You’ve got a great idea, done the fieldwork, got your funding, and put together a plan with projections. Now you’re finally ready to launch your small business. Or are you? There are several important, practical steps that need to be taken in order to make your new venture legally compliant. Follow this roadmap to make […]
Making Your Business Official
Why Does My Small Business Need a Registered Agent?
Regardless of how large your business has grown, or if you’re just starting out, everyone needs a few talented human resources. A bookkeeper, someone familiar with taxes in your state, and a registered agent. What is a Registered Agent? A registered agent is an individual (or a company) that’s your official point of contact with […]
What’s the Difference Between an LLC and an LLP?
There’s only one letter difference, so how different can they be? When you’re deciding how to choose the right entity for your business, there are a few important acronyms to learn and differentiate. A Limited liability Company (LLC) is a legal entity under which you operate a business. With an LLC, you pick up the ownership share […]
3 Ways an S Corporation Can Help You Save Money
If you’re just starting a business or think your current entity isn’t working for you anymore, it’s time to do some research. A sole proprietorship can be good for a small company or an entrepreneur with limited assets. An LLC is a wise choice for a still small business with the risk of liability. But […]
What Business Entity is Right for an Amazon Seller?
If you sell products on Amazon, this might very well be the first time you’ve been self-employed. There are a lot of responsibilities that go along with being your own boss. Keeping track of your stock, interacting with customers, managing your online presence, as well as reporting your business earnings on your income tax return. […]
What an LLC Can Mean to Real Estate Agents
For a real estate agent, setting up an LLC is absolutely essential in forming your real estate business. The majority of real estate agents work as self-employed, independent contractors; even those agents who work for brokerages operate in a similar capacity, filing 1099 forms for their tax returns. Independent contractors usually have more freedom and a greater earning […]
Rideshare Driver? Cover Your Assets with an LLC
If you’re driving for Uber or Lyft, this might be the first time you’ve taken on the responsibilities of self-employment, including reporting business earnings on your income tax return. Ridesharing is a bit different than other businesses, and you have a few options for how you report that income—you can use a Schedule C, or […]
Which Business Entity is Right for You?
Have you been dreaming about starting your own business? Congratulations! But now what? There is a lot to think about when establishing your new business. One of the first steps for many entrepreneurs is setting up their business entity—whether you’re a rideshare driver, a real estate professional, or a graphic designer, setting up your business […]
What is an S Corporation?
According to the IRS, S Corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S […]
Rethinking Your Business Entity Choice in Light of the TCJA
The Tax Cuts and Jobs Act (TCJA) made historic changes to the federal tax code. While all types of business entities have received a significant tax break, some have fared better than others. Depending on your business, it may be to your advantage to rethink your current business structure. Keep in mind, though, that there are […]
