Ongoing Management and Protection

So, you want to be a landlord? Here’s what to know about setting up a rental property business and protecting it with a Limited Liability Company (LLC) or S Corporation. Whether you want to purchase property to rent out on Airbnb or you want to lease office space,...

Did you structure your business as a C Corporation or LLC for limited liability protections? For most scenarios the extra filing requirements, paperwork, and fees are worth it—your personal liability protection helps make sure your assets are protected from the...

Partnerships (and LLCs taxed as Partnerships) must get acquainted with this IRS Form 1065 for U.S. Return of Partnership Income. Form 1065 is an information return that Partnerships use to report their income, gains, losses, deductions, and credits. While...

A company might request to use an assumed business name instead of its legal name for conducting business. This is more commonly known as a DBA (Doing Business As). In this article, I’ll explain why business owners might want to use an assumed business name, how to...

One of the reasons why entrepreneurs find the Limited Liability Company business structure attractive is that it gives them flexibility in dividing ownership among the LLC’s members. How you determine LLC ownership percentages can be based not only on members’...

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...

Legislative Update Gives Exemption to New California Limited Liability Companies LLCs registered to do business in California must pay an annual franchise tax of $800 to the state's Franchise Tax Board (FTB). However, to relieve some of the financial pressures amid...

No matter where you’re buying a rental property, protecting that investment is important. Many real estate investors who own rentals choose to set up each of their properties as a Limited Liability Company (LLC). Doing so helps protect their personal assets from...

I'm often asked if it is advantageous for a small business to hire family members. Some entrepreneurs have asked if hiring relatives presents legal issues, while others have asked if it is ethical. Whether you believe this practice is good business or nepotism,...

A corporation has three main categories of stakeholders involved in the financial and management aspects of the company. While all play a crucial role, officers work more closely with a corporation’s managers and supervisors, arguably having a more direct impact on...

If you’re starting a retail business (whether online or at a brick and mortar location), you’ll want to apply for a reseller license. A reseller license certifies you don’t have to pay sales tax when buying products on a wholesale basis for the purpose of reselling...

When you move from one house to another, you likely have a checklist of things you need to take care of in the process from changing your mailing address and calling your cable TV provider and your internet company. But when moving your business to another state,...

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...

There are many reasons companies choose to incorporate as C Corporations. Being a C Corporation is preferred if you plan to seek investors or take the company public. Also, because the C Corporation is a legal, taxable entity separate from its owners, shareholders’...

Sometimes business owners want to market their services or products under a name other than their legal business name. For instance, a Sole Proprietorship, who must have both the owner’s first and last name in the business name, will want to use a fictitious name...

If you’ve decided to structure your business as a Limited Liability Company (LLC) and plan to register your company in California, it’s crucial to know how to keep your company in good standing by following the state’s compliance regulations. One regulation...

The decision to change an LLC name is one not to consider lightly. After all, your business name is one of your most important brand assets. But sometimes, a name change is in order for one of many reasons. Perhaps there was a mistake in your formation paperwork,...

Does your business need to collect sales tax and remit it to the state or local tax authority? And if it does, how do you go about getting a sales tax license? Moreover, what if your business is selling your products across state lines? Do you need to charge and...

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...

Economic Nexus The Supreme Court ruling on the South Dakota v. Wayfair case in 2018 changed how out-of-state retailers collect and remit sales taxes in each state. At a minimum, states can mandate that businesses without a physical presence in a state and with more...

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...

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...

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...

Despite your best efforts to choose the perfect name for your company, there may come a time when that name no longer is the best fit. Perhaps the business name no longer accurately reflects your brand or there are legal considerations at play. Regardless of the...

When entrepreneurs want to expand their businesses, they face the important decision of how to structure that growth. One approach is to form a separate company under another registered business entity. Some restrictions exist and small business owners may be...

Creating a budget as a freelancer shouldn’t be any harder than it is for any other small business. And yet, the rollercoaster ride of finding and keeping clients, collecting invoices, marketing your business, and juggling all of this yourself can create major...

Every year when tax time rolls around, many business owners wonder whether they must send 1099s to their vendors. As commonly known as 1099 forms are, they remain one of the most misunderstood Internal Revenue Service (IRS) requirements. Recently, more confusion...