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I’ll walk you through how to close a business bank account — from opening a new account (if necessary) and settling the old one to gathering the necessary documentation to process the closure and obtaining written confirmation that the account is closed. I’ve guided countless business owners through the same process smoothly and efficiently. Whether the closure is due to switching banks, shutting operations down, or restructuring, following the correct steps is essential to avoid complications. These issues include missed payments, overdraft fees, service charges, and disruptions to business operations. Step 1: Open a new business bank account (if needed). If your business is still operational, set up a new account before closing your existing one to ensure uninterrupted financial transactions, such as payroll, vendor payments, and client deposits. Before making the switch, compare new business banks based on fees, services, and accessibility. Step 2: Transition automatic transactions to the new account. Update payment methods. Notify clients and update payment details for direct deposits. Transfer automatic payments. Move recurring transactions, such as payroll, subscriptions, and vendor payments. Allow outstanding checks to clear. Keep enough funds in the old account until all issued checks have cleared. Step 3: Reconcile and settle the old account. Confirm no pending transactions. Ensure deposits and withdrawals Confirm there are no outstanding withdrawals tied to the account, such as a quarterly tax payment, bi-annual dues, or annual subscriptions that sometimes get missed since they don’t occur monthly. are completed. Pay outstanding fees. Settle any maintenance fees or penalties to avoid complications. Withdraw remaining funds. Transfer any remaining balance to your new account or withdraw in cash or check. Consider consulting a financial advisor. Address tax implications, if any, with them. Review any special rates, discounts, or benefits. Ensure you have no preferential pricing on loans, merchant services, or treasury management products. Closing your account could result in losing these perks, leading to higher fees or interest rates. Confirm how account closure may affect existing services, and explore alternatives to retain any valuable benefits. Step 4: Gather necessary documentation. Banks typically require documentation to process a business account closure. It would be good to contact your bank ahead of time to confirm what documents, if any, will be needed. Requirements may include the following: Business name, address, and tax identification number Proof of authorization, such as corporate resolutions or partnership agreements Account details, including related services to be terminated Additionally, depending on your business type and location, there may be legal requirements when closing an account. Business entity regulations: LLCs and corporations may need formal resolutions or board approvals before closing an account. Tax obligations: Ensure all tax payments are settled and then notify the IRS or relevant tax authority. Loan or credit line settlements: If your account is tied to a business loan or credit line, confirm whether early closure affects your obligations. State requirements: Some states require businesses to report financial account closures as part of business dissolution. Checking these requirements in advance ensures a smooth and hassle-free process, especially since some major banks charge fees for early closures and others require extensive documentation. Note that additional steps may be necessary if your business has multiple owners. Get consensus. Ensure all authorized signers agree to close the account. Verify signature requirements. Have all owners sign off on the closure if the bank requires it. Distribute remaining funds fairly. Document how remaining funds are allocated among owners. Update internal agreements. Reflect financial changes on agreements, if any. Step 5: Submit a formal closure request. Each bank has its own procedures, and it’s important to follow the bank’s specific guidelines to avoid delays or rejections. Written request: Some banks require a signed closure letter from authorized personnel. In-person visit: Some banks may mandate visiting a branch for identity verification. Online or phone request: Some banks allow closures through digital channels. Step 6: Obtain written confirmation. Closing a business bank account doesn’t end with the final transaction. Verify that the closure has been processed by obtaining written confirmation from the bank. This ensures you have a record for future reference, preventing any unexpected fees or issues down the line. You will also want to do the following to help prevent financial discrepancies and keep your business in good standing: Monitor any remaining linked accounts, subscriptions, or payments to ensure no unexpected charges occur. Keep records of all closure-related documents, including account statements, for future reference. Update all financial records, tax filings, and vendor payment details if your business is transitioning to a new bank. Notify your accountant or bookkeeper to ensure accurate reporting and reconciliation. More about Accounting What do you need to close a business bank account? Each financial institution has its own policies and procedures for closing a business bank account. To make this process easier, I’ve created a checklist that outlines all the essential steps. You can use it as a guide to keep everything organized and stress-free. Common mistakes when closing a business bank account Many business owners run into unnecessary complications when closing an account. Here are common mistakes to watch for: Not updating