What do you need to do to get your startup off the ground before next year? These steps to start a business will give you the direction you need.
Finish 2018 right with all of your business compliance requirements in order. This end of year business checklist will help.
s it OK to use your residential address as your business address, too? Here's what to consider before you use your home address to incorporate a business.
Entrepreneurs and startups have recently become very unclear about how to start an Amazon business because the responsibility of online sellers to collect and remit sales tax has been an issue under debate for quite some time. Entrepreneurs who have brick-and-mortar stores in jurisdictions that have enacted sales tax clearly must add state (and sometimes local) sales tax to customer’s bills when selling taxable goods. And then send they must send those funds to the proper tax authorities. But what if you sell your products online to customers in other states? The rules haven’t been completely clear in [...]
Knowing your how to start a business checklist for a home based business may sound simple to most people. With no need to rent or buy office space and worry about setting up workstations for employees, how tough can it be, right? Well, although setting up shop at home offers some degree of simplicity, business owners who work out of their homes still face some of the same legal considerations companies with dedicated places of business do on how to start a business from home. If you’re contemplating about launching a business and how to start a business [...]
You’ve likely seen them on busy city streets or at the town fair. They’re also popular sitting outside breweries and concert venues. Schools often hire them for fundraising events. We’re talking food trucks, of course. According to Food Truck Nation, food trucks brought in an estimated $2.7 billion in revenue in 2017, and this industry is not done growing. The road to success with a food truck business is one paved with growth and opportunity, as long as you know (and follow) the rules of the road. Whether you’re adding a food truck to your existing brick-and-mortar restaurant [...]
As a CPA, you probably sometimes find that clients inquire about more than just their business’s taxes and finances. With the strong connection between their money and all aspects of their companies, they may toss you questions about a variety of business compliance issues that aren’t in your normal area of focus. You need to exercise caution in responding because your insight shouldn’t take the place of proper legal counsel or human resources guidance. But having a working knowledge of diverse compliance topics can help you aid your client’s understanding of certain issues and steer them to the [...]
Have you been thinking of launching a new business or changing your existing sole proprietorship to a formal business entity type? Are you concerned that you might not be selecting the best time of year to form an LLC? So When Really is the Best Time of Year to Form an LLC? There's never a bad time to register your business as a legal entity—doing so helps protect your personal assets and might offer some tax advantages, as well. But filing your paperwork to make it effective before the New Year has its perks! So if you are [...]
Starting and running a farming business provides opportunity and the freedom to forge your own professional path. There’s hard work involved, of course—farming is a 24/7 commitment. And an agricultural business comes with many of the same risks that other types of companies do—and some that other types of businesses do not. A farming business faces many uncontrollable threats such as economic downturns, droughts, floods, accidents related to the use of large equipment, unseasonable freezing weather, and even food trends that may put certain ingredients on the outs. Farming, while it can be fulfilling and financially sustaining, comes [...]
The entrepreneurs you read about or see on TV may seem like overnight successes—but in reality, creating your own business doesn’t happen overnight. Behind every successful business idea, months (or even years) of thought and planning have gone into launching it. After all, who wants to risk the money, time and effort required to start a new business on a mere whim? One of the keys to success is creating a business you’re excited about. Your passion will help you persist through all the obstacles. Here are three ideas for creating your own business and loving what you [...]
Thinking of starting a business in Wyoming? Or maybe you already have one there, but want to change your business structure to an LLC. Either way, you need the scoop on how to form an LLC in Wyoming, as well as what it’ll cost you. Why Form an LLC in Wyoming The LLC — or Limited Liability Company — is a smart choice for your business structure. It protects your personal finances, home, vehicles, and other assets from being seized to cover your business’ expenses. It can also make it easier to position your business to borrow money [...]
