SOME OF THE ADVANTAGES OF A LIMITED LIABILITY COMPANY: 1. Pass-through taxation – Profits taxed at the member level, not at the LLC level. 2. An LLC can elect to be taxed as a sole proprietor, partnership, S-Corporation or C Corporation, providing much flexibility. 3. There is no requirement of an annual general meeting for […]
Many self-employed people use vehicles in the operation of their business. As most people know, the expenses connected with this use is a deductible business expense. There are some strict guidelines which one must follow to substantiate this deduction if required. Most importantly, it is an absolute must that you follow specific recordkeeping requirements. You […]
Whenever a corporation or limited liability company is formed in any state, one of the requirements is to designate a registered agent. Most people have no idea what a registered agent is. Simply put, a registered agent is a person designated to officially receive and send legal papers on behalf of a business entity, a […]
Many entities at formation are unaware of the fact that many states have a minimum tax on the entity regardless of whether there is a profit or a loss. While each state has its own terminology, the common name is a franchise tax. A franchise tax is one that imposes a tax on a domestic […]
A lot of people are not familiar with the term foreign corporations or foreign limited liability companies. Foreign, not in the sense of being outside of the United States but doing business as a corporation or limited liability company outside of the state your business entity was formed in. So if you formed your corporation […]
So you decided this new or existing business of yours is going to be a corporation. You’ve done all the research and feel a corporation is better for you than a limited liability company. Next question you face is whether to be a C corporation or an S corporation. It’s extremely important that you weigh […]
Essential to every limited liability company is the operating agreement. While the articles of formation or organization establish the LLC within the state of formation, the operating agreement spells out the specifics of the LLC such as the members, their contributions, percentage owned and items of this nature. The operating agreement also specifies rules and […]
Almost all businesses have a time when cash flow isn’t what you anticipated because your account receivables are a little slow or expenses are higher than planned for at that period of time. You could also start planning on expanding your business and need new equipment or need to develop an advertising campaign for a […]
The way your business is taxed is dependent on the type of entity you have. By entity I am referring to your business structure, be it a sole proprietorship, partnership, corporation or limited liability company. We are only going to be covering basic fundamentals here and it is by no means meant to be a […]
One of the most enjoyable tasks involved with forming a corporation or limited liability company is the selection of a name. Some people let their vanity run amok and insist on getting their name in the company name. There are many companies with names such as “Jones and Son Inc.” or “Bob Jones Limited Liability […]
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