If you’re a sole proprietor with no employees and very little business overhead, what you pay yourself is pretty much what you earn in sales minus your costs and taxes. But what happens when your business grows, or you enter a partnership, or take on employees – how do you determine what your salary should be?
As a business owner, setting your own salary can be a tricky task, especially in markets that see highs and lows. Here are a few tips to help you determine the best way to "pay the boss.”
No Magic Formula
week, U.S. Commerce Secretary and former CEO John Bryson traveled to Florida to
meet with local business leaders and discuss his priorities for supporting
advanced manufacturing and encouraging exports. On Thursday evening, Bryson
to the National Association of Manufacturers Board of Directors dinner in Boca
Raton, Fla. Friday morning, he visited the Port of Miami and took a tour of
Pavilion Furniture, a Miami Gardens, Fla. company that is working with
The United States-Korea Trade Agreement (KORUS Agreement) enters into effect today, reducing tariffs on almost all U.S. industrial exports to South Korea and making it easier for U.S. exporters to successfully compete in the Korean market.With the implementation of the KORUS Agreement, tariffs will immediately be eliminated on almost 80 percent of U.S. exports to Korea.Tariffs will also be reduced on other industrial exports that are not made automatically duty-free—the average tariff rate on U.S. industrial exports to South Korea will be reduced from 6.2 percent to 1.1 percent.Read More
Drought lingers in southern Plains and Southeast, expands in West and upper MidwestFor the first time in four years, no area of the country faces a high risk of major to record spring flooding, largely due to the limited winter snowfall, according to NOAA’s annual Spring Outlook, which forecasts the potential for flooding from April to June. “We’re not forecasting a repeat of recent historic and prolonged flooding in the central and northern U.S., and that is a relief,” said Laura Furgione, deputy director, NOAA’s National Weather Service.Read More
The US- Korea trade agreement, which takes effect today, is a major win for America’s small businesses. A key part of President Obama’s National Export Initiative, this historic agreement provides businesses with greater access to a fast growing market and more opportunities to create jobs. It is estimated that the tariff cuts in the agreement will support 70,000 American jobs.
There’s no doubt about it, women are a rising force in American entrepreneurship. Here are some fast facts on women-owned businesses:
The latest Census data indicates that 7.8 million U.S. businesses are owned by women. This represents a stunning 44% increase from 1997-2007, twice the growth rate of men-owned businesses.
Women-owned firms now make up close to a third (29%) of all nonfarm businesses across the country.
These firms generate a total of $1.2 trillion annually and employ 7.6 million people.Read More
You know Daylight Savings Time just started and that St. Patrick’s Day is this weekend. You might even know that it’s Women’s History Month. But did you know it’s also National Crafts Month? Or that the 21st is Kick Butt Day and the 23rd is National Puppy Day? If not, you’re probably not taking full advantage of the power of seasonal and holiday promotions.
Guest blog post by Barry Johnson, executive director of
For many small business owners considering how to organize their company, becoming a Limited Liability Company (LLC) is a great choice, thanks to the liability protection and pass-through tax status they afford.
Guest blog post by Acting Assistant Secretary Matt Erskine, Economic Development AdministrationToday I joined my colleagues, Under
Secretary of Commerce for Intellectual Property and Director of the United
States Patent and Trademark Office David Kappos and Associate Director for
Innovation and Industry Services at the National Institute of Standards and
Technology Phillip Singerman, at a meeting of the National Advisory Council on
Innovation and Entrepreneurship (NACIE) in New Orleans. The quarterly meeting of