Why you should switch to S Corp

Why you should switch to S Corp

When starting a business, there are two ways you can become official. You can incorporate as a corporation or you can form an LLC. Many people usually go with the LLC . Sometimes because they haven’t mapped out their business goals, sometimes because LLC is easier to maintain, they just want to get started and be official or someone simply told them to get an LLC.

There are different entity structures you can pick based off the way you choose to run your business. However, an LLC is the most common business structure. What many have found is, once they start making a nice profit in their business, the taxes owed become rather much.

How to work well with an Accountant

How to work well with an Accountant

I want to provide 5 easy ways to get along with your accountant. Rather you have one yet or not, this will still benefit you. A business owner and accountant are entering into a business partnership. This will be one of the most important business relationship you commit to. So it is very important that the relationship is set up successfully. So here are a few things you, the business owner can do to make sure this happens.

1.) Have a separate business account

Can your business produce financial statements?

Can your business produce financial statements?

If you are in business and you cannot produce at least a monthly financial statement for your business you are not managing your business properly. Now I know we all do the best we can do. I know some of us can only afford keeping track of your expenses and income via an excel sheet. This is OK when starting out or if you cannot afford on going bookkeeping payments.

However,

as your business grows,