automatic payments and deposits: Ensure all recurring transactions are switched to the new account before closure. Forgetting to keep enough funds for outstanding checks: Allow time for pending checks and transactions to clear. Not obtaining written confirmation: Always get proof of account closure to avoid future disputes. Ignoring potential fees: Some banks charge early closure fees or require a minimum balance for certain periods. Not notifying vendors and customers: Failing to update payment details could result in missed payments or deposits. Special circumstances While closing a business bank account is typically straightforward, certain situations require additional steps and considerations. Whether you’re dissolving your business or just switching banks, understanding the nuances of these special circumstances can help prevent delays and financial complications. Dissolving a business Closing a business involves more than just shutting down operations — it requires legal and financial steps to dissolve the entity properly. Step

Image: ellinnur/Envato Elements With an eye toward boosting Malaysia beyond chip assembly and into more lucrative semiconductor production, Arm Holdings Plc will provide the Southeast Asian country with chip designs and technology. The Malaysian government will pay the Softbank Group-owned Arm $250 million over a 10-year period for semiconductor-related licenses and access to intellectual property. Deal includes training 10,000 chip engineers The plan is to enable Malaysian companies to design their own chips with the goal of exporting $1.2 billion in semiconductors by 2030. Malaysia’s semiconductor industry has traditionally focused on midstream and downstream operations. The terms of the deal include Arm training 10,000 chip engineers and providing support toward the development of locally designed semiconductor products, Prime Minister Anwar Ibrahim said in a speech. Arm will open its first Southeast Asian office in Kuala Lumpur to enhance its regional presence, including in Australia and New Zealand, according to Ibrahim. See: Boosting R&D Could Lift Australia’s GDP by 3%, Report Finds More about Innovation Shifting focus to build ‘the whole ecosystem’ Malaysia joins an increasing number of countries trying to build domestic production of a component that is critical to future technologies. As of November 2024, it is the sixth-largest exporter of semiconductors globally, accounting for 13% of the chip assembly, testing, and packaging market. Intel Corp. and Infineon Technologies AG are major players in the country and have operations that primarily focus on chip production. “We have always wanted to move from the back-end — which is on testing and assembly — to the front-end,” Malaysian Economy Minister Rafizi Ramli told Bloomberg Television’s Haslinda Amin on Wednesday. “The government has taken a radical approach” to work with Arm “with the perspective of building the whole ecosystem.” Malaysia has become a destination for many tech companies seeking to diversify away from China, which is facing escalating tariffs under the Trump administration. However, Malaysian officials are concerned that the wide-ranging tariffs could impact the trade-dependent nation. See: Trump’s Import Tariffs: How They’ll Shake Prices, Jobs, and Trade The U.S. has similar goals The U.S. is also trying to revive domestic semiconductor manufacturing. Taiwan Semiconductor Manufacturing Company (TSMC) will spend $100 billion in the U.S. over the next four years to expand its production capacity, President Trump said Monday. This is in addition to $65 billion in investments TSMC, the world’s largest semiconductor manufacturer, has previously announced. The company has already begun building three plants in Arizona. Chinese tech giants Alibaba, ByteDance, and Tencent are increasing purchases of scaled-down NVIDIA chips to power generative AI models like DeepSeek-R1, alleviating concerns over decreasing demand for U.S. hardware. source

Image: Gage Skidmore U.S. President Donald Trump has called on Congress to “get rid of” the 2022 CHIPS and Science Act, arguing the semiconductor funding law funnels billions to foreign companies without meaningful returns for the U.S. Speaking during a joint address to Congress on March 4, Trump criticized the act’s $39 billion in semiconductor manufacturing incentives, particularly funds allocated to Taiwanese chip giant TSMC. Trump targets TSMC “We’re not giving them any money,” Trump said, referring to Taiwanese chipmaker TSMC. “Your CHIPS Act is a horrible, horrible thing. We give hundreds of billions of dollars. It doesn’t mean anything. All that was important was they didn’t want to pay the tariffs.” His remarks came soon after TSMC announced plans to expand its U.S. operations with three new fabrication plants, two advanced packaging facilities and a major R&D team center — an ambitious $165 billion investment. The company, which supplies semiconductors to Apple, NVIDIA, AMD, Broadcom, and Qualcomm, has already established a facility in Phoenix under the CHIPS Act but has faced repeated delays. “You should get rid of the CHIP[S] Act and whatever’s left over Mr. Speaker, you should use it to reduce debt or any other reason you want to,” Trump said, addressing Speaker Mike Johnson. SEE: President Trump plans for a national crypto reserve including Bitcoin and Etherium cryptocurrencies. What’s hot at TechRepublic CHIPS Act faces political and industry scrutiny Some of the money set aside for the CHIPS Act has already been distributed or signed into contracts, including $1.5 billion to TSMC. In 2022, the Semiconductor Industry Association said the act would strengthen American competition, insulating the country from supply chain risks stemming from geopolitical