To protect your business and yourself, there are potentially 5 areas you HAVE to address at the outset to make sure you avoid problems down the road. From how you structure your business to protecting your business name, it all involves a process that you shouldn’t take lightly.
It seems like everyone is saying they have a business nowadays, but does the IRS agree with you? Well, why does it matter? It matters because, with a business, you can use business losses to offset your income when filing taxes. With a hobby, you cannot deduct more than you have earned. You also can’t claim […]
This topic is not only important in how you pay the person that you’re hiring but especially important during tax season because it makes a difference in how the worker will pay taxes. Employees are paid a salary or an hourly wage with possible overtime. They are taxed on their income when you, the employer, […]
The main motivator for incorporation for many small business owners is for asset and liability protection. It doesn’t matter if your business is full-time or if it is a side hustle, your risk for a lawsuit is just as real. You wouldn’t want your house or personal property to be exposed to risk from customers and […]
Let me start by stating that the business entity that you choose can make or break your business. NO exaggeration. Each entity has its pros and cons. Some require more paperwork than others. Some protect you from liability whereas others have zero protection. SOLE PROPRIETORSHIP This is what results when one person starts a business and […]
What is an operating agreement? An operating is a contract that sets out all the operating terms of an LLC. It dictates what happens in the event of a dispute between members, who runs the business and how, what compensation is to be received by the members and also how membership interests are transferred. An […]