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...
If you have a high level of proficiency, expertise, and experience in a field, you may have thought about how to start a consulting business. Starting a consulting business can be a wonderful career option for individuals who want to leverage their knowledge and...
Dissolution is the act of formally dissolving (closing) a business entity with the state. It involves far more than just stopping to sell products and services. Dissolution is a process for wrapping up all legal and financial aspects of the business and legally...
Whether you operate a Sole Proprietorship, Partnership, Limited Liability Company (LLC), Limited Liability Partnership (LLP), or Corporation, how you manage your finances is a vital aspect of running your business. While using your personal bank account for...
Whether you’re a finance major fresh out of college or have been working in an accounting firm or department for years, I’ll bet you’ve thought about being your own boss. There’s a lot to consider when exploring how to start an accounting business. Let's dig into...
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...
A single-member LLC can be taxed as an S Corporation if it meets the IRS’s eligibility criteria. In fact, both single-member and multi-member Limited Liability Companies can elect to be treated by the IRS as either an S Corporation or a C Corporation if they meet...
Statutory conversion vs. business domestication. One changes a business entity type; the other changes a company's home state. Read on to learn more!
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...
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...
The S Corporation election deadline for LLCs and C Corporations is March 15, 2024. So, if you’re considering changing your limited liability company or C Corporation tax treatment from its default status to an S Corp, time is of the essence! To be considered an S...
What business owners should know about annual meeting minutes for corporations. What are they, who must have them, and how do you create them?
No matter which state your Limited Liability Company (LLC) is located in, you will need to file documentation with the Secretary of State to establish your company and keep it legally compliant. A Statement of Information is one of the standard reporting...
One of the essential steps new business owners must take when launching their companies is to apply for an EIN. An Employee Identification Number (also known as a Federal Tax ID Number or Tax ID Number) is a nine-digit number assigned to a business for filing...
Amazon sellers, like other entrepreneurs that sell products online, should think about how their business structure affects them professionally and personally. The business entity type chosen has an impact on income tax obligations, ongoing business compliance...
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...
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