tensions. TSMC received the first major subsidy under the act. In order to “get rid of” an act, Congress would have to write and vote on a new law to repeal it. A recent Bloomberg report suggests Trump plans to cut two-fifths of the staff at the CHIPS Act Office. White House uses tariffs as strategic leverage Last month, the Semiconductor Industry Association expressed tentative support for Trump’s positions regarding trade negotiations and tax incentives to support U.S. semiconductor manufacturing. “We’re encouraged by President Trump’s goals of restoring U.S. trade leadership, promoting American strength in semiconductors, and reindustrializing our country,” SIA President and CEO John Neuffer wrote at the time. “We understand tariffs are a tool in the trade policy toolbox. If not approached carefully, tariffs could make it significantly more expensive to develop and produce Made-in-America semiconductors and the many critical technologies they enable, including artificial intelligence.” On March 4, the Trump White House put into effect a 25% additional tariff on all products from Canada and Mexico and a 10% additional tariff on all products from China, allegedly to cut down on drug trafficking. “Tariffs are a powerful, proven source of leverage for protecting the national interest,” a White House statement announcing the tariff plan in February said. In a statement last year, electronics retailer Best Buy told investors the additional costs on imports “will be shared by our customers.” source

After two years, Microsoft has finally completed its E.U. Data Boundary, a solution for commercial and public sector cloud customers that lets them store and process their data within the E.U. and European Free Trade Association, which is the intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland. This can be applied to Microsoft 365, Dynamics 365, Power Platform, and most Azure services. SEE: UK Cloud Services Market ‘Not Working As Well As It Could,’ Says Competition Authority What is the E.U. Data Boundary for the Microsoft Cloud? The E.U. Data Boundary for the Microsoft Cloud was launched in January 2023, which saw European customer data from Microsoft Cloud’s core services being processed and stored locally. Over the next two years, the scope was gradually expanded to include pseudonymized personal data and “professional services” data, such as logs and case notes transferred between customers and Microsoft to facilitate technical support. Some customers may need to go through additional steps to acquire a professional services data storage commitment. Microsoft also caveats that, in rare security incidents that require global intelligence, some customer data may be transferred outside the E.U. Data Boundary. However, it emphasizes that any such transfers would be carried out with robust security measures, including encryption and strict access controls, and would be communicated transparently. E.U. regulators have long scrutinized Microsoft’s handling of cloud user data, citing concerns over data sovereignty, transparency, and compliance with GDPR. Other tech giants are in their crosshairs too, with Meta receiving a record €1.2 billion penalty in 2023 for mishandling user data transfers between the U.S. and Europe. “The EU Data Boundary reflects Microsoft’s commitment to delivering unmatched cloud services that support European transparency, protect privacy, and enhance customer control,” Microsoft executives wrote in a blog post, and highlighted its over $20 billion investment in European AI and cloud infrastructure over the last 16 months. Must-read big data coverage Europe’s prolific data regulations Europe has become famous for its prolific data regulations, including the General Data Protection Regulation, Germany’s Federal Data Protection Act, the U.K.’s Data Protection Act, and France’s CNIl guidelines. This means that European cloud users with their data spread about in data centres worldwide may find it difficult to comply with the necessary local laws. A growing number of tech giants, including Amazon, Oracle, Google, and now Microsoft, are offering data residency solutions, allowing organisations greater control over where their data is kept to ensure compliance with such regulations. source

KeePass is a free and open source password manager geared toward power users and tech enthusiasts. In this article, we walk you through how to set up and use KeePass. We also answer some frequently asked questions about KeePass and its feature set. 1. Downloading and installing KeePass Unlike other popular password managers, KeePass is a completely free password manager. This means that you won’t have to worry about losing out on features for choosing to download the free version or picking one paid subscription over another. In our hands-on review, KeePass received a score of 3.2 out of 5 stars. Check out our full KeePass review. To download KeePass, I went on their official website and navigated to the Downloads section. I’m using my personal Windows laptop so I chose to click on the KeePass Installer for Windows.   