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Actual for You - Guidelines and Tips to Form a LLC
Companies House-How to Beat Company Identity Theft
The recent increase in media interest in personal identity theft has provided a reminder that company identity theft at Companies House is still a major problem for UK limited companies. These companies are being encouraged to proactively take action to deal with company filing fraud at Companies House. There are over two million company records held by Companies House which currently reports that of the five hundred thousand documents filed at Companies House each month, including company accounts, approximately fifty are identified as false.Company hijacking at Companies House can involve:The company directors are changed - Fraudsters file change in company director forms 288 to notify Companies House of a change to the company's officers. These will either be stolen identities of real people or completely fictitious individuals pretending to be a company director. They will also notify Companies House that the company's true officers have all resigned.The companies registered office is changed - Fraudsters file a form 287, signed by a bogus company director, to change the company's registered offic
rs of the business each year. When you file your personal taxes, your accountant should provide you with a K1 for your business and include the profit or loss statement within your personal income tax return. This is different from that of a c corporation because a c corporation exists as a legal and separate entity from its shareholders. The officers & directors are responsible for taxes, not the shareholders. The c-corporation is responsible for writing the government a check for all of the profits earned within the tax year. The shareholders would include on their tax returns any dividends or salary received from the business in the The recent increase in media interest in personal identity theft has provided a reminder that company identity theft at Companies House is still a major problem for UK limited companies. These companies are being encouraged to proactively take action to deal with company filing fraud at Companies House. There are over two million company records held by Companies House which currently reports that of the five hundred thousand documents filed at Companies House each month, including company accounts, approximately fifty are identified as false.Company hijacking at Companies House can involve:The company directors are changed - Fraudsters file change in company director forms 288 to notify Companies House of a change to the company's officers. These will either be stolen identities of real people or completely fictitious individuals pretending to be a company director. They will also notify Companies House that the company's true officers have all resigned.The companies registered office is changed - Fraudsters file a form 287, signed by a bogus company director, to change the company's registered offic
World's Best Boss
In BBC's television program, The Office, David Brent is a regional manager of the Slough office of Wernham Hogg. He is an inept, politically incorrect boss. Yet, he thinks his employees love him and that he is the greatest boss of all time. He buys himself a "world’s best boss" coffee mug and uses it as proof positive that he is, in fact, the greatest boss.This television program is comedy and has even spun off an American version of the show. David Brent is not the world's best boss, not even close. But watching him and his antics is great comedy. He inspired me to write an article describing what really does make a great boss. Here are the characteristics of what I believe makes a great boss.Intelligence: A boss needs to be intelligent and smart; he must be an expert when it comes to the company's products and services.Empathy: A boss must possess genuine empathy towards all stakeholders – employees, customers, shareholders, and owners.Recognition: A boss needs to recognize work well done – both monetarily and verbally.Sense of humor: A dry office is a bori
As a small business owner you will want to form a legal entity structure to obtain limited liability protection. A popular way to obtain limited liability protection is to form a LLC to protect your personal assets from creditors, debtors, and legal claims. One of the foremost reasons for you to form an LLC is the benefit of having limited liability protection. Limited liability protection is afforded to all members of an LLC. An LLC should be operated with a complete separation of personal and business assets. One advantage of forming an LLC is that of pass through taxation status, or income flowing through the entity to the members or owners. In order to maintain the privilege of limited liability protection, the company must adhere to all local, federal, and state laws. The company must also do everything that is required to maintain a good corporate status, pay all required taxes, and file all necessary paperwork.
In BBC's television program, The Office, David Brent is a regional manager of the Slough office of Wernham Hogg. He is an inept, politically incorrect boss. Yet, he thinks his employees love him and that he is the greatest boss of all time. He buys himself a "world’s best boss" coffee mug and uses it as proof positive that he is, in fact, the greatest boss.This television program is comedy and has even spun off an American version of the show. David Brent is not the world's best boss, not even close. But watching him and his antics is great comedy. He inspired me to write an article describing what really does make a great boss. Here are the characteristics of what I believe makes a great boss.Intelligence: A boss needs to be intelligent and smart; he must be an expert when it comes to the company's products and services.Empathy: A boss must possess genuine empathy towards all stakeholders – employees, customers, shareholders, and owners.Recognition: A boss needs to recognize work well done – both monetarily and verbally.Sense of humor: A dry office is a bori
Before you decide if filing an LLC is right for your specific situation, you will need to learn about some of the advantages, risks, and requirements that will affect you and your business. Here are some of the advantages of forming an LLC.
