Continuing our series on business structures for small business owners we are now to the fourth installment: Corporations. Previously, I’ve discussed Sole Proprietorship, Limited Liability Company, and Partnership. The two types I’m going to discuss are what are known as “C corporation” and “S Corporation. Let’s take a deeper look at C Corporations first. The standard corporation, also called C Corporation or C corp, must … Continue reading Corporations
I wanted to take a short break from the series of blogs I’ve been writing to talk about the ever-growing, ever-looming issue of college tuition. For the time being, I only have to worry about sports fees and music music lessons but I know that in the blink of an eye I’m going to have two children in college at the same time. I don’t … Continue reading Back to School
This week we are going to review the business structure of a partnership, the third in a series highlighting various business structures and which one is potentially most beneficial to you. Previously I’ve discussed Limited Liability Corporations and Sole Proprietorship. Partnerships are created with another person in the same way you create a sole proprietorship; you simply need two or more people to start business … Continue reading Partnership
Last week, I reviewed the LLC (limited liability company). Today I’m discussing sole proprietorship, the second in my series reviewing business structures and which one is best for your business. Sole proprietorship the most simple and therefore the most common structure used when starting a business. According to taxfoundation.org, as of 2014, there were approximately 23 million sole proprietorships nationally. Other business structures like LLCs … Continue reading Sole Proprietorship
Starting a new business is exciting, but can also be very intimidating. There is such a variety of legal classifications to consider when forming your business entity and it can be confusing to know which one is right for you. Currently, two of the most popular small business structures are the Limited Liability Company (LLC) and the S Corporation (also called Subchapter S Corporation). There … Continue reading Limited Liability Corporations
The lessons you teach your children about money will stay with them for their entire life. What you teach them, and what you don’t teach them, can affect them well into adulthood. Do you know any adults that handle their money poorly? Are you an adult that handles your money poorly? Actions speak louder than words, and your children are paying attention. As parents, my … Continue reading Kids and Money
Great financial professionals are everywhere, but that doesn’t necessarily mean that he or she is right for your needs. There is no such thing as a “one size fits all” accountant. Recently, I shared an article on Facebook and on Twitter: 11 Signs That It’s Time To Find A New Tax Professional. It’s a good guideline about red flags you should look for when dealing … Continue reading What to look for in a CPA
“Where does our money even go?” I heard this recently from a friend who was having a difficult time sticking to a budget. He can pay bills and cover expenses, but the thought of saving or planning for a financial emergency is completely out of the question. This scenario plays out over and over in individual finances, but it also happens to businesses. There … Continue reading Budgets and Projections
For both business owners and those seeking employment, understanding the difference between an “employee” and an “independent contractor” is an important distinction. The IRS states “The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done.” On the … Continue reading Independent Contractor or Employee?
When running your own business, accurate record keeping is vital. Missing bank statements, incorrectly tracked inventory, or misfiled data not only make your bottom line unreliable, but also places you and your business at a higher risk of IRS audit. As our modern society becomes increasingly reliant on online and mobile technology it also becomes more accustomed to instant gratification–information at the touch of a … Continue reading QuickBooks Online
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