Operating Agreement?Most documents and contracts do NOT require a witness for them to be legally valid. Many banks and other institutions have their own policies about signing requirements, and may refuse to accept documents that are not notarized regardless of their legal sufficiency. If you want to avoid bureaucratic hold-ups, it may be a good idea to take your document to a Notary Public or have it witnessed.Why should I use mediation and arbitration instead of going to court?mediationszeit and arbitration are superior processes when there is a long term relationship involved and the survival of the LLC is desirable. They focus on creating a mutually agreeable solution to a problem instead of the adversarial environment of a court confrontation. In addition to this, the process can be less expensive, and more expedient and efficient than the court process.What is meant by a Members interest in an LLC is personal property?A Member with an interest in an LLC whose assets are largely real estate, does not have a direct interest in the real estate itself. The Member owns an interest in the LLC that is personal property. A Members interest in an LLC entitles the Member to a proportional share of the profits and losses of the LLC and the right to receive distributions of the LLCs assets. That interest is not a direct interest in the underlying assets of the LLC even if the LLC owns real estate. As such, the membership interest is transferred and taxed as personal property. It would not have the additional documentary requirements or taxes associated with real property such as a real property transfer tax. Similarly, if the LLC owned shares of stock in a corporation, the Members would not have a direct legal property interest in the shares of stock, but instead the M embers would own an interest in the profits and losses of the LLC and the right to receive distributions of the LLCs assets.