Business Entity and Business Structure

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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.

Financial Success in Miami: A Roadmap for Startups

By |2023-07-31T17:05:30-04:00July 31st, 2023|Categories: Miami Monday|Tags: , , , , , , |

Happy Miami Monday! Today I'll provide valuable insights and tips to help you navigate Miami's financial landscape and set your entrepreneurial journey on the path to success.

Law Firm Finances: Why a Specialized CPA Matters

By |2023-07-18T10:12:26-04:00July 18th, 2023|Categories: Quickies with Bette|Tags: , |

Law firms are complex entities that require a keen eye for detail and precision when it comes to financial management. From trust accounting and client costs to billing structures and compliance issues, a specialized CPA can be an invaluable asset to a law firm. 

Contract CFO vs. Traditional CFO: Which is Right for Your Business?

By |2023-08-15T12:12:00-04:00July 13th, 2023|Categories: Quickies with Bette|Tags: , , |

In today's dynamic business landscape, companies of all sizes are exploring alternative solutions to meet their financial leadership needs. It’s best to compare the responsibilities, costs, and benefits of hiring a contract CFO versus a traditional full-time CFO.

The Impact of Fractional Controllers on Business Performance

By |2023-08-15T12:13:38-04:00July 5th, 2023|Categories: Quickies with Bette|Tags: , , , |

In today's competitive business landscape, effective financial analysis and monitoring of KPIs are crucial for driving growth and improving financial performance. Fractional controllers play a vital role in providing businesses with the necessary expertise to conduct meaningful financial analyses and track KPIs accurately. 

Why Miami Is the Perfect City for Startups

By |2023-06-30T14:44:20-04:00June 30th, 2023|Categories: Quickies with Bette|Tags: , , , , |

Miami welcomes sunshine, diverse cultures, and vibrant nightlife intersects with a dynamic entrepreneurial landscape. The city has emerged as a hotbed for startups, fosters collaboration, and attracts venture capital. If you want to learn more about this thriving city, keep reading!

Contract CFO: From Strategy to Execution for Your Business

By |2023-08-15T12:14:32-04:00June 28th, 2023|Categories: Quickies with Bette|Tags: , , |

As businesses navigate an increasingly competitive landscape, having strong financial leadership is crucial for success. While hiring a full-time CFO may seem like the obvious choice, there's another option that offers numerous advantages: hiring a contract CFO.

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