Ongoing Management and Protection

No one starts a business to see it fail. Seeds of ideas slowly germinate into full-blown business plans bursting forth with sparkle and optimism. This business is your dream and you’ve given it your heart and soul.  You know it won’t fail. I’m sorry to say that...

Passion, energy, and enthusiasm are essential entrepreneurial traits for launching a business — and so is an understanding of financial performance. To sustain and grow an LLC or Corporation, a business owner must keep an eye on its profitability. Calculating...

If you're considering taking an S Corporation election, it's important that you review what obligations are involved in keeping an S Corporation viable. An important part of this review includes an evaluation of the reasonable compensation requirement. What is an S...

Did you know many businesses will have a new federal reporting requirement in 2024? Most registered business entities — like Limited Liability Companies (LLCs) and Corporations — must file a beneficial ownership information (BOI) report with the Financial Crimes...

If you change the principal business address or mailing address of your Limited Liability Company (LLC), it’s critical to update your information with the IRS, state, and local tax and licensing authorities. If you don’t, important tax and legal documents might go...

Before you let the hustle and bustle of the holiday season take over your business (and your life), now’s a good time to review your financial situation and explore some money-saving small business tax tips. Below is a list of my top tax tips entrepreneurs can...

Maintaining a C Corporation or Limited Liability Company (LLC) is an ongoing process that requires constant attention. Unfortunately, most small business owners don’t know what they don’t know and busy entrepreneurs often find it tough to carve out time to research...

As the end of the year approaches, there are many things on a business owner’s plate that must be addressed. And while it may sound mundane, meeting minutes are one of them. Making sure proper minutes have been taken at meetings is critical for proving...

It's already November and we are rapidly approaching year's end. This means the time has come for an annual business review. What is an annual business review? You might think this is the annual report  C Corporations and Limited Liability Companies (LLC) must file...

No matter the type of business you operate, taxes are among the expenses you must anticipate and budget for. While not the most pleasant aspect of running a company, business taxes require an entrepreneur’s attention and follow-through because penalties exist for...

Business owners who hire employees must withhold, deposit, report, and pay Social Security and Medicare taxes per the Federal Insurance Contributions Act (FICA). FICA taxes are applied to all of an employee’s taxable compensation, which includes salary, wages,...

Wondering if you need to submit a Secretary of State Annual Report and when it’s due? This state-by-state list will help you prepare and stay in compliance.

Although most of the year has already passed and we’re now into the autumn season, don’t panic if your business has fallen a little bit behind on its goals. It’s not too late to make changes that can help lead to a strong finish in 2023. Whether you’ve just started...

As we move into the winter months it's time to begin thinking of year-end business compliance responsibilities and business activities. Business compliance matters to businesses regardless of industry or size and it is something that needs attention every year....

Due to the severe winter weather conditions that impacted much of California and parts of Alabama and Georgia, the tax deadline for 2022 individuals and businesses, the Internal Revenue Service (IRS) extended its tax deadlines to October 16, 2023. Some parts of...

After a business is up and running, it's critical to maintain it by fulfilling all of the required business compliance tasks on time. Of course, businesses grow and evolve over time, and therefore, the actions they must take to maintain a business entity also may...

The Limited Liability Company structure is a popular choice among serial entrepreneurs because it offers the benefits of personal liability protection for the business owner, tax flexibility, and minimal compliance requirements. As an eager and enterprising...

Can an LLC owner file for unemployment? The quick answer is yes, but not in every situation. There are advantages to owning a Limited Liability Company (LLC), with tax flexibility, serving as one of the major benefits. How you elect to structure your LLC for tax...

How does a Limited Liability Company (LLC) owner withdraw money from their business? Whether these funds are for personal use or it is considered compensation from the LLC, how they may do that depends on three things: Whether the Limited Liability Company is a...

IRS Form 2553 (Election by a Small Business Corporation) is the form that a corporation (or other entity eligible to be treated as a corporation) files to be treated as an S corporation for federal tax purposes. The IRS has specific criteria that entities must meet...

An LLC executor is a designated person or business entity that an LLC’s members appoint to handle certain legal and tax-related aspects of their business at various stages of its existence. An executor might assist LLC members through the business formation...

With autumn approaching, many entrepreneurs and other professionals with school-age children face a double dose of challenges. Back to school brings break-neck fall schedules packed with events and extracurricular activities that demand parents’ time. And as kids...

An agent for service of process is an individual or business that accepts important legal and government notices on behalf of an LLC or Corporation. More commonly known as a registered agent, designating an agent for service of process is a requirement for LLCs,...

If you’re a foreign entrepreneur wishing to start a business in the United States, I expect you may have many questions about the process. Non-citizens can own a U.S-based Limited Liability Company (LLC) or C Corporation, and like U.S. residents, non-resident...

Appointing a registered agent for your business entity isn’t terribly difficult, but it does require a little effort on your part. Whether you’re starting a brand new business and need to designate a registered agent for the first time or you want to change your...

A corporate resolution is a formal record of a corporation's board of directors' decisions and actions on behalf of the company. States require incorporated companies to use corporate resolutions for recording major business decisions. The company's board of directors must vote to approve resolutions either during board meetings or in writing. 

The owner of a Limited Liability Company (LLC) or Corporation might consider being their own registered agent since it eliminates the cost of contracting another party to accept service of process and other official notifications on the business’s behalf. However,...

The BOC-3 federal filing designates process agents to accept legal documents on behalf of transportation companies. The process agent company must list the process agents in all other states where the company conducts business.

Many business owners will ask themselves what is a registered agent and then question if they really need one. The answer to both questions is yes! A registered agent is a person or company with the authority to accept service of process (legal documents and...

You'll likely encounter some unfamiliar terms when forming and managing your business. One phrase is a registered office, which refers to the physical address where a company receives service of process, which are legal documents and government notices that need...