KeePass download page. Image: KeePass 1 NordPass Employees per Company Size Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+) Micro (0-49 Employees), Small (50-249 Employees), Medium (250-999 Employees), Large (1,000-4,999 Employees), Enterprise (5,000+ Employees) Micro, Small, Medium, Large, Enterprise Features Activity Log, Business Admin Panel for user management, Company-wide settings, and more 2 Dashlane Employees per Company Size Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+) Micro (0-49 Employees), Small (50-249 Employees), Medium (250-999 Employees), Large (1,000-4,999 Employees), Enterprise (5,000+ Employees) Micro, Small, Medium, Large, Enterprise Features Automated Provisioning 3 ManageEngine ADSelfService Plus Employees per Company Size Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+) Any Company Size Any Company Size Features Access Management, Compliance Management, Credential Management, and more If you’re using a different operating system, simply look for the appropriate download link under KeePass’ Contributed/Unofficial KeePass Ports list. After it finished downloading, I ran the setup installer and went through the necessary install steps. Once installed, I launched the app and was redirected to a blank KeePass dashboard. KeePass upon initial setup. Image: Luis Millares As we noted in our full KeePass review, KeePass doesn’t have much in terms of an initial guide on how to use their software. Fortunately, I’ll show you how to set everything up in this article. 2. Setting up a KeePass database Once I got to this blank dashboard, I went over to the menu bar and hovered over File and clicked New. New file. Image: Luis Millares This will prompt KeePass to start creating a New Database. A KeePass database is your password vault. It’s the file that will store your passwords and other information securely. After clicking New, KeePass asked me if I wanted to proceed in creating a new database and I clicked OK. From there, I chose where I wanted to have my new database file saved and its. Afterwards, KeePass prompted me to provide a master password for my database.The master password is important because it serves as your main key to access your KeePass databases. In theory, this is the only password you will need to manually create and remember, as KeePass has a built-in password generator that can create random and secure passwords. Creating a master password. Image: Luis Millares Clicking on “Show expert options” brings up KeePass’ two options for multi-factor authentication (MFA): key file and linking to a Windows user account. Choosing key file lets you set a file to save — on your computer, a USB flash drive, or another device — to act as an additional requirement in tandem with your master password to access your database. KeePass MFA options. Image: Luis Millares Meanwhile, linking to a Windows user account lets you access your KeePass database only if you’re logged into a specific Windows user account. For this demonstration, I chose to only have a master password. After setting a password, I re-typed my chosen name for the new database. New database in KeePass. Image: Luis Millares SEE: Penetration Testing and Scanning Policy (TechRepublic Premium) 3. Saving a new entry with KeePass Now that we’ve got a database to work with, it’s time to save our first password entry. As we saw, KeePass includes two sample entries when you create your first database. You can play around with these to get a feel for how it works. To save a new entry, you can either click the new entry button on the menu bar, right click on any space within the dashboard, and click Add Entry or use the shortcut Ctrl + I. Add Entry button on the menu bar. Image: Luis Millares In this case, I used the new entry button. From there, KeePass showed me the add entry menu and I filled in the fields for the Goodreads account I wanted to create. New Goodreads login. Image: Luis Millares By default, KeePass will generate a 20-character password but you can choose the length. You can also set it to have either numbers, upper or lower case letters, and special symbols. After I finished filling out the fields, I checked the generated password, pressed OK, and my KeePass login was saved. Saved logins in KeePass. Image: Luis Millares To access my new Goodreads credentials, I had the option to go to the newly saved login, right click it, and copy the saved username or password. More cloud security coverage KeePass frequently asked questions (FAQs) Is KeePass actually free? Yes, KeePass is completely free. This is one of its main selling points as it doesn’t have any paid or premium version. Instead, you get all its password management features for free. Does KeePass have a mobile app? While KeePass doesn’t have an official mobile application per se, it has a number of mobile ports that were created by its community members. As of publication, KeePass had six Android ports and five iOS ports listed on their official website. What are KeePass plugins? These are downloadable add-ons created by KeePass users that extend the functionality and features of the base client. They can range from having more multifactor authentication options, the ability to change the appearance

Chairman and CEO Satya Nadella at Microsoft Inspire 2023. A widespread Microsoft outage on March 1 left tens of thousands of users unable to access key services, including Outlook, Teams, and Office 365, for more than three hours. Microsoft has not provided full details on the root cause but attributed the disruption to a “problematic code change.” Timeline of the Microsoft outage According to Downdetector, reports of issues began rising on March 1 around 3:30 p.m. ET. More than 37,000 complaints were logged for Outlook, 24,000 for Office 365, and 150 for Teams. The majority of reports originated in U.S. cities, including New York, Chicago, and Los Angeles, though social media posts indicated the outage had a global reach. Frustrated users turned to social media, with many initially fearing they had been hacked. “I thought I was getting my outlook hacked, turns out the entire Microsoft platform is getting hacked. Thank God it’s not personal,” one user posted on X. Microsoft acknowledged the issue in a post on March 1at 4:34 p.m. ET via its Microsoft 365 Status account, stating: “We’re investigating an issue in which users may be unable to access Outlook features and services.” SEE: Microsoft Patches Two Actively Exploited