While personal and most corporate taxes are due each year on April 15, the S-Corp is a notable exception. I suppose the IRS probably wanted to stagger the paperwork a bit and so they chose the S-Corp to file a little early, figuring it would cause the least amount of burden on taxpayers since the …
One of the few corporate compliance items you must complete to maintain that separation between you and your business is the minutes for your company meetings. “Minutes” is just the fancy word for “notes” but a little more formalized into a structure or template. It’s not difficult and an easy format is presented below. I’ve …
After writing about how to file your Statement of Information it occurred to me that how corporations are organized may not be well known. You’ve probably heard terms like Chairman of the Board, CEO, CFO, and CIO, but may not know their meanings or who reports to who. This article will shed some light on …
Remember when you incorporated there was a step for entering the directors of your company? In that step (https://www.johnonbusiness.com/form-a-corporation-in-7-easy-steps/#Directors) you could list out the primary people at the head of your organization if you wanted to disclose it even though it wasn’t required. I said not to bother since you’d have to do it again …
It’s been about a month since you submitted your incorporation papers and today you received your official number and approval. Congratulations! You are now a CEO and a Chairman of the Board! If you’ve decided to be an S-Corp then one of your first orders of business should be to fill out the application and …
If you’re forming a C-Corp and don’t plan on having any employees or taking any money out of the business then I suppose technically you don’t need a Federal Employer Identification Number (EIN), but if you are forming an S-Corp or any company where you plan on pulling any money out then one of the …
Edited July 2022 to include the latest changes to the CA Secretary of State web site which actually changed the number of steps from 7 to 13. Is it easier? Not really, but honestly it wasn’t hard to begin with so read on! So you’ve decided to protect your personal assets and save thousands of …
Fiscal: relating to government revenue, especially taxes. Oxford Dictionary Did you know that you can set the tax year for your business? Yup that’s right. If you want to begin your tax year in April and end it the following March you can do that. Begin in September and end in August? You could do …
So you’ve got a great skill or product and have decided to go into business for yourself. Maybe you already have some paying customers and it’s time to make your business “legit”. You may have even decided your company will be big enough to justify incorporating from the start, but you’ve got one big problem …
One of the biggest arguments I hear for forming an LLC over a corporation is the difference in record keeping between the two entities. The LLC crowd says it has significantly less record-keeping than corps and I don’t think in a small business with 1-3 owners the amount is all that significant. I’d like to …