When you set up your business, you choose from several types of business structures. The structure you operate under affects your tax liabilities, so selecting the right one for your business is crucial. Forming an S Corp is one business entity option. Knowing how to form an S corporation helps you decide how you will […]
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Business Entity Tax Basics: How Business Structure Affects Taxes
Business structure affects many aspects of your company, including your tax obligations. Choosing the right structure for your business could mean the difference between expensive, time-consuming taxes or affordable, simplified tax liabilities. As a small business owner, you must know how business structure affects taxes.
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How to Conduct Due Diligence When Acquiring a Small Business or Product
Are you considering buying a business to start your journey into small business ownership? Or, do you want to acquire another small business to expand your existing one? Or, do you want to acquire a product to add it to your business? If you answered yes to any of these questions, you need to know […]
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What Is the Difference Between S Corp and C Corp?
Choosing a business structure is a big deal. The way you structure your business affects how much you pay in taxes, your personal liability for business losses, how you pay yourself from your business, and more. Sole proprietorships, partnerships, corporations (S Corp and C Corp), and LLCs (single-member and multi-member LLCs) are business structure types.
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What Are Articles of Incorporation?
There are different requirements to set up all the types of business structures. If you want to structure your business as any type of corporation, you need to create and file articles of incorporation.
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Accounting for Startup Costs (Plus How to Handle Taxes)
New businesses typically incur expenses before the business is up and running. You might need to research your market, hire a consultant, travel to potential suppliers, or open a facility. These are startup costs. When you incur startup costs, you must accurately record the corresponding ledger entries in your accounting books. And, you must properly […]
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Does Your Organization Qualify for Tax-exempt Status?
If you run a nonprofit organization, you work hard to give back to others. The government offers the opportunity for organizations like yours to gain tax exemption. However, applying for tax-exempt status can be a long and complicated process. Before starting the tax-exempt status application, find out what tax exemption means for your organization, determine […]
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What Is an S Corporation?
Before you can get your small company rolling, you need to decide on a business structure. Your business entity impacts everything from taxes to profits and losses, so it’s essential that you choose a structure that works for your company. One popular small business structure is an S corporation. According to the SBA, 52.1% of […]
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501(c)(4) Social Welfare Organizations: How Much Do You Know?
When you think of nonprofits with tax-exempt status, your mind might go straight to charitable or religious organizations. However, these types of groups aren’t your only options for becoming a tax-exempt nonprofit. If you own a social welfare organization, you can apply for 501(c)(4) status with the IRS.
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Protect Your Business With a Partnership Agreement
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.
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