Small Business
The process of passing a family business onto the second generation is so difficult that not even a third of them survive…
The family must do the following to attempt to have a worthwhile transition…
First, think about why you want to start your own business and make a list…
A business strategy, when applied to your company, should include an introduction, details about marketing, financial management, operations of the company, and a closing statement…
You have to base your decision to start your own business on something other than the desire to be your own boss, such as…
A home based business is affected by many of the same laws that apply to normal companies…
One of the main reasons small businesses collapse is they have a poor cash flow strategy…
There are several options for increasing cash reserves…
It is important to have sufficient cash on hand to pay for expenses and emergencies…
Choosing a Professional
It is necessary to hire an attorney for some disputes that require a lot of time…
The use of letters and negotiation solves many disputes without the need of an attorney…
Speak with friends, relatives, clergymen, social workers or your doctor for their opinions…
Before beginning a consultation, the following questions should be asked…
Bear in mind that attorney fees are usually negotiable even though you will not be asked to bargain over the fees…
Employee Benefits
The employer must pay for certain legal benefits and insurance coverage such as…
There are two options: a fee-for-service plan, or a pre-paid plan…
A network of doctors and/or hospitals that has contracts with a particular health insurer or…
Health care that is provided through a network of hospitals and…
If an employee cannot work due to illness or accident, the disability plan gives him/her income replacement…
The beneficiaries of an employee may collect death benefits from life insurance if…
Self-insurance means the business will pre-determine and pay a portion or all of…
With a “cafeteria plan”, money which would normally be used as taxable salary is used…
Record Keeping
A crucial aspect of your business success depends on thorough and accurate financial record keeping…
First, you need to have a clear understanding of your company’s short and long-term goals…
Selecting the right programs, choosing the right equipment and implementing the diverse applications are factors to consider…
You will come across problems when implementing computer applications, but correct planning can make the process smoother…
Travel and Entertainment
That is not common. Normally, you can only deduct the cost of a meal when…
If you give back any excess reimbursement, provide your employer with a detailed expense report and…
Although there is no specific dollar limit, expenses should be ordinary and necessary…
Because temporary work site living expenses are separate from home travel expenses…
There is a broad range of expenses that you can deduct while traveling…
The conditions and limitations for business and entertainment deductions are the following…
If your employer is reimbursing you for your expenses, you only need to prove them to…
Marketing and Pricing
To determine where and how you can successfully sell your product or service (and at what price)…
You will want to learn about the consumers’ location, needs and resources, and what they can afford…
There are different individual costs for each component of your service or product…
Business Forms of Organization
Yes. Limited liability companies (LLCs), limited partnerships, limited liability partnerships (LLPs) and corporations are the most common forms…
A “corporate double tax” happens when a business corporation (or an entity that is treated as a business corporation for tax purposes) pays a federal tax on its income, and then its owners pay another tax as they collect corporate profits…
Each business is different, although to save on overall taxes a “passthrough” entity is generally best…
The leading “passthrough” forms are limited partnerships, LLCs, LLPs, S corps, sole proprietorships and general partnerships…
Assuming you don’t select to have them function as corporations, the following types will avoid double tax and limit liability…
Limited liability and passthrough tax treatment are both combined in LLCs…
A major concern is the limitation of liability, especially malpractice liability…
A change of entity is an event that may need to be carefully planned and implemented to avoid a taxable event…
Bear in mind the differences between state tax law and state business law…
Incorporating
A legal entity that exists independently of its owners is a corporation…
Every corporation begins as a “C” corporation and must pay income tax on the taxable income made by the corporation…
Obtaining a lawyer is not a necessity to incorporate (except in South Carolina, where an attorney’s signature is required)…
Take time to think about a name for your corporation…
Limiting your liability to the assets of the corporation is the primary advantage of incorporating…
In the majority of states, a corporation is required to name a “registered agent”…
Most states permit one person to function as director, shareholder, and all officer roles…
You may select any quantity that you wish…