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Small Business Video #1 – Choosing the Right Name and Business Structure

 

Take a look at the first video in our video series about setting up your new business. It is important to set up your business properly; your business structure will dictate what protections you do or do not have. There can be legal and tax consequences to the way you start your business. It is important to understand all your options.

The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. If you choose an LLC, you must also inform the Internal Revenue Service on how you want to be taxed. If you are a sole owner, you have two options: as a sole proprietorship (listed on a Schedule C) or S-Corp. If you have multiple owners, your only option is usually as an S-Corp. There are pros and cons to each type of taxation; you should talk to a tax and legal professionals before deciding on how to set up your business.

Additionally, most individuals set up a business structure to ensure protection for personal liability. In order to get these protections, you must make sure you are following corporate formalities, such as separate bank accounts, accounting, operating agreement. Even if you are a sole owner, you must have an operating agreement that dictates how decisions for the company must be made. Legal protections only continue to exist when formalities exist; otherwise, the courts will see the business as just an extension of the owner(s) and not a separate entity.

2017 Tax Season: Things to Know and Scams to Avoid

It is 2017 Tax Season!

We are in the midst of 2017 tax season. The tax filing season is in full swing. The Internal Revenue Service is anxiously awaiting for you to file your 2017 taxes. This year, you must file and pay your taxes by April 17, 2018. Remember, if you file for a tax extension, it is an extension to file not an extension to pay. As a result, if you do not pay all taxes due for 2017 before the filing deadline, then you will be subject to interest and penalties. Attorney Arthur Rosatti discusses the importance of getting your returns prepared as soon as possible and the new tax scams to be on the look for.

Arthur is an attorney at Ashley F. Morgan Law, PC. He focuses his practice on helping our client manage their tax debt. Similarly, he works with the IRS and state taxing agencies (such as the Commonwealth of Virginia) to negotiate payment plans, settle debts, or find other available relief. In you have tax debt that you cannot pay right away or owe back taxes, contact our office and we can help guide you through your options.

 

 

 

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