Sole proprietorships, partnerships, corporations, and limited liability companies are the most common forms of businesses. Additionally there are professional corporations, S-corporations, C-corporations, limited liability partnerships, and other variations of different business structures. Understanding that tax implications of your decisions should effect you corporation or LLC business structure. It may be hard to change after you start, so it is worth putting some time in to discuss the costs and benefits of your structure.

Entrepreneurs looking to start a business should consider all their options, but generally any choice is better than no choice. While there are advantages and disadvantages to S Corporations and LLCs, both are better than a default sole proprietorship or partnership, because the common law default structures expose the owners to unlimited liability. There are reasons for each time of business structure, and you are generally advised to speak with both an attorney (for the legal protections and compliance issues) and a CPA (for the tax implications).

Choosing to incorporate or “organize” a business instead of defaulting to the common law defaults is the first major tax decision you will make as a business owner, and it is reasonable to consult an expert on it. We help new entrepreneurs pick their business structure every day, and it is generally a quick and easy process once we look at your prior tax returns and have a general idea of the business model and plans for future investors, if any.

There are complex options, like check the box elections, that can offer you the best of both worlds, or straightforward options where you file with your state’s secretary of state and manage your business under statutory defaults. Each business structure has different advantages, so choosing the right one can have substantial tax savings down the road.

Foreign Tax Issues for US Citizens Video

By |2021-06-11T14:15:00-04:00June 11th, 2021|Categories: #FinanceFriday|Tags: , , , , , , , , |

Today on Finance Friday, we discuss foreign tax issues for US citizens with Andre Benayoun JD, BBA. Andre is one of the most brilliant people I know; he is a partner at Marcum Accountants & Advisors and a family friend.

Retirement Planning – Seth Bassoff

By |2021-05-14T11:57:21-04:00May 14th, 2021|Categories: #FinanceFriday|Tags: , , , , , , |

Retirement planning can seem boring, but when you have our #FinanceFriday guest Seth Bassoff CEPA®, APMA®, CRPS®, CRPC®, RFC® on your side, you can do some very cool things. Come check us out on this #FinanceFriday video.

The Go-Giver – Video

By |2021-05-27T18:10:57-04:00April 23rd, 2021|Categories: Business Book Club|Tags: , , , , , |

"The Go-Giver: A Little Story About A Powerful Business Idea" by Bob Burg and John David Mann. This month's book club was inspiring because we were unexpectedly blessed with the presence of one of The Go-Giver's authors, John David Mann, and his wife, Ana. John David Mann reached out to us on Twitter after seeing one of our posts about book club and offered to come on.

LLC That Sh!t

By |2021-03-25T15:04:13-04:00April 17th, 2015|Categories: Quickies with Bette|Tags: , |

LLC stands for Limited Liability Corporation. Yup.  I said that.  To a new client.  Luckily it was a friend who appreciated my sense of humor and wasn't offended.  But this advice - not necessarily with the same delivery - is advice that I find myself giving out frequently.  There are usually two reasons:

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