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If you are just starting out as a business owner or are wanting to expand or transform your existing business, following some fundamental steps will ensure that you obtain all necessary licenses, permits and registrations needed to legally operate. The SBA (US Small Business Administration) recommends a checklist of five steps. Be sure to attend to all of them to avoid fines or penalties.  Continue reading

A non-profit or not-for-profit organization (NPO) is a business form, whose purpose is to serve a public or mutual benefit other than the pursuit or accumulation of profits for owners or investors. NPOs are organized to meet specific tax-exempt purposes. In order to qualify for status as a non-profit, the organization must be formed to benefit the public, a specific group of individuals, or the membership of the non-profit.  Continue reading

Whether you have chosen to start your own business or have been running a business as a sole proprietor, if have decided you want to protect your assets from others involved with your growing business, then you are contemplating a decision that many entrepreneurs face: is it time to incorporate my business? Incorporating a business means structuring your company as a limited liability corporation or as an S corporation.  Continue reading

Because of its similarities to a C Corporation, many people believe that an S Corp is not an appropriate form their small business. However, according to data from a study on small business tax compliance led by Donal DeLuca of IBM Global Services, the majority (87 percent) of Subchapter S Corporations are actually micro businesses, meaning they have fewer than 10 employees.  Continue reading