By David Nilssen, CEO & Co-founder of Guidant Financial
We all have dreams. They start off big when we’re very young. As we grow up, most of us temper our ambitions with a dose of reality and a need to fit in—to do what others do. This is true for aspiring (and frankly existing) entrepreneurs.
First, let me say that not everyone is cut out to be an entrepreneur. There is tremendous potential for reward—both material and in personal freedom and satisfaction—but there is risk in entrepreneurship, and a fearful or risk-averse person should not attempt it.
One of the first decisions every business owner needs to make is what entity to file their business as, and that choice is typically between LLCs vs. Corporations. Really the decision comes down to what fits the needs of the business owner and the business, but there is still discussion on which entity is best. Here at MyCorp, we gathered together a panel of professionals to get their expert advice on LLCs vs. Corporations and which is the best to form for your business. Which side are you on?
1. “Generally speaking, corporate status is preferable. Banks typically don’t view LLCs as favorably during the loan application process and corporations don’t pay taxes on fringe benefits. These include group-term life insurance, medical reimbursement plans, medical insurance premiums, and more.”
- John Boyd, Principal, The Boyd Company, Inc.
Enterprise communications are a critical and tricky area to perfect. Many professionals struggle to communicate and collaborate with their coworkers on a daily basis, while others seem to know the right thing to say every time. This struggle even extends to CEOs, small business owners and other professionals who are constantly in the spotlight. Even several presidents have had to have public speaking coaches in order to help them deliver national addresses!
For many the way they communicate naturally doesn’t seem to be professional, so they adopt a false persona that doesn’t ring true. Others are simply unfamiliar with what accounts for “professional” communication, and are unsure of what is acceptable and what isn’t. The trick is to act natural – which sometimes means using words, or text, that may not seem business-like – such as emoticons.
For any small business owner, a slowly recuperating economy can be an overwhelming scenario. With small business budgets often stretched to the limit, it is difficult for the owners to choose the best means of investing money while still allowing growth of their businesses. According to studies, the number of people using the internet on mobile-only devices is on a steady rise. In fact, we may all soon be seeing a smartphone-only generation, wherein cell phones are the primary source for accessing the internet. This is why small businesses need to start making significant strides when it comes to the mobile app market.
Our next state is famous for producing 33% of the potatoes grown in the U.S., and 85% of commercial trout. This state is also home to the famous Salmon River- the longest free-flowing river to flow within a single state. Who is our mystery state bachelor? None other than Idaho!
Idaho is located in the northwestern region of the United States. It comes in as the 14th largest, 39th most populous, and the 7th least densely populated of the states. Its capital is Boise.
As far as starting a business in the potato state goes, Forbes ranks it at number 19 for the best states for business due to its average rankings of business costs, labor supply, regulatory environment, economic climate, growth prospects, and quality of life.
This guest post is brought to you by Outright, the simplest way to manage your small business finances online. Sign up today for a less taxing tax time!
You hired a freelancer for some temporary work at your business, but now you’re worried about what the Tax Man requires. After all, you were already so busy you had to get somebody else to come in to write that blog post/add on to your home office /upgrade your computer/etc. How in the world are you going to find the time to do extra taxes?
Luckily for you, they’re actually not that complicated. While they seem like they should be tougher, freelance taxes are simple for the small business owner to deal with. But first, there’s something we should clear up.
A June study by Nielsen found that more than 60 percent of mobile users in the United States owned a smartphone. People not only use their phones to surf the web and communicate with friends, but are conducting business that just a few years ago was reserved for notebooks and desktop computers. It is now more important than ever for businesses to optimize their websites for mobile technology.
While creating a mobile version of your website is a good start, an app is the most comprehensive way to ensure maximum exposure to potential customers. An app moves faster than a mobile website and can sync with other features on the phone. The problem is that most small business owners don’t have the technological wherewithal to code an app themselves. It isn’t as difficult as one might imagine, but also not as simple as printing business cards online. The following will help steer you in the right direction.
You shouldn’t have to live in fear of facing your utility bills each month at the workplace! One of the most effective ways to conserve energy is to cut down on the amount of electricity, natural gas and other fuels we use while trying to bring the temperatures in our office buildings to comfortable levels. According to Energy Star, an Environmental Protection Agency program that advises businesses and individuals on eco-friendly energy savings, up to 30 percent of the energy generated to heat, cool and light the average commercial building is wasted.
Weatherproofing your doors, windows and skylights is the best way to make sure unconditioned air is not seeping in to or out of your office. And while weatherproofing can help you save on your utility bill, it can also put a dent in your annual taxes by applying your improvements toward tax deductions offered by Uncle Sam.
By Greg Lindberg, 1800Accountant.com Writer
Do you have plans to launch a brand new small business? Are you ready to take the dive toward a profitable and rewarding future? If you intend to become a newly crowned business owner, it is vital to ensure you know what types of business structure options exist so that you choose the one that is most appropriate for you. This includes understanding how each type of business entity is taxed. One option is to go with a C corporation, which is considered the most traditional type of business structure.
When it comes to filing federal taxes, the IRS treats C corporations as separate business entities. A C corporation can be created when there is an exchange of money or property among prospective shareholders who make up a business. This is done for the capital stock of the business. The advantage of a C corporation is that it typically can claim more tax deductions than the ones available to sole proprietorships or partnerships when calculating their amounts of taxable income. Tax deductions can lead to big savings, helping small business owners hold on to more of the income their companies bring in.
Odysseas Papadimitriou, CEO of CardHub.com
Small business owners are basically living in the dark ages. No, I’m not referring to the aversion many mom and pop stores seemingly have to the power of web-based marketing or even how tough it is to become successful in the currently gloomy economic climate. Rather, I’m talking about the fact that politicians and financial regulators don’t seem to think that small business owners are worthy of the same rights and protections as the general consumer population.
While the CARD Act of 2009 has proven to be a huge success – adding transparency and fairness to the personal finance industry – it doesn’t apply to credit cards branded for business use. That’s alright, you might be thinking; small business credit cards are just different, right?