In the world of entrepreneurship, change comes in many forms and it is inevitable. People who were once robustly passionate about their business endeavors may find new opportunities or face life situations that lead them to focus on other priorities. What can you...
Many people operate businesses that are not registered as a formal business entity, such as a C Corporation or a Limited Liability Company (LLC). In fact, Sole Proprietorships and General Partnerships – enterprises that are not registered with the state and thereby...
When forming a business such as a Limited Liability Company (LLC), Corporation, or Partnership, you should apply for an EIN at the point at which the IRS requires you to have one, or before you complete key setup steps that depend on it. Typically, the time to...
Administrative dissolution is different than voluntary dissolution. A voluntary dissolution is when the owner or owners of a company take steps to close it down, while an administrative dissolution is an action taken by the Secretary of State or another state...
Although the primary difference between a single-member LLC (SLLC) and a multi-member LLC may be obvious (the first has one owner and the second has two or more), these variations of the Limited Liability Company business structure have other nuances to consider....
S Corporation payroll primarily revolves around treating owner‑officers as employees, paying a reasonable W‑2 salary, and staying current on all employment tax and filing obligations. In an S Corporation, any business shareholders who work for the company must be...
A Corporation, Limited Liability Company, or other business that’s registered with the state must comply with all rules and regulations pertaining to how it operates to be considered in good standing. A business that doesn’t remain in compliance can lose its good...
There comes a time when it could very well make sense to elect S Corporation status for your Limited Liability Company (LLC). An LLC, if it meets IRS eligibility requirements, has the flexibility to be taxed as an S Corporation. This can potentially lower the...
If you’ve been operating as a Sole Proprietor and are wondering if you should register your business with the state and form a Limited Liability Company (LLC), the answer is a "yes.” Although Sole Proprietorships are the most common type of business entity in the...
Signed into law on July 4, 2025, the One Big Beautiful Bill Act (OBBBA) (Public Law 119-21) includes wide-ranging tax changes that may call for some significant adjustments in how you plan for taxes in 2026. In particular, the bill reshapes State and Local Taxes...
Whether you may operate a business without a registered agent depends on your company’s business structure. Formally registered business entities (such as Limited Liability Companies and Corporations) must designate a registered agent on their formation documents...
A DBA, also referred to as Doing Business As, a fictitious name, or a trade name, is a name a business uses that’s different from the legal name of the company. It’s common for an individual who wants to start a business as a Sole Proprietor to register a DBA...
People often assume they will need a Social Security Number (SSN) to register an LLC with the state, but that is not necessarily true. There are identification requirements when registering a business, but an SSN is not always required. Every state has laws...
As I’ve worked with entrepreneurs over the years, I’ve found that a particular point of confusion centers around whether a Limited Liability Company (LLC) is incorporated. Those looking to start a business often are confused about what it means to be incorporated...
Whether you’re a Sole Proprietor with only a handful of workers or a corporation with hundreds of employees, you are responsible for collecting and paying employment taxes to federal and state tax agencies. However, while federal payroll taxes are the same no...
If you’ve been operating a business as a Limited Liability Company (LLC) and you’re thinking about converting to a nonprofit, there are certain steps you’ll need to take to accomplish that. It varies depending on your state, but in many cases, you won’t be allowed...
Accounting firms’ clients often need help staying current with their ongoing small business compliance requirements. With states imposing different renewal schedules, filing due dates, and change-management rules, it’s challenging to track upcoming tasks and...
The S Corporation election deadline for LLCs and C Corporations is March 16, 2026. So, if you’re considering changing your limited liability company or C Corporation tax treatment from its default status to an S Corporation, time is of the essence! To be considered...
If you’re an accountant, bookkeeper, business coach, consultant, or other professional service provider, you may be facing the daunting challenge of securing client loyalty and trying to grow revenue without increasing your workload or adding substantial overhead...
Payroll involves far more than just cutting a paycheck to employees. It entails calculating work hours, wages, salaries, benefits, wage garnishments, and withholding and paying employment-related taxes. So, what do business owners need to know about setting up...
Oversights, errors, and a lack of follow-through during the business entity selection and registration process can have dire consequences for entrepreneurs. With extra costs, legal issues, and stunted growth potential among the possible side effects, it’s important...
Like most entities, businesses evolve and change over time. Changes in ownership can be part of that evolution, as an LLC member could decide to move on to another venture, pass away, or reach a point where they are no longer a good fit for the company. A member...
The U.S. Chamber of Commerce reports that more than 5.5 million new business applications were filed in the United States in 2023. This record number has continued to grow since the surged started in 2020. If you’re one of the millions of Americans with a dream of...
Choosing and registering a name for your business is a big deal, as the name will help to identify your brand and set your company apart from others. There are some legal considerations to think about, however, so let me walk you through the process I recommend for...
If you are considering electing S Corporation status you might wonder how this will impact your existing LLC or C Corporation. One question that comes to mind quickly is the continued ability to use LLC or Inc with a business name. S Corporation election is a tax...
Nearly 7 in 10 Americans now have a side hustle. Whether you're freelancing, selling products online, offering consulting services, or driving for a rideshare company, that extra income stream represents more than just pocket money. For many people, it becomes a...
Every year, millions of Americans start businesses. And every year, most of them make the same mistake: they operate as Sole Proprietors by default, never realizing what they're risking or missing out on. The decision between operating as a Sole Proprietorship...
A reseller license certifies a company doesn't have to pay sales tax when buying products on a wholesale basis for the purpose of reselling them to customers. In this scenario, the final sale customer pays sales tax when they purchase those products from the...
The owner of a Limited Liability Company (LLC) or Corporation might consider being their own registered agent since it eliminates the cost of contracting another party to accept service of process and other official notifications on the business’s behalf. However,...
Every small business is expected to remain in compliance with all applicable laws, regulations, and standards. Not doing so can be highly detrimental to your business, resulting in penalties and costly fines, damaged reputation, disrupted business performance,...
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