Advantages of Forming an LLC
- Only 1 member of a business is required to form LLC
- LLC can be taxed similar to sole-proprietorship, partnership, or corporation (IRS form 8832)
- LLC can have more than 75 members
- Nonresidents of US can be members of LLC
- Pass thru taxation for LLC similar to sole-proprietorship or partnership
- A Corporation can be the owner of an LLC
Should you Form an LLC to write off business expenses?
When deciding to form a LLC you will need to look at all of the options that are available to you. First is the understanding that all businesses, whether they are corporations, LLCs, sole-proprietorships, or partnerships can deduct their business expenses. You do not need to form an entity to have the benefit of deducting your expenses. Having the status of LLC or Corporation may limit your exposure to audit, but it does not provide more tax deductions compared to a sole proprietorship. For example, a sole proprietorship can deduct any legitimate business expense; such as cell phone, car miles, gas used for business travel, plane fare for business travel, etc. Check with your CPA to confirm that this is true for your specific situation.
With either a LLC or an S Corporation, all of the business profits and losses will pass-thru to the owners of the business each year. When you file your personal taxes, your accountant should provide you with a K1 for your business and include the profit or loss statement within your personal income tax return. This is different from that of a c corporation because a c corporation exists as a legal and separate entity from its shareholders. The officers & directors are responsible for taxes, not the shareholders. The c-corporation is responsible for writing the government a check for all of the profits earned within the tax year. The shareholders would include on their tax returns any dividends or salary received from the business in the y
Your Voice is Your Instrument
On an introductory call, your voice is your instrument. During a face-to-face meeting, you have visual cues and body language available to add layers of meaning. On the telephone, you have only your voice and the words that you use. The way that you use your voice can make or break your conversation. Imagine that you are telling a bedtime story to a child. You would not drone on in a bored tone about the “Big, Bad Wolf.” No! You would put fear and passion into your voice to have that story come alive for that child. On an introductory call, you are telling your story to your prospect. Think about it in the same manner—what you would like that prospect to hear, feel and see. The emphasis on any particular word can totally change the meaning of a sentence. Let’s take the phrase, “She is not a thief.” If you emphasize the “She”—the sentence means that she is not a thief, but someone else is. If you emphasize “not”—the sentence is a defense. If you emphasize “thief”—the sentence implies that she is something else that you have just not named. Think about the emphasis that you wish to make—and use your voice a
owners. In order to maintain the privilege of limited liability protection, the company must adhere to all local, federal, and state laws. The company must also do everything that is required to maintain a good corporate status, pay all required taxes, and file all necessary paperwork.
On an introductory call, your voice is your instrument. During a face-to-face meeting, you have visual cues and body language available to add layers of meaning. On the telephone, you have only your voice and the words that you use. The way that you use your voice can make or break your conversation. Imagine that you are telling a bedtime story to a child. You would not drone on in a bored tone about the “Big, Bad Wolf.” No! You would put fear and passion into your voice to have that story come alive for that child. On an introductory call, you are telling your story to your prospect. Think about it in the same manner—what you would like that prospect to hear, feel and see. The emphasis on any particular word can totally change the meaning of a sentence. Let’s take the phrase, “She is not a thief.” If you emphasize the “She”—the sentence means that she is not a thief, but someone else is. If you emphasize “not”—the sentence is a defense. If you emphasize “thief”—the sentence implies that she is something else that you have just not named. Think about the emphasis that you wish to make—and use your voice a
Before you decide if filing an LLC is right for your specific situation, you will need to learn about some of the advantages, risks, and requirements that will affect you and your business. Here are some of the advantages of forming an LLC.
