Things to Know, Consider and Do. Just about anyone can come up with ideas for a business venture. This is usually the easy part. The difficult part usually lies in actually being able to transmute that idea into reality. It is at this stage that most people fall short. While the vast majority of people […]
4 Surefire Tips for Picking the Right Entity for Your Small Business
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 […]
5 Simple Tips to Make Your Small Business Official
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 […]
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 […]
Taxation of Corporations: C Corporation and S Corporation
There are generally two ways corporations may be taxed under the federal rules. By default, a corporation is taxed under Subchapter C of the Internal Revenue Code. However, a corporation may instead elect to be taxed under Subchapter S of the Internal Revenue Code. The selection of a certain type of entity structure or election […]
Pros and Cons of Entity Formation for Independent Contractors
One of the first and most important decisions independent contractors make is how to structure their business. The IRS offers a number of different legal business structures independent contractors can form under. Each of these types of entity formation have specific pros and cons that independent contractors should consider. Sole Proprietorship Whether they’re an athlete or a […]
Documents Required for Corporate Entity Formation
Forming a corporation can be an exciting time in the life of a business. It can also be lots of work. In order to become a corporation, your business will need to file documentation in the state of your choosing. You can file documentation for your corporation in any state you want. Some states have […]
When Is It Time to Become an S Corporation?
For most new businesses and business owners, keeping it simple is key. After all, launching a new business requires attention to detail and doing many things right. For that reason, most new businesses start out simply as a sole proprietorship or a Limited Liability Company (LLC). As a successful business matures, however, the savvy owner […]