Zero-Day Flaws However, the outage affected more than just Outlook; Office 365 applications such as Word, Excel, Teams, and Exchange were also impacted. In a follow-up X post, Microsoft confirmed that “various Microsoft 365 services” were down and that engineers were analyzing telemetry and customer-provided logs. At about 5:00 p.m. ET on March 1, Microsoft confirmed it had identified a potential cause of impact, and almost an hour later reported that services were recovering. The company confirmed at 7:02 p.m. ET that service had been restored after “reversion of the problematic code change” and to “refer to MO1020913 in the admin center for detailed information.” Users express frustration as businesses face potential losses Despite the fix, some users continued to report issues. At 1:46 a.m. ET on March 3, the “Status Is Down” X account reported ongoing Outlook and Office 365 disruptions. One affected customer posted on X on March 3 that Microsoft “should be ashamed of themselves” and that the continued problems are “potentially costing businesses millions of dollars.” The company’s service status page shows all services as operational at the time of writing. Microsoft has yet to release a detailed report on the latest outages. TechRepublic has contacted Microsoft about the cause of the initial outage and for additional information about any ongoing issues; there has been no reply at the time of writing. What’s hot at TechRepublic Other outages that disrupted business operations Microsoft is, unfortunately, no stranger to outages. In November 2024, Microsoft Teams experienced technical delays for over 24 hours, and since then there have been issues with Copilot, Multi-Factor Authentication, SharePoint, and OneDrive. In July 2024, a distributed-denial-of-service attack caused global issues with Azure cloud service. However, none of these come anywhere close to the scale of the CrowdStrike incident that same month, which disabled about 8.5 million Windows devices worldwide and caused huge disruption to emergency services, airports, law enforcement, and other critical organisations. Slack’s recent outage Microsoft 365 services were also not the only ones facing problems this week. On Feb. 26, Slack experienced a significant outage, disrupting services like messaging and workflows for thousands of users worldwide. This was caused by maintenance action in a database system which led to an “overload of heavy traffic.” source

Image: Samsung Samsung’s upcoming Galaxy A-series lineup is set to bring generative AI features to more affordable smartphones, following the trend established by its flagship S-series. The new Galaxy A56 5G, Galaxy A36 5G, and Galaxy A26 5G offer AI-powered photo editing, writing assistance, and Google’s Circle to Search — features once exclusive to premium models. Samsung shared this news as part of its Mobile World Congress 2025 announcements. “The new Galaxy A series marks an important step in our mission of AI for all, by opening Galaxy’s incredible mobile AI experiences to even more people around the world,” said TM Roh, president and head of mobile eXperience business at Samsung Electronics. The Galaxy A36 5G starts at $399.99 and will be available March 26, while the Galaxy A26 5G starts at $299.99 and will be available March 28. The Galaxy A56 5G starts at $499.99, and will be available at an unspecified date in 2025. Generative AI delivered in partnership with Google Samsung calls the A-series variant of its generative AI “Awesome Intelligence.” It’s exclusive to the Galaxy A56 5G, Galaxy A36 5G, and Galaxy A26 5G, and it brings pretty standard generative AI tools. Many of the same features are included on the mainline S25s. The features include: Google’s Circle to Search: Quickly looks up information by circling text, images, or objects on screen, while also identifying phone numbers, emails, and URLs and providing shortcuts for quick actions. Object Eraser: Remove unwanted elements from photos. Custom AI filters: Create image effects by applying styles from other photos. Writing assist: Suggesting improvements in grammar, tone, and clarity. SEE: Have an old smartphone sitting in a drawer? There are plenty of ways to recycle it. Mobility must-reads One UI 7 and enterprise features The Galaxy A series will debut Samsung’s One UI 7, introducing a redesigned Notifications and Quick Settings panel alongside integrated generative AI productivity tools. It also enables Knox Vault, Samsung’s security subsystem designed to store sensitive enterprise data separately from general device storage. A special enterprise edition Galaxy A56 5G will come with seven years of security and One UI updates, a three-year warranty, a two-year product lifecycle guarantee, and a one-year Knox Suite Enterprise Plan license. Larger, brighter displays and long battery life All models in the 2025 Galaxy A lineup will feature 6.7-inch displays, with the Galaxy A56 5G and Galaxy A36 5G offering brightness levels of up to 1200 nits — optimized for enhanced viewing in movies and games. Samsung claims the battery can last up to 29 hours of video playback. Under the hood, the Galaxy A56 5G runs on Samsung’s Exynos 1580 chipset, while the Galaxy A36 5G is powered by Qualcomm’s Snapdragon 6 Gen 3 Mobile Platform. Storage options range from 6GB + 128GB to 12GB + 256GB depending on the model. With flagship-tier AI features, brighter displays, and extended battery life, Samsung’s midrange Galaxy A series aims to make generative AI more accessible while retaining affordability. Read MWC 2025 news about Lenovo on our sister site eWeek. source