Advantages of Forming an LLC
- Only 1 member of a business is required to form LLC
- LLC can be taxed similar to sole-proprietorship, partnership, or corporation (IRS form 8832)
- LLC can have more than 75 members
- Nonresidents of US can be members of LLC
- Pass thru taxation for LLC similar to sole-proprietorship or partnership
- A Corporation can be the owner of an LLC
Should you Form an LLC to write off business expenses?
When deciding to form a LLC you will need to look at all of the options that are available to you. First is the understanding that all businesses, whether they are corporations, LLCs, sole-proprietorships, or partnerships can deduct their business expenses. You do not need to form an entity to have the benefit of deducting your expenses. Having the status of LLC or Corporation may limit your exposure to audit, but it does not provide more tax deductions compared to a sole proprietorship. For example, a sole proprietorship can deduct any legitimate business expense; such as cell phone, car miles, gas used for business travel, plane fare for business travel, etc. Check with your CPA to confirm that this is true for your specific situation.
With either a LLC or an S Corporation, all of the business profits and losses will pass-thru to the owners of the business each year. When you file your personal taxes, your accountant should provide you with a K1 for your business and include the profit or loss statement within your personal income tax return. This is different from that of a c corporation because a c corporation exists as a legal and separate entity from its shareholders. The officers & directors are responsible for taxes, not the shareholders. The c-corporation is responsible for writing the government a check for all of the profits earned within the tax year. The shareholders would include on their tax returns any dividends or salary received from the business in the
The Art of Selling Yourself!
To "sell" oneself on paper is not easy. Creating a resume is a design and construction job and a test of your writing skills as well. A resume can either be self written or written with professional help.Self-written resumes are attractive with good fonts but the disadvantages of self-written resumes are that they may be unfocussed and carelessly organised. The candidate who gets the job is not always the most qualified; rather, the candidate with the best presentation is the one who gets hired.A resume is what is most essential to communicate what we have been, what we are, and what capacity we have to push ourselves ahead in future. It should be effectively communicated and should not be perceived as a catalogue or records of our past life.This is where professionally written resumes come in handy. What the employers require is an intelligently organized, easy-to-scan-or-read Resume without flowery language and exaggerated claims. It should be presented in such a way that even a busy reader should be able to grasp immediately the benefits the company will have on this suitable recruitment.Th
m LLC
To "sell" oneself on paper is not easy. Creating a resume is a design and construction job and a test of your writing skills as well. A resume can either be self written or written with professional help.Self-written resumes are attractive with good fonts but the disadvantages of self-written resumes are that they may be unfocussed and carelessly organised. The candidate who gets the job is not always the most qualified; rather, the candidate with the best presentation is the one who gets hired.A resume is what is most essential to communicate what we have been, what we are, and what capacity we have to push ourselves ahead in future. It should be effectively communicated and should not be perceived as a catalogue or records of our past life.This is where professionally written resumes come in handy. What the employers require is an intelligently organized, easy-to-scan-or-read Resume without flowery language and exaggerated claims. It should be presented in such a way that even a busy reader should be able to grasp immediately the benefits the company will have on this suitable recruitment.Th
Should you Form an LLC to write off business expenses?
When deciding to form a LLC you will need to look at all of the options that are available to you. First is the understanding that all businesses, whether they are corporations, LLCs, sole-proprietorships, or partnerships can deduct their business expenses. You do not need to form an entity to have the benefit of deducting your expenses. Having the status of LLC or Corporation may limit your exposure to audit, but it does not provide more tax deductions compared to a sole proprietorship. For example, a sole proprietorship can deduct any legitimate business expense; such as cell phone, car miles, gas used for business travel, plane fare for business travel, etc. Check with your CPA to confirm that this is true for your specific situation.
With either a LLC or an S Corporation, all of the business profits and losses will pass-thru to the owners of the business each year. When you file your personal taxes, your accountant should provide you with a K1 for your business and include the profit or loss statement within your personal income tax return. This is different from that of a c corporation because a c corporation exists as a legal and separate entity from its shareholders. The officers & directors are responsible for taxes, not the shareholders. The c-corporation is responsible for writing the government a check for all of the profits earned within the tax year. The shareholders would include on their tax returns any dividends or salary received from the business in the
Make More Money by Marketing to Fewer People!
