There’s one crucial step in starting a small business that many entrepreneurs forget to consider. Before you can file paperwork and officially organize your company, you need to decide how to structure your new business. When you choose how to structure your company, you’re essentially deciding how your small business entity will be recognized by […]
Business Entity
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 […]
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. […]
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 […]
Best Tax Practices to Start Now
With 2019 going by at breakneck speed, now might be a good time to consider some new tax practices that can benefit your business both in the near and long term. Here are some best tax practices to start practicing now that will allow you to grow your enterprise and add to your business success. […]
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 […]
Advice from the Experts: What You Need to Know to Found an LLC
Compared to other business models, forming an LLC is generally the least intensive option; it’s affordable, there’s limited paperwork, and the barriers to entry are low. That being said, plenty of things can still go wrong. Before you dive into the LLC process, be aware of these common mistakes—and talk to a few experienced founders. […]
How to Set Up a Business Entity as a Freelancer
So you’ve decided that freelancing is the right career move for you. Bravo! You’ve become part of the growing number of people making a living in the gig economy. But where should you start? And what should you know about setting up your own business before you dive right in? Here’s how to set up […]
5 Fundamentals of Limited Liability Corporations
A Limited Liability Company (“LLC”) is a hybrid business entity which contains elements of a partnership and a corporation. LLCs consist of members and managers. An LLC may provide tremendous benefits for its members, which include asset protection, intergenerational transfers, tax saving strategies, wealth preservation, flexible management structures, and clarity on the roles of all […]
