• Do you need a DBA? (“Doing Business As”) A question I am often asked is, “Do I need a DBA for my company?” In a nutshell, the answer is this: A DBA (which stands for ‘Doing Business As’) is needed in two main situations. Situation 1 First, if you, Joe Jones, are doing business as a sole proprietor (never recommended – unlimited liability) under the name ...
  • Avoid These Traps When Crafting a Business Plan As you begin formulating your winning business plan, be wary of some of the common traps new entrepreneurs fall into: Trap #1:  Failing to plan is planning to fail Effective planning means more than writing goals on a piece of paper.  It means taking personal responsibility to prepare you emotionally and practically to be a business owner.  ...
  • New Rules for Foreign Accounts Held By U.S. Citizens By Garrett Sutton, Esq. The new Foreign Account Tax Compliance Act (FATCA) becomes effective July 1, 2014. The IRS reporting is straight forward. The penalties for not reporting are onerous. The Internal Revenue Service (IRS) requirements for FATCA are set forth in the following three (3) IRS documents:  (1) Summary of FATCA Reporting for U.S. Taxpayers; (2) ...
  • Choosing the Right Entity For You By Garrett Sutton, Esq Choosing the correct entity is one of the most important decisions you can make. This one decision will dictate how you prepare your taxes, how you keep your books, how much of your business’s income you keep and how much you don’t. It will dictate your profits and losses, the financial security ...
  • Electing a System of Accounting for Your New Business It’s that time of year: Tax Time. Since I, too, have taxes on my mind, I thought I would spend the next few weeks blogging about some tax and bookkeeping related items that will help you and your new business get off to a good start. Before you start operating your new business, you must elect ...
  • Choosing an S Corporation for Taxation By Garrett Sutton, Esq. Have you ever wondered what the difference is between an S and C corporation? The advantage of an S corporation over a C corporation is the flow-through nature of the entity. (Know that an LLC can also be a flow-through entity and that an LP must be taxed in such a manner.) ...
  • Business IS a Plan By Garrett Sutton, Esq. Business is a plan, not a product or procedure. Good business plans expect the unexpected, but remain intact and in use throughout the trying early years.  They just keep getting improved upon as you learn more.  Your personal plan can be financial freedom – freedom from the day to day grind of ...
  • Choose Your Tax Year Continuing our theme of taxes, another key tax choice you need to make when starting up is your fiscal year. You can choose to have your company’s fiscal year end at the end of any month, but be aware that federal taxes are due 2.5 months after the end of your fiscal year, not 3.5 ...
  • Do you do any business in California? Read this! For anyone who lives in or does business in California, there are some important new tax rules you need to know. And even if you don’t have anything to do with California – this is crazy enough to read anyway! California recently required that all corporations doing business in California pay an $800 fee to the Franchise Tax ...
  • Are you resolved to be in control? Happy New Year! Every January 1st many of us make resolutions to improve, and I am no exception. This year, my resolution is to blog on our website every week. There are many things we cannot control. Economic cycles, accidents, natural disasters, among others, are all beyond our individual grasp and control. We also can’t control our customers and ...
  • Bad Choices When Organizing a New Business You have several choices when you organize a new business. Two of them are bad choices. They do not shield your personal assets from the attacks of vendors and customers. The first bad choice is a sole proprietorship. Because it is not chartered with the state, and thus easy to set up, you do not have a separate legal ...
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