An S-corporation is a closely held corporation that generally doesn’t pay income taxes. Instead, the corporation passes all corporate income, deductions, losses, and even credit straight to their shareholders for tax purposes. While an LLC and an S Corporation are different, LLC members can typically elect to be taxed as an S corporation to see … Continue reading “How to Start an S Corp (S-Corporation)”
Read MoreNOTE: This article is not considered legal advice, just our interpretation. As always, we recommend you contact an attorney if you are unclear on any new law. California Assembly Bill 5 (AB5), also known as the “Gig Worker” bill, was passed in 2019 under the guise it would promote labor unions and provide benefits to … Continue reading “How to Make Sense of AB5 (And Possibly Get Around It)”
Read MoreAfter you create a legal entity by either incorporating (C or S corporations) or forming an LLC, it’s important to know what to do next. Some states have extra requirements after you’ve completed all of the paperwork for your legal entity to become activated, and depending on the type of legal entity you chose you’ll … Continue reading “What to Do After Incorporating or Forming an LLC”
Read MoreAn operating agreement is used by limited liability companies (LLC) to establish the operations of the business. This document is similar for an LLC and is very similar to by-laws that are used by legal corporations. Typically, the terms agreed to by members of the LLC are listed, including both day-to-day operating procedures as well … Continue reading “What is an Operating Agreement & When You Need One”
Read MoreCan I Sell on Amazon as a Non-US Citizen? You don’t need to be a United States citizen to sell on Amazon.com, but once you sell 50 or more items on the marketplace, you’ll need to have a proper tax ID number. However, if you’re selling through Amazon’s FBA (Fulfillment By Amazon) program then you’ll … Continue reading “Can I Sell on Amazon as a Non-US Citizen? Answers and Help to Get Started”
Read MoreOpening a business banking account is a simple four-step process that can typically be completed in less than an hour if you have prepared beforehand. You can open a business bank account either online or in person, but doing so online will typically take longer and could require additional documentation. Before you open a business … Continue reading “How to Open a Business Banking Account”
Read MoreOne of the most popular ways to protect businesses from potential legal liability is to use multiple business incorporations. This typically entails a business putting assets in different LLC’s or corporations. The biggest benefit to business owners is that if you have a big mess up, or financial loss, in one part of your business … Continue reading “Why Using Multiple Business Entities May Help Your Business”
Read MoreTransferring real property, or other assets, into an LLC or corporation can help you protect yourself from personal liability. This is typically done with property you anticipate having another party involved with in some way, such as a rental property. Transferring property can help protect you from personal legal liability. The process for transferring property … Continue reading “How to Transfer Property to Your LLC or Corporation”
Read MoreFunding for LLCs and Corporations can be difficult as a new LLC or corporation because you don’t have a financial history for potential lenders to make a lending decision from. Instead, you’ve got to find creative ways to fund your company in order to get the capital you may need to either launch or grow … Continue reading “Funding for LLCs and Corporations: Top 9 Ways to Finance Your Company”
Read MoreOne of the most daunting aspects of doing business as an entrepreneur is coming to the realization that your company is failing and needing to decide whether to salvage or close up for good. Business owners must often review their operations to determine how sustainable the business is. When the business is no longer profitable … Continue reading “How to Close a Business: Corporation, LLC or Sole Proprietorship (with Checklist)”
Read MoreCopyright © 2001-2024 MyCompanyWorks, Inc.