Choosing A Legal Entity Structure For Your Franchise
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“PIC”, “LLC”, “S”…this alphabet soup of legal entity structures can be very confusing to start-up franchises. It is important to understand basic accounting and insurance concepts, however, in order to make an informed judgment about the best legal structure for your particular franchise operation. You should especially focus on legal liability and tax reduction when forming a legal corporate entity. Don’t lose money on frivolous lawsuits or avoidable tax deductions.
Factors such as tax impact and owner liability vary between different legal entity structures for a franchise
Most franchises establish “S” corporations because they are simple and efficient to file as part of the owner’s personal IRS return. With this legal entity structure, gains and losses are then netted against the owner’s personal income from all other sources. This is helpful during the start-up phase of the franchise because some of the early expenses can help reduce your overall tax bill almost instantly.
Benefits of Better Business Bureau Accreditation
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Is getting accredited by Better Business Bureau the “ no brainer” it appears to be?
Starting a new company? The Better Business Bureau is another thing to ponder– Better Business Bureau is a service for consumers and businesses that provides information relevant to a company’s reputation for service and responsiveness. Businesses that have high standards in those areas can apply for accreditation from the agency. Such an accreditation means that the BBB has determined that the business meets a level of emphasis on customer service which includes a commitment to make a good faith effort to resolve any consumer complaints. BBB accredited businesses pay a fee for such review/monitoring and for support of BBB services to the public.
The Independent Contractor
By · CommentsHow to Survive the Transition from Employee to Independent Contractor
So you’ve made the decision to become an independent contractor. If you’re like the millions of other company employees in America making this decision, you’ll probably have a few questions about what to do next because, let’s face it, owning your own business is exhilarating, but it can also be intimidating.
On the one hand, you have flexible hours, no boss, and casual dress. On the other hand, you encounter a whole new realm of responsibilities involving taxes, liabilities, establishing credibility, etc. What can you do to help lift the burden of these accountabilities? Incorporate your business.
Why Should an American Open a European Business?
By · CommentsOpening a European Business can be easy and beneficial
Even with our recent economic problems, the United States is still home to the greatest economy in the world. If this is the case then, why would a veteran American business owner or someone considering a business startup for the first time choose Europe as the destination for their company formation? Generally, two of a business’s top concerns are in the areas of capital protection and tax liability, and the many diverse countries in Europe offer outstanding opportunities to the American investor in both of these areas.
A Business Plan is your Roadmap to Success
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Would You go from Philadelphia to LA via Seattle?
Would you take off from Philadelphia to LA without planning the trip? Could you? Sure! When the sun comes up, head west on anyone of the numerous interstates that go across country… -I90, I-80, I-70, I-40 …. But if you take the wrong one, you could end up in Seattle. You travel 2900 miles, but you’re still 1100 miles and 18 hours away from your destination. Also, where would you stop to eat or sleep? How much are the tolls? Gas? If you add a deadline when you need to be there, you add another dimension, stress. Now you’re really traveling blind, not knowing where you are going and wondering if you’re going to make it on time.
Kim Rodriguez and Angee Costa love paperwork – and it’s a good thing too. It’s what their business is all about.
These two single momtreprenuers are the founders of Girl Friday, LLC. Their company provides a full-range of administrative, secretarial and bookkeeping services to small business owners in Delaware and Pennsylvania.
Is Your Company Taking Full Advantage of the Internet?
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In today’s society, your web presence can be a vital component of the success of your business. With improvements to your company’s web presence, you can tap into the billions of internet users to acquire new customers and generate leads.
In order to improve your web presence, we first need to define a series of levels to identify your current status and your goal. It makes sense to categorize web presence into the following 3 basic levels:
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Entrepreneur Profile: Dirk Ulrich of Plugin Alliance
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Dirk Ulrich of Plugin Alliance
Recently, I had the privilege of meeting with Dirk Ulrich, owner of a newly formed company Plugin Alliance.
Dirk has been selling music software plug-ins under his German company Brainworx (Visit the Brainworx press release about Plugin Alliance here) for many years as well as producing and selling plugins for various other vendors through their respective websites.
Dirk formed Plugin Alliance to help facilitate international sales of all of these plug-ins from one place. Read More→
Get your New Business on the Map
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As a new business start-up, one of the most important first, free steps, is to register your company with Google Maps. Google Maps is a Google service offering powerful, user-friendly mapping technology and local business information — including business locations, contact information, and driving directions. Read More→
Cyber Attacks Pose a Serious Threat to Small Businesses
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Small businesses are not off the radar when it comes to cyber attacks. In fact, because larger companies are becoming increasingly more concerned about cyber security, small businesses are actually a main and easy target for online assault.
Symantec, a company designed to provide technological security, reports that forty percent of cyber attacks are directed at small businesses with less than 500 employees. Such a large risk merits concern; and it is important to learn the facts to protect your company. Read More→
