Financials

In order to price your services as a contractor, you will need to know what your goods cost to produce. There are 3 costs you should take into account when pricing services namely: Labor costs Materials/ Supplies cost Overhead cost Labor costs As a contractor, you know it is not possible to provide a service without incurring labor costs. The labor costs that is applied to a unit of service is

A shareholders agreement is an agreement between the shareholder and the corporation. When operating a business, the business owner and the business are two separate entities and should be treated as such. You should not treat your business like an extension of you. As a Certified Public Accountant I am concerned about the shareholders agreement addressing certain accounting issues. Some issues you should have in your agreement are: Capital contributions

People often get confused about the S corporation election status. Most people think S corporation is another form of legal entity. S Corporation is a tax election and not a legal entity. As an S Corporation your legal entity could be that of a LLC or a C Corporation. LLCs or corporations choose to make the S election for 2 main reasons namely: Avoid the double taxation treatment on distributions. A

There is a pattern to creating wealth, most people randomly do stuff without actually taking time to put together a real plan. The 4 phases of building your wealth cycle are survival, accumulation, investing, financial sophistication/ freedom. Survival This is the phase where you work to meet your 3 basic needs. There are 3 basic needs: food, clothing and shelter. We all work to meet these 3 basic needs. However, we have learned to

Proverbs 14: 23 those who work hard make a profit, but those who only talk will be poor.   Everyone wants to productive and wants to build wealth. No one likes to be stagnant. One of the things that kills the human spirit, is that we look back to see that we have not really done much with our lives. This realization can bring about depression. The Wealth Cycle So what is