When you decide to start a business, one of the most important decisions you’ll need to make is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face. 1,267 more words
Tags » Business Entity
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
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