Obviously the simple answer is “no,” because others have gone on to run highly successful businesses without a formal education. However, the fact still remains that those people tend to be the exception; not the rule. Some industries not only highly benefit from formal education, but it can be required for licensing (medical and legal fields for example). Others don’t require a formal [...]

LLCs are a popular legal business form for small businesses. Discover what LLCs are, and what their advantages and disadvantages as a business model are. What is an LLC? LLC stands for “limited liability company.” LLCs have become the legal business structure of choice for many small business owners, because they combine some of the advantages of various other legal business forms. Pros [...]

If you plan to operate your business on your own, a sole proprietorship may be an acceptable and appropriate legal business form for your needs. Find out what sole proprietorships are, and whether or not that legal business form would suit your small business. What is a Sole Proprietorship? A sole proprietorship is a business with only one owner, that’s not a corporation of any kind. Many business [...]

Most areas of business accounting would be difficult to understand without first grasping the concepts of assets and liabilities. Essentially, all money going in and out of a business will fall into different “accounts.” Those accounts are classified as asset accounts, liability accounts, or equity accounts (such as owner’s equity or shareholder equity, basically meaning what’s invested into [...]