Choosing a business structure is one of the first and most important business decisions you make. The type of entity you choose affects what business taxes you owe, your profits and losses, and the level of control you have in your company.
Read More Protect Your Business With a Partnership Agreement
Author:
Rachel Blakely-Gray
As Patriot's Content Manager, Rachel creates engaging and informative content aimed to help business owners understand complex accounting and payroll topics.
What Is Inventory Shrinkage?
When running a business, you likely face setbacks due to unforeseen costs. Unplanned expenses, like inventory shrinkage, can lead to a drop in profits and require you to alter your accounting books. To combat significant inventory shrinkage, you must familiarize yourself with what it is, why it happens, and preventative actions you can take. And […]
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How to Change Your Business Structure
The business entity you chose when starting your business might not be appropriate when you add on a partner, hire additional employees, or introduce new offerings. Learn how to change your business structure to adapt your small company.
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Claim the Business Loan Interest Tax Deduction to Decrease Your Tax Liability
Running your small business isn’t cheap. And securing financing to run your business isn’t cheap, either. Taking out business loans can weigh you down with high interest rates. To help offset this expense, you might be able to claim a business loan interest tax deduction. Not all interest expenses are tax deductible. To claim this […]
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What Is the Best Business Structure for Small Business?
Structuring your company is one of the first and most impactful decisions you will make when starting your business. But, deciding the best business structure for small business can be a challenge. Before you randomly pick a business structure out of a hat, get to know how each type of entity can affect your small […]
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6 Steps to Creating Your Credit Policy for Small Business
Limiting your customers’ payment options can mean fewer sales for your business. In addition to accepting cash, checks, and credit cards, you may consider offering credit to customers. If you want to extend credit, create a credit policy for small business.
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Your Go-to Guide for Efficient and Effective Bad Debt Recovery
When you offer credit to customers, you may need to write off unpaid receivables as bad debts. However, you could end up collecting debts you write off in your accounting books. If this happens, record the money as a bad debt recovery.
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What Is a Statutory Nonemployee?
You’ve heard of employees. You know about independent contractors. And by this point, you may be familiar with what is a statutory employee. But, what about a statutory nonemployee?
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Small Business Risk Management
Starting a business venture is risky. You may make costly mistakes throughout your entrepreneurial journey. And, there are many things outside of your control that can affect your enterprise. Although you can’t always prevent threats, you can defend yourself through small business risk management.
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Offer in Compromise: Possible Solution for Business Owners Drowning in Tax Debt
Not being able to pay your debts can be scary. And when your creditor is the IRS, you might be especially nervous about making ends meet. To alleviate some of your tax debt burden, consider applying for an offer in compromise.
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