Shopify and Shopify Plus serve different types of businesses, with Shopify Plus tailored to enterprises and larger operations. While Shopify is great for small to mid-sized businesses with its affordability and ease of use, Shopify Plus is built for high-growth brands that need automation, custom checkout, and enterprise-level support. I’d recommend Shopify Plus for businesses already earning a steady $80,000 in monthly sales. 1 Creatio CRM Employees per Company Size Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+) Large (1,000-4,999 Employees), Enterprise (5,000+ Employees) Large, Enterprise Features 24/7 Customer Support, Accounts Receivable/Payable, Analytics / Reports, and more 2 Pipedrive CRM Employees per Company Size Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+) Any Company Size Any Company Size Features 24/7 Customer Support, Analytics / Reports, API, and more 3 CrankWheel Employees per Company Size Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+) Any Company Size Any Company Size Features Analytics / Reports, API, Dashboard, and more Here’s a breakdown of their pricing structures, including a breakdown of Shopify Plus features you won’t get with Shopify plans. A glance at Shopify vs Shopify Plus Shopify Shopify Plus Best for Small businesses Mid-size and large enterprises; global businesses Pricing $39-$399/month Starts at $2,500/month (annual contract) Transaction Sales Fees 0.5-5% per transaction 0.2% Contract Requirements Monthly, Annual, Biennial Annual, Triennial Online Stores 1 Unlimited (but one brand only) Customer Support 24/7 live chat, email and phone 24/7 live chat, email and phone; dedicated account manager Shopify Plus vs Shopify feature comparison Looking at the differences between Shopify and Shopify Plus, Shopify Plus essentially has everything included in the standard Shopify plans and more. So, I outline the key differences between the two in the table below, along with detailed explanations below. Feature Shopify(Basic, Shopify, Advanced) Shopify Plus Staff Accounts 2-15 Unlimited Custom Checkout Standard checkout process Fully customizable checkout processAccess to Shopify Scripts for discounts, shipping rules, and payment methods Support 24/7 support via email, live chat, and phone Dedicated account manager24/7 priority support with guaranteed response times Customization & Integrations Expansive but limited to third-party app integrations in its app store Full access to APIs and custom integrationsAdvanced third-party integrations Advanced Reporting & Analytics Basic reports and analytics Advanced reporting and real-time analytics B2B Features Not included Custom B2B pricing, private storefronts, and bulk ordering International Selling Multi-currency support via third-party apps Built-in multi-country and multi-currency support Security & Compliance PCI-compliant PCI DSS Level 1 compliance, enhanced security features API Access Limited API access Full API access with higher call limits Apps Access to Shopify App Store (limited functionality) Access to exclusive Shopify Plus apps like Shopify Flow, Launchpad Global Expansion Requires third-party apps for full international setup Built-in global store management, localization, and tax configurations Payment Gateways Shopify Payments or third-party gateways Support for advanced payment integrations with lower fees Here are some Shopify Plus features that elevate Shopify Plus above Shopify’s basic and mid-tier offerings, particularly for large businesses or enterprises that require custom workflows, scalability, and advanced support. 1. Dedicated account management and support Shopify is known for its outstanding support — reviewed and validated by its users. It is one of the few e-commerce platforms that provide 24/7 support via phone, live chat, and email — in multiple languages. If these aren’t enough, you can hire Shopify experts. All these are available to you under the usual Shopify tiers. However, with Shopify Plus, you are included in the Merchant Success Program on top of the support previously mentioned, which gives you access to the following: Dedicated account manager: Personalized support and guidance for business strategy, growth, and troubleshooting Priority 24/7 support: Access to priority customer support with guaranteed response times, including technical support from a dedicated team Launch support: Assistance from a Shopify Plus expert during store setup or significant changes. Under the Merchant Success Program, you gain access to exclusive resources such as: A private Facebook community where you can interact with other Shopify Plus users Shopify Plus Partners, a directory you can consult to  keep you abreast of industry trends and help with staging events for your online store Shopify Plus Academy, an exclusive program with more advanced self-guided resources, including courses and webinars to enhance your online store’s design, operations, marketing, and more Access to exclusive beta programs 2. Lower fees with higher transaction volume Shopify’s transaction fees are waived when using Shopify Payments for both Shopify and Shopify Payments. However, if you go with another payment provider, the following transaction fees apply: Standard Shopify transaction fees: Shopify Starter: 5% Basic Shopify: 2% Shopify: 1% Advanced Shopify: 0.5% Shopify Plus transaction fees: If using only Shopify Payments or both Shopify Payments and a third-party provider: Minimal rates apply and will vary based on location If using a third-party provider exclusively: 0.20% per transaction For example, a business earns around $1 million in annual revenue and uses a third-party payment provider. If it is under a standard Shopify plan (say, Advanced Shopify, which charges 0.5% in transaction fees),  transaction fees would be $5,000/year. Under Shopify Plus, transaction fees would only be $1,500/year (0.15% transaction fee). 