One of the first things you think of when starting a new business is opening a new bank account. You must have the answers to three questions before you open a new business bank account: (1) what is the name of your business, (2) how can you prove that you are authorized to open the account, and (3) what is your tax identification number. 22 more words
Tags » Business Entity
Why should I organize the structure of my business as a legal entity like a corporation, LLC, or limited partnership if I already carry insurance?
Insurance serves an important purpose for individuals and businesses. Insurance pays to repair damages caused by events that we are unable to prevent. We cannot prevent a lightning strike or a car crash caused by some teenager who was texting and driving. 333 more words
The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended breaks include many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar (compared to deductions, for example, which reduce only the amount of income that’s taxed). 153 more words
It is very important to build up your business credit scores to be able to avail of financial loans to fund your small business. In truth, small enterprises are now clamoring about for loans to improve their business by using the money for improvements, or purchasing inventory to meet consumer demands. 786 more words
A Limited Liability Company (LLC) is a popular, and relatively new, business structure recognized in all fifty states. What makes an LLC so popular? An LLC protects its owners (called “members”) from personal liability the same way that a corporation does, but an LLC is much easier to set up and operate than a corporation. 407 more words