Running a small business is never easy, but keeping one running while dealing with unforeseen emergencies can seem impossible.
To see your small business through the unforeseen, you need to lay the right groundwork. Read on to learn how to prepare your company for the unexpected.
A small business does not have the benefit of large scale operations, or a lot of savings, or name recognition, which is of course why small businesses are so much more vulnerable to disasters than big businesses are.
The best thing you can do to prepare your small business for the unexpected is to forge and maintain strong employee relations. Your employees form the public face of your business, and it is they who do the most to determine what your customers’ experiences are like. When times get tough, it is your employees who will either go the extra mile for you or just phone it in until they can find a better job somewhere else.
During hard economic times, you need your employees to give superb customer service. You might need them to work with reduced hours,
Finding the right business lawyer isn’t nearly as straightforward as it may initially seem.
Generally speaking, most people will only need to consult a lawyer a few times in their lives, so the search process is justified unchartered territory for many.
At the end of the day, a lawyer is an advocate—someone who fights on your behalf using reasonable, ethical, and cost-effective means to ensure you see the case through in good financial and legal standing.
Because your lawyer serves as a kind of counselor, it’s important to be choosy when selecting a lawyer for your case.
With such a huge pool to choose from, it’s up to you to decide which attorney is most compatible for you and your case.
Using this guide, I’ll walk you through which qualities to look for when narrowing down your search.
There are few things more distressing than trying to work with someone who you’re uncomfortable with.
Not only should you feel comfortable in your lawyer’s presence, but you should also feel totally free to open up to them and ask questions.
The best state to form an LLC is Wyoming, as long as you do not have a business presence already in another state. Otherwise, it is better to establish your LLC where you have a business or industry influence. Wyoming is a good choice, as its fees are lower and the state offers asset protection and does not charge taxes for capital gains or taxes. Businesses also experience more privacy, as the members’ names are not disclosed.
Does it matter what state you form your LLC in?
Yes. It does matter where you establish your LLC. Usually, you should form your LLC in a state where you have a predominant business influence. However, if you are a non-resident, you can choose from one of various states to support business activities. Usually, it is best to choose Wyoming. The state’s annual fee is only $50, and you can own a business anonymously. The state also offers one of the best asset protection laws,
A Limited Liability Company is an amazing tool by which to conduct business especially from a tax and liability perspective. Unfortunately (or fortunately), some situations arise which may cause the need to dissolve a LLC.
Some scenarios include:
Planned expiration in which the LLC was only going to be valid for a set period of time;
The business purpose has been completed and thus is does not make financial or legal sense to continue to pay taxes and fees associated with continuing the limited liability company; or
Member disagreement (yes those occur frequently), among other valid and considerable reasons.
No matter what type of LLC, and there are advantages to different types, or why you are choosing to dissolve a limited liability company, there are steps that must be taken to avoid fines, taxes, and a ultimate loss of goodwill in the industry which could obviously prove to be detrimental to your bottom line in the long run.
Shameless plug… Whether you are winding up and dissolving a LLC in any state (we have guides for Texas,
How Do You Distinguish between Working as an LLC or Sole Proprietor?
The main difference between an LLC or a sole proprietor has to do with liability. When you begin working as a sole proprietor, your personal assets, such as your home or business, are technically at risk. By forming an LLC, however, you erase this risk, as your personal assets cannot be touched if you are sued by a business client.
Also, when you form an LLC, your taxes pass through to your personal income tax filing. You don’t owe any taxes on your business. This additional convenience makes forming an LLC very attractive.
Selecting an LLC or sole proprietorship is both important and complex. Unless you are a tax accountant or legal expert,
If you wish to convert a C Corp to an LLC, you probably are doing so for tax reasons. The following information will help you make this happen.
After reading the content, call or speak to us here: https://mollaeilaw.com/start to get started. By taking this stance, you can avoid paying taxes on your company and enjoy pass-through taxation.
Why You Need to Know How to Convert a C Corp to an LLC?
If you own a C corporation, you may want to convert to a pass-through entity, such as an LLC to retain your transferability of ownership and to receive protection against getting sued. This action may be more attractive too, as you avoid double taxation of corporate revenue. As you get bigger or expand, it can become more and more difficult to reach a happy balance when it comes to taxable income.
Not only do you have to consider shifts in salaries, but you also have to deal with paying for fringe benefits or interest payments on business assets.
If you work on your own and need additional help, you may want to know the answer to the following question, “Can a sole proprietor hire employees?” The answer is “yes.” However, before you place ads for help, you need to contact a competent business attorney to help you with this inquiry.
Call to speak to us here: https://mollaeilaw.com/start to get your hiring questions answered and learn how to set up your business so you can add to your staff.
Can a Sole Proprietor Hire Employees Immediately?
The following information is important to read if you want to fully answer your questions, “Can a sole proprietor hire employees immediately?” While you can hire employees, you will need to obtain an employer identification number (EIN) from the IRS.
Once you have this number, you will need employer identifications to fill out tax forms. For example, an employee who works for a sole proprietor must give him or her a copy of their social security card and another form of identification – preferably a picture ID.
Once you contact our office and start launching your new limited liability company (LLC), you will be able to rest easier at night.
To understand how to get your new LLC off the ground, you should read the following information. An LLC stands for a limited liability company, and is the ideal choice for any start-up that wishes to keep its business dealings separate from its personal finances.
Switching from a Sole Proprietor to LLC – What Is Involved?
When you are switching from a sole proprietor to LLC, you need to take specific steps. These steps are outlined as follows.
#1 Research and Find Out If Your Business Name Has Been Taken
The first thing you need to do is find out that your business name is already being used.