3. Custom integrations and private apps Under Shopify’s standard plans, you already have access to more than 8,000 third-party integrations or apps in the Shopify App Store. For Shopify Plus merchants, API integrations have more flexibility with external systems, such as ERP or CRM platforms. For example, Shopify Plus users can integrate their online stores with their existing platform systems, something those under Shopify standard plans cannot do. Shopify Plus merchants can also build their own private apps through Shopify Functions. Some examples of Shopify Plus API solutions include: Gift Card: Unique gift cards that work in the Shopify POS and can be used as an alternative payment method Multipass: Unite customer logins for your forum, website, and online store without needing to synchronize any customer database User: Add, remove, edit, and retrieve data about Shopify staff accounts 4. More theme and checkout customization

Image: nmann77/Adobe Stock IBM has finally completed its acquisition of San Francisco-based HashiCorp for $6.4 billion, 10 months after its announcement. The companies aim to address the growing complexity enterprises face in managing multicloud and hybrid cloud infrastructures, especially with the rise of AI-driven applications that constantly shift workloads and require rapid scaling. From today, HashiCorp’s automation tools, such as Terraform and Vault, are available with IBM’s hybrid cloud platform, allowing customers to automate infrastructure provisioning and security management across their systems. IBM said infrastructure provisioning from Terraform will enable a number of its products to run more smoothly in hybrid cloud environments. These include the Red Hat Ansible Automation Platform, which automates the configurations and middleware deployments of applications, and the development of IBM Z mainframe software. HashiCorp Vault, a password and encryption key management tool, can also be deployed across hybrid clouds with Red Hat’s container-based application platform OpenShift. HashiCorp will operate as a division of IBM Software rather than being brought into Red Hat, IBM’s open-source subsidiary it acquired for $34 billion in 2019. SEE: Differences between Hybrid Cloud and Multicloud explained in this TechRepublic Premium download “Organizations globally are looking to deploy modern, hybrid cloud-ready apps, which require automated cloud infrastructure at significant scale,” said Rob Thomas, senior vice president, IBM Software and Chief Commercial Officer, in a press release. “With this acquisition, IBM is committed to continuing to invest in and grow the HashiCorp capabilities, and together, with HashiCorp’s leading technology and extensive developer community, IBM’s global reach and R&D resources, our aim is to infuse HashiCorp technology in every data center.” Armon Dadgar, chief technology officer and cofounder of HashiCorp, added: “We’ve built a portfolio of products to help customers embrace a cloud native approach to Infrastructure and Security Lifecycle Management that has been embraced by hundreds of thousands of organizations around the world. “I’m excited for HashiCorp to join the IBM family, where there is clear alignment on the vision of enabling hybrid infrastructure for the world’s biggest enterprises. Together, we can continue to invest deeply in R&D innovation and enable the next generation of applications to be built and scaled.” Must-read big data coverage IBM-HashiCorp deal faced antitrust investigations, lawsuit On Tuesday, the transaction was approved by the U.K.’s Competition and Markets Authority after finding it would not negatively impact competition. This aligns with the country’s new pro-innovation stance, which it hopes will attract big tech investment, highlighted by recently hiring an ex-Amazon executive as the CMA interim chairperson. The deal has also been quietly approved by the U.S.’s Federal Trade Commission, according to TechCrunch, after both antitrust investigations delayed its anticipated completion date of the end of 2024. But these investigations aren’t the only challenges IBM and HashiCorp have faced since announcing the acquisition. In June, a HashiCorp investor sued the company, claiming that the acquisition by IBM disproportionately benefited its board members over the shareholders, as executives allegedly stood to gain “golden parachutes” and the ability to cash out their illiquid stock. However, the suit was mysteriously withdrawn two days later. Deal finalised after Terraform’s controversial relicensing HashiCorp’s stock jumped 4% following the acquisition announcement, recovering somewhat from significant declines in 2023. These were triggered by the decision to relicense Terraform from the open-source Apache 2.0 to the more restrictive Business Source License. The move alienated parts of the open-source community, and they forked the original Terraform code into the open-source OpenTofu and placed it under the oversight of The Linux Foundation. However, the license change likely helped attract IBM into the deal, as the added executive control would enable it to integrate and monetize the technology within its own ecosystem. source

