Financials

As a business owner you sometimes run into situations where you have to use personal funds to pay for business expenses. For example you are at the store shopping for personal needs and then you see an equipment you need for your business on sale. You do not have your business credit or debit card with you. So you use your personal credit or debit card to buy the equipment.

If you own a small business, your personal assets can be seized to meet your business obligations. One way to avoid being personally liable is to form a legal entity. A corporation or a limited liability company (LLC) can meet this need. However, forming a legal entity is not the end of the story. You still have to be careful to separate business activities from the personal. Here are few

If you are self-employed and operate under the corporate structure (c or s corporation), you have probably asked yourself what is a reasonable wage to take out of my business. Not only do you have to take wages out to meet your personal needs, the IRS also requires you pay reasonable wages. The IRS requires paying reasonable wages because of the multiple ways corporations can take money out of their

When choosing to start a business with a partner, one of the first questions that comes to mind is how to share profits. How you share profits will depend on the type of corporate structure. This article will focus on forming a partnership using the LLC legal structure. Starting a business with a partner – The LLC LLC and corporations both have the advantage of limited liability. However, the LLC has

One of the questions a self-employed person will have to face is how to take money out of business. This question partly depends on the tax structure of the business. In this article, I will discuss the right way to do it as a sole proprietor versus a corporation. If you are a S-corporation the corporation rules will apply to you and if you are a LLC taxed a sole