Registering your business as a foreign LLC (also known as “foreign qualification”) is required under certain circumstances when you operate your business outside of the state in which you've formed your LLC. Despite the term "foreign," a foreign LLC operates domestically within the United States. Your LLC isn't considered foreign in the state in which you initially registered it, only in the states where you've expanded its operations. Breaking Down the Need for a Foreign LLC A few hypothetical scenarios of when you may need to file as a foreign LLC include: Your retail home decor business is [...]
For a variety of reasons, entrepreneurs may decide to close the business they worked so hard to start and grow. Situations change and the need to dissolve an LLC or corporation may need to be addressed. An entrepreneur can grow tired of small business ownership or may simply want to retire. Possibly the business has been losing money or it isn't as profitable as it needs to be. Regardless of the reasons, an LLC needs to be dissolved in a formal and methodical manner. This task doesn't have to feel daunting. Our six easy steps will provide a guide [...]
Have you been thinking about making your dream of starting your own business in the beautiful Pacific Northwest a reality but not sure how to begin? This post will help guide you through the process of registering a business in Oregon – one of the most scenic and culturally diverse states in the region. Registering a Business in Oregon - What You Need to Know Before we begin, realize the information going forward assumes that you have already decided that operating your business as a sole proprietorship or general partnership (if you will have multiple owners) is not for [...]
The multi-member LLC is a Limited Liability Company with more than one owner. It is a separate legal entity from its owners, but not a separate tax entity. A business with multiple owners operates as a general partnership, by default, unless registered with the state as an LLC or corporation. Would it make sense for you to form your business as a multiple member LLC? To arrive at that answer, you need to consider how choosing that business entity type will impact you legally, administratively, operationally, and from a tax perspective. I encourage you to speak with an [...]
At some point, growing businesses need more hands on-deck. But that doesn’t necessarily mean you have to invest the money to hire full-time employees—yet. Before you hire full-time employees, there are other staffing options you can explore. Bring on Extra Help With Our Six Flexible Staffing Options 1. Family and Friends Starting a business requires long hours and time away from family and friends. You can avoid the separation issue (and create new bonds) by hiring family and friends to help run your business. Family businesses account for 64 percent of the U.S. gross domestic product and create [...]
Have you considered incorporating in California but you're just not sure where to begin? As a California business owner, I’m excited to help guide other entrepreneurs get their companies up and running in this fine state. In this post, I’m going to walk you through the process of forming a corporation in California. But first, let’s take a look at the various kinds of corporations the state recognizes. Types of Corporations in California General For-Profit Corporation (General Stock Corporation) - A General For-Profit Corporation is a legal entity, separate from the shareholders who own its stock. It can exist [...]
This time of year is a rite of passage for any student and parent, but it also signals that we’ve entered the home stretch of the year. We want to make sure that small businesses end the year with success! That’s why we put together a back-to-school legal checklist for entrepreneurs. Instead of hitting the books this fall, small business owners should take the time to make sure their legal and administrative obligations are in order. The Legal Checklist for Entrepreneurs 1. Incorporate or Change your Business Structure Many small businesses start out as a sole proprietorship or [...]
A Real Estate LLC (Limited Liability Company) business structure has become a preferred entity of real estate investors for holding title to investment properties. That’s not too surprising considering the advantages of forming an LLC: It limits personal liability. It provides tax treatment flexibility. It’s relatively simple to establish and maintain. It’s less costly to set up and maintain. It offers more flexibility in how you distribute profits. It makes it easier to pass real estate investments to your loved ones. An individual or a company beyond the United States can own it. Let’s dive deeper into each [...]
When you’re starting a business, it’s hard to imagine a time when you would actually turn away business or find yourself in a situation where firing a client is required. In the beginning, of course, beggars can’t be choosers, and even if the client isn’t a big spender, every penny counts. Plus, at the beginning, you’re more concerned about getting experience and building your reputation, in your industry and community. But eventually, as you get more established, there will likely be a situation when you have to decide whether a particular client is worth the hassle or whether [...]