Startup and Launch

When should you convert your LLC to an S Corp? The right time to convert an LLC to an S Corp is generally when your net business profit consistently exceeds $40,000–$50,000, you actively work in the business, and you can pay yourself a reasonable W-2 salary....

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...

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....

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...

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...

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...

​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...

If you’ve decided to establish your business as a corporation, you’ll need to fulfill your state’s requirements for registering your company. Among those requirements is filing an Articles of Incorporation (sometimes called Certificate of Incorporation) with the...

Many entrepreneurs start their small businesses in their homes. The process can be feel overwhelming, but it doesn't have to be. The following checklist provides a list of considerations for starting a home-based business. While not every business will need...

Have you been thinking of launching a new business or changing your existing Sole Proprietorship to a formal business entity type like a Limited Liability Company, S Corporation, or C Corporation? Are you concerned that you might not be selecting the best time of...

An S Corporation is a Corporation (including Professional Corporations) or Limited Liability Company (LLC) that elects to have special tax treatment under Sub-Chapter S of the Internal Revenue Code. S Corporations are taxed on a pass-through basis, with income,...

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....

The primary difference between a C Corporation and a B Corporation is that a C Corporation primarily operates to generate profits for its shareholders, and a B Corporation, with the “B” being short for “Benefit,” strives to be socially responsible and to benefit...

A C Corporation is a legal structure for a company that is authorized by the state to conduct business. Its owners, who are referred to as shareholders, are taxed separately from the business, and in most cases cannot be held personally responsible for business...

Payroll for restaurants is complex, and the ability to manage it well is an essential ingredient for success and long-term sustainability. It entails calculating work hours, wages, salaries, benefits, and wage garnishments; withholding and paying employment-related...

Figuring out how much it will cost to start a business can be a daunting task for entrepreneurs. There’s a lot to take in when thinking about what you’ll need to buy, how much it all will cost, where your startup funds will come from, how much your business may be...

If you are a licensed professional who is looking to shield yourself from personal liability for lawsuits and debt, you may be thinking about forming a Professional Corporation (PC) or Professional Limited Liability Company (PLLC). Business formation rules for...

Entrepreneurs who want to operate their company as a Limited Liability Company (LLC) should be familiar with the terms “registered agent” and “organizer.” Both are essential for registering a business entity in any state. Here’s a rundown of what an LLC organizer’s...

Can you have LLC members living in multiple states? Yes you can, but there are some considerations you’ll need to keep in mind. The practice of running an LLC with members in multiple states has become more common as remote work is increasingly utilized. But to do...

​Payroll processing is a critical element of any business that wants to grow and thrive. To put it in simple terms: payroll is the process by which employers pay their employees for their work. It’s a vital activity that can get quite complicated. Managing payroll...

Choosing the best state to start a business is an important detail in your overall business plan. When it comes to launching a small business, “Location, location, location” is part of the formula for success. If you’re wondering if a specific location would give...

If you’re thinking about starting a Partnership, there are some important considerations to keep in mind. As with every business venture, there are advantages and challenges involved with operating a Partnership, and it’s best to understand what you’re getting into...

Whether you’re a business accountant serving entrepreneurs or you’re a business owner, it’s critical to understand sales and employment tax registration and ongoing requirements. Federal payroll taxes are the same no matter where a business is located, but state...

There's a never-ending debate on whether entrepreneurs are born or made. I don't claim to be able to make the call one way or another, but I have noticed several characteristics of successful entrepreneurs that business owners seem to share. While we're all unique...

Is it better to form a Limited Liability Company (LLC) or a C Corporation? Many entrepreneurs ask that question as they work through the many facets of transforming their dream of business ownership into a reality. The business structures have similarities and...

Congratulations! You have officially registered your Limited Liability Company or Corporation with the state. But now what? What happens next? While forming an LLC or Corporation is a critical first step to operating a formal business entity, there's more work to...