Financing Basics
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Learn about five attorney inefficiencies that can leave clients with high costs.
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Starting a business can be daunting, particularly for attorneys whose strengths tend to lie in legal analysis, not accounting or finance. Researching what it takes, monetarily speaking, to start and run a small business, may read like a foreign language to an attorney. Here are some of the basic financial concepts to understand before embarking on the path of running your own law firm.
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There are two primary types of accounting methods: accrual and cash accounting. Regardless of which method you choose, there are a few accounting and financial management problems common to both methods. Therefore, before you hang up your shingle, you should carefully consider and address these issues.
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Sufficient capital is essential for a successful business, as is having the understanding of how to manage it properly. To avoid missteps, there are several key considerations every business owner should reflect upon before seeking financing.
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The balance sheet is a statement of an organization's financial condition on a given date. It is a crucial tool for you and others to understand the value of your company and the state of its financial health. Find out more about the various sections that make up a balance sheet.
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This article illustrates how borrowing funds and converting non-deductible litigation expenses into tax deductible expenses has the cumulative dual benefits of creating a larger pool of funds for law firm investment in litigation costs, growth and partner distributions, and reducing the firm's net cost of using borrowed funds.
- With mobile credit card processing through your smartphone or tablet, it's easier than ever to get your legal fees paid by credit card.
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Investors need to beware of Ponzi schemes and exercise their own due diligence to make sure they're not caught up in a "too good to be true" financial fraud.
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If you're one of the 20 million self-employed in the United States, you'll need to pay your own FICA taxes and take charge of your own retirement plan, among other things.