Business owners who hire employees must withhold, deposit, report, and pay Social Security and Medicare taxes per the Federal Insurance Contributions Act (FICA). FICA taxes are applied to all of an employee’s taxable compensation, which includes salary, wages,...
Many state governments require LLCs, Corporations, and other registered business entities to file annual reports each year. And some Secretary of State (or comparable agency) offices may require these types of reports to be filed according to different timeframes (e.g., biennial and decennial reports). This state-by-state list will help you prepare and stay in compliance.
Whether you’re in the early stages of a startup or looking to scale your existing business, the one hurdle many small business owners face is obtaining funding. While entrepreneurs in some industries may have an easier time, typically, it is challenging to sell...
Although most of the year has already passed and we’re now into the autumn season, don’t panic if your business has fallen a little bit behind on its goals. It’s not too late to make changes that can help lead to a strong finish in 2023. Whether you’ve just started...
If you’re thinking of closing your LLC before the year ends, you may be feeling overwhelmed. And you are probably wondering what you must do to exit the business without leaving any loose ends behind. Indeed, there is more to shutting down a business than merely...
As we move into the fall and winter months it's time to begin thinking of year-end compliance responsibilities and business activities. We'd like to help you prepare for the year-end and we want to help you get all your legal ducks in a row. To assist in these...
Due to the severe winter weather conditions that impacted much of California and parts of Alabama and Georgia, the tax deadline for 2022 individuals and businesses, the Internal Revenue Service (IRS) extended its tax deadlines to October 16, 2023. Some parts of...
After a business is up and running, it's critical to maintain it by fulfilling all of the required business compliance tasks on time. Of course, businesses grow and evolve over time, and therefore, the actions they must take to maintain a business entity also may...
As difficult as it may be to make the decision to close a business, things can become even more challenging if a business’s owners don’t tie up all the loose ends. If you’re thinking of closing your corporation by year-end, realize that there’s more to the process...
As an eager and enterprising entrepreneur, you may set your sights on multiple business ventures and wonder if one person can own multiple LLCs. Fortunately, no federal or state limits exist on the number of LLCs someone can own. However, aspiring business owners should know that other factors could prevent them from having ownership interest in multiple LLCs.
Can an LLC owner file for unemployment? The quick answer is yes, but not in every situation. There are advantages to owning a Limited Liability Company (LLC), with tax flexibility, serving as one of the major benefits. How you elect to structure your LLC for tax...
How does a Limited Liability Company (LLC) owner withdraw money from their business? Whether these funds are for personal use or it is considered compensation from the LLC, how they may do that depends on three things: Whether the Limited Liability Company is a...
Launching a new business in Indiana can be a smart move due to the state’s favorable business environment. Characterized by relatively low corporate taxes, reasonable regulatory requirements, and a comparatively affordable cost of living, Indiana’s central location...
IRS Form 2553 (Election by a Small Business Corporation) is the form that a corporation (or other entity eligible to be treated as a corporation) files to be treated as an S corporation for federal tax purposes. The IRS has specific criteria that entities must meet...
Colorado’s economy is just as varied and unique as its people and landscape. Tourists flock from around the world to experience Colorado’s scenery, recreational adventures, and cultural activities. In addition, Colorado has a long successful history of ranching,...
An LLC executor is a designated person or business entity that an LLC’s members appoint to handle certain legal and tax-related aspects of their business at various stages of its existence. An executor might assist LLC members through the business formation...
Maryland’s strategic location on the east coast of the U.S. is within easy reach of major metropolitan cities like Washington, D.C., Baltimore, Philadelphia, and New York City. This proximity can give your business access to a large customer base and supply chain...
Owning a small business is the American dream. But sometimes, despite all the hard work, that dream turns into a nightmare and businesses don’t make it. Understanding why small businesses fail can be as crucial as knowing the secrets of those that succeed. Being...
If you’re considering starting a business as a Limited Liability Company (LLC), you’ll want to become familiar with the term “Certificate of Formation.” Sometimes called Articles of Organization or Certificate of Organization, a Certificate of Formation is the...
With autumn approaching, many entrepreneurs and other professionals with school-age children face a double dose of challenges. Back to school brings break-neck fall schedules packed with events and extracurricular activities that demand parents’ time. And as kids...
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