It's estimated that a third or more of e-commerce brands use dropshipping as a way to provide products to customers. If you've been thinking about starting an online store but don't want to deal with the costs and hassle of maintaining inventory, you may find the...
Before the advent of the S Corporation in 1958, entrepreneurs had two options for forming a business entity. To help encourage small businesses in America, Congress and President Eisenhower created the Subchapter S Corporation. In this post, I’m going to run through some of the S Corporation pros and cons to consider.
If you’re an accountant, attorney, or in the business of otherwise professionally advising entrepreneurs, you may have had clients inquire about what they need to do to expand their companies into other states. One of the most important steps involved in the...
If you’ve always wanted to start a trucking business, now could be the perfect time to put your plan into action. The trucking industry has had an immense impact on the U.S. economy. According to American Trucking Association, 71% of the freight tonnage moved in...
Whether you’re an accountant, tax advisor, coach, or consultant, your clients inevitably turn to you for insight into improving their business’s bottom line. One question they might ask is, “What is the best business structure?” You need to be ultra-careful in...
Business compliance is a phrase that makes many an entrepreneur cringe. But despite the lack of affection for those two words, business owners must take them seriously. The possible consequences for noncompliance range from mild inconvenience to devastating...
Many small business owners choose to operate their companies under the LLC business structure. They do so with good reason! The LLC offers liability protection to its owners (members), tax flexibility, and compliance simplicity. However, that tax flexibility may...
How many of your bookkeeping clients are business owners outsourcing their accounting tasks to you? If you’re lucky, probably quite a few, since small and large businesses alike have plenty of complicated financial needs. Smart business owners know that outsourcing...
Starting a business as a kid or teen is exciting! With it, comes an opportunity to learn life-long skills that will help you become a successful adult. And, of course, there's the money you can earn! But how do you start a business as a kid or teen? Well,...
Wondering how to start a virtual bookkeeping business? This article shares what aspiring self-employed bookkeepers need to think about.
If you have been considering starting an eCommerce business, you’re exploring an industry with a promising outlook. The last few years have forced many people to buy products online and this new way of shopping isn't going away anytime soon. In today's article,...
While it may sound mysterious and intriguing, an anonymous LLC (also known as a private or confidential LLC) is like a regular Limited Liability Company, except its members are not publicly identified by the state. The names, addresses, and contact information for...
Entrepreneurs cannot succeed in business completely on their own. Successful business owners will leverage their talent, expertise, and skills, while also being quick to delegate tasks and responsibilities to others with the knowledge and proficiencies they lack....
A pass-through entity refers to a business that does not pay income tax of its own. Its income, losses, credits, and deductions “pass-through” to each business owner’s personal tax return, where its profits are taxed according to each owner’s individual income tax rate. Sole proprietorships, general partnerships, limited partnerships, limited liability partnerships, limited liability companies, and S Corporations are all pass-through entities. Corporations, and limited liability companies that elect to be taxed as a corporation, are not pass-through entities.
Just as a Social Security Number identifies an individual taxpayer, an Employer Identification Number (also known as an EIN, Federal Tax ID Number, or FTIN) is a nine-digit number that identifies a business entity. In addition to the IRS and other tax authorities...
The United States of America holds 13.5% of the global GDP and is only second to China in its share of global revenue. This statistic, along with its strong economy, makes the United States an ideal location for foreigners to start a business and capture that...
In this article, I’ll discuss the potential consequences for professional tax services providers and their clients (taxpayers) when tasks get forgotten and tax deadlines have been missed. I’ll also touch on options for resolving late filing and payment issues with government agencies.
If your business plans to sell products or services, most states will require you to obtain a seller’s permit. This seller's permit can also be called a sales tax license or sales and use tax permit. The process and fees for obtaining a seller’s permit vary by...
What Is a fictitious name? A fictitious name is a name other than your proper legal business entity name that you formally get permission from the state (or county) to use when conducting business. You may also see a fictitious business name referred to as: Doing...
Professionals like you, who help entrepreneurs navigate the challenges of starting and growing their businesses, will likely encounter clients asking about a "Letter of Good Standing." Let's take a moment to talk about what a Letter of Good Standing is and why...
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