ROBS: Using Retirement Funds To Start a Business — Benefits, Risks, and Key Considerations We may earn from vendors via affiliate links or sponsorships. This might affect product placement on our site, but not the content of our reviews. See our Terms of Use for details. Rollovers as Business Startups, also known as rollovers for business startups or ROBS, is an arrangement that lets you use your retirement savings to launch or purchase a business without taking on debt. While it provides access to capital without loan repayments, it comes with strict compliance requirements and potential risks. We’ll explore how ROBS works, its benefits, drawbacks, and costs, and whether it’s right for you. Key takeaways: It allows entrepreneurs to use retirement funds for business financing. You can invest your retirement savings into a new or existing business without taking on debt or incurring early withdrawal penalties. It is not a loan and does not require repayment or interest charges. It is a complex structure subject to strict tax and legal regulations.  It requires a C Corporation (C-corp) structure. Your business must be a C-corp to qualify for ROBS, as this entity type is necessary to issue Qualified Employer Securities (QES), which facilitates the rollover process. It has significant costs and compliance requirements. Setting it up typically costs $3,000 to $5,000, with ongoing administrative fees. You must also follow strict IRS and DOL regulations to avoid potential legal and tax issues. It comes with risks, but there are alternatives. While it provides a debt-free way to fund a business, it also puts your retirement savings at risk if the business fails. Alternative financing options — such as SBA loans, business credit lines, and equity financing — should be considered before proceeding with ROBS. How a ROBS structure works ROBS works by rolling funds from your personal retirement account into a newly created C-corp’s retirement plan, which then purchases stock in the company. This provides your business with capital, similar to how publicly traded companies raise funds through stock sales. To successfully utilize a ROBS arrangement, you must follow a structured process to ensure compliance with IRS and DOL regulations. While it can be a powerful financing tool, it requires careful execution to avoid legal and tax complications. Here is how to set up and use a ROBS transaction. Step 1: Establish a C-corp. A new C-corp must be created because ROBS relies on the sale of QES, which only a C-corp can issue. Other business structures — such as LLCs, S-corps, and sole proprietorships — do not qualify. Step 2: Create a retirement plan under the C-corp. The C-corp must establish a retirement plan, typically a 401(k), though options like defined benefit or profit-sharing plans may be available. This plan will be used to facilitate the rollover of funds. Step 3: Choose a custodian and rollover funds from personal retirement accounts to the C-corp’s plan. A plan custodian, such as Guidant Financial, must be selected to manage investments and handle administrative tasks, including tax reporting and participant account management. You, as the business owner, will then transfer funds from an existing eligible retirement account (e.g., a 401(k) or traditional IRA) into the newly created C-corp retirement plan. This step is tax and penalty-free because it is a rollover, not a withdrawal. Step 4: Use the C-corp’s plan to purchase stock in the company. The newly funded retirement plan purchases stock in the C-corp through a QES transaction. This allows your business to access the rolled-over retirement funds as working capital. Step 5: Use the available funds for business purposes. Once the QES transaction is complete, the business can use the funds for operational expenses, such as purchasing equipment, leasing office space, paying franchise fees, and hiring employees. To remain compliant with IRS and DOL regulations, the funds must be used strictly for business-related expenses. Elements of the ROBS structure (Source: Guidant Financial) ROBS compliance requirements Establishing and maintaining a ROBS arrangement requires strict adherence to several compliance requirements to meet IRS and DOL regulations. Key obligations include: C-corp structure: The business must be established as a C-corp, as only this structure permits the issuance of QES necessary for ROBS. 401(k) plan establishment and maintenance: A new 401(k) retirement plan must be created within the C-corp. This plan should be compliant with ERISA? and the Internal Revenue Code, ensuring all eligible employees can participate. Annual filing of IRS Form 5500: The C-corp must file Form 5500 annually, detailing the plan’s financial condition, investments, and operations. This includes reporting the valuation of the 401(k) plan’s assets, notably the company’s stock held by the plan. Annual business valuation: An independent annual valuation of the C-corp’s stock is necessary to determine the fair market value (FMV) of the shares held by the retirement plan. This valuation supports accurate reporting on Form 5500 and ensures compliance with IRS regulations. Fidelity bond acquisition: As the plan trustee, the business owner must obtain an ERISA fidelity bond. This bond protects the retirement plan against losses caused by acts of fraud or dishonesty. Payroll and compensation compliance: The business owner must be an active employee of the C-corp, receiving reasonable compensation through the company’s payroll system. This includes making regular payroll tax payments and ensuring that 401(k) plan contributions are properly managed. Offering benefits to eligible employees: The 401(k) plan must be nondiscriminatory, offering benefits to all eligible employees who meet the plan’s criteria, typically those working over 1,000 hours per year. This may involve making employer contributions, such as safe harbor matching, to ensure compliance with ERISA guidelines. Corporate tax filings: As a C-corp, the business is required to file federal and state corporate tax returns annually, adhering to all applicable tax laws and deadlines. Maintaining strict compliance with these requirements is essential to preserve the tax-deferred status of the retirement funds and to avoid potential legal issues. Due to the complexity of ROBS arrangements, it is advisable to consult with financial and legal professionals experienced in