Do you want to really have a great handle on your cash flow? Do you want to minimize surprises in your business and reduce stress in your life? Then you need ways to improve your cash flow and create a forecast for your small business. That’s what my smartest clients do; they are always looking ahead, and you should be too.This is not difficult. Here’s how to get started.
Elon Musk is the rare kind of CEO that other CEOs become fanboys about. Musk, the co-founder Tesla, is also known for his leadership at rocket company SpaceX, PayPal and Zip2 and OpenAI, not to mention his plans for the superfast train system known as the Hyperloop. Musk also launched NeuraLink in March of this year.
Generally, businesses need a new EIN when their ownership or structure has changed. Although changing the name of your business does not require you to obtain a new EIN, you may wish to visit the Business Name Change page to find out what actions are required if you change the name of your business. The information below provides answers to frequently asked questions about changing your EIN. If, after reading the information below, you find that you need an EIN, please see How to Apply for an EIN.
In most cases, there’s nothing “small” about the expenses you have when you start a small business. Dozens of expenses pop up long before you actually open the doors for business. You need a place to work, supplies, furniture and probably employees.
For the most part, the expenses you have at start-up are capital expenditures – money you spend as an investment in the business. Good examples are the costs of buying a building or machinery. Generally, you can’t take tax deductions for these expenses, and usually you won’t recover or recoup those expenses until you later sell the business.
However, there are some start-up costs you can recoup on your tax returns without having to wait for the day you sell. A special deduction or amortization can help you recover some of these costs.
A pair of young sisters was amazed when their nifty little invention — a microfiber cleaning cloth that sticks to the back of a smartphone or tablet — started picking up steam.
Called HypeWipes, the cloths were a hit at trade shows and amongst a growing number of customers. But that luck soon changed for 14-year-old Sophia Forino, her sister Marissa, and the girls’ father Rocca Forino: A company which markets a product called Hype-Wipe filed a $1 million lawsuit against the Forinos claiming the girls’ invention infringes on the trademark for the Hype-Wipe, reports WVIT-TV.
What can small business owners take away from this somewhat unfortunate intellectual property dust-up?
read the rest of the article: Young Girls’ Invention Gets Them Sued for $1M – Free Enterprise.
Among the many decisions you need to make when launching a business is selecting a business structure. If you do nothing, your business, by default, is structured as either a general partnership (multiple owners) or sole proprietorship (solo owner). These may be the simplest entities to form, but they offer one major drawback: There’s no separation between the business and business owner.
If your partnership or sole proprietorship business is sued or can’t pay its bills, your personal assets can be on the hook. That is why both the Limited Liability Company (LLC) and C Corporation, or just Corporation, are popular business structures, as they minimize the owner’s personal liability. Yet, they have vastly different approaches to taxation.
Here we’ll break down the five key differences between how an LLC and Corporation are taxed. While these pointers can be a great starting point, you should consult a tax advisor if you have any questions about how these differences apply to your particular situation:
read the rest of the article here: The 5 Biggest Tax Differences Between an LLC and Corporation.