Focus on fewer people AND make more money?This doesn't seem logical. However, it's true. If you dare to focus your efforts on a select group of people you will enjoy more success and it will be easier and more fun!The key is to claim a niche -a select group of people whom you serve to the point where you become an expert. This results in being better known, getting great referrals, having greater success and making more money!Just think for a moment about a favorite article. The one where you would swear the author was writing directly to you, as if he had a video camera into your world. That's what it's like having a niche.Imagine the energy you'll have by only working with those ideal clients that make your heart sing!Claiming who is your ideal client is easier than it might sound.============================================== Step One: Do the “internal research.” ==============================================Discover your gifts. Know that you are a consultant with unique professional and life experiences and a way of being in the world that is unlik
ips can deduct their business expenses. You do not need to form an entity to have the benefit of deducting your expenses. Having the status of LLC or Corporation may limit your exposure to audit, but it does not provide more tax deductions compared to a sole proprietorship. For example, a sole proprietorship can deduct any legitimate business expense; such as cell phone, car miles, gas used for business travel, plane fare for business travel, etc. Check with your CPA to confirm that this is true for your specific situation.
Focus on fewer people AND make more money?This doesn't seem logical. However, it's true. If you dare to focus your efforts on a select group of people you will enjoy more success and it will be easier and more fun!The key is to claim a niche -a select group of people whom you serve to the point where you become an expert. This results in being better known, getting great referrals, having greater success and making more money!Just think for a moment about a favorite article. The one where you would swear the author was writing directly to you, as if he had a video camera into your world. That's what it's like having a niche.Imagine the energy you'll have by only working with those ideal clients that make your heart sing!Claiming who is your ideal client is easier than it might sound.============================================== Step One: Do the “internal research.” ==============================================Discover your gifts. Know that you are a consultant with unique professional and life experiences and a way of being in the world that is unlik
With either a LLC or an S Corporation, all of the business profits and losses will pass-thru to the owners of the business each year. When you file your personal taxes, your accountant should provide you with a K1 for your business and include the profit or loss statement within your personal income tax return. This is different from that of a c corporation because a c corporation exists as a legal and separate entity from its shareholders. The officers & directors are responsible for taxes, not the shareholders. The c-corporation is responsible for writing the government a check for all of the profits earned within the tax year. The shareholders would include on their tax returns any dividends or salary received from the business in the
Powerful Strategy to Get More Press and Media Exposure
It is one thing to write a press release based on a certain product or service that you want to attract media coverage for, but it is sometimes quite another to get all the media and press exposure that you desire and may even truly deserve. The more attention you can generate via the press and media the more impact your product or service will have in the marketplace.The realities of garnering maximum press coverage are that your press release will actually be competing for attention among many other similar and dissimilar press releases at the time of its distribution to the media. Without a clear and workable publicity strategy your chances of attaining tremendous success from press releases are somewhat diminished. In reality it does not have to be that way!Here is one powerful strategy that we have found to work very well.Instead of doing a one time single press release to the media, it usually works out much better to plan on doing a series of 2-3 press releases over a period of time, say a time span of about 30-60 days. Each press release can be about the same products, services or compa
rs of the business each year. When you file your personal taxes, your accountant should provide you with a K1 for your business and include the profit or loss statement within your personal income tax return. This is different from that of a c corporation because a c corporation exists as a legal and separate entity from its shareholders. The officers & directors are responsible for taxes, not the shareholders. The c-corporation is responsible for writing the government a check for all of the profits earned within the tax year. The shareholders would include on their tax returns any dividends or salary received from the business in the year, and not the specific income earned by the business.
It is one thing to write a press release based on a certain product or service that you want to attract media coverage for, but it is sometimes quite another to get all the media and press exposure that you desire and may even truly deserve. The more attention you can generate via the press and media the more impact your product or service will have in the marketplace.The realities of garnering maximum press coverage are that your press release will actually be competing for attention among many other similar and dissimilar press releases at the time of its distribution to the media. Without a clear and workable publicity strategy your chances of attaining tremendous success from press releases are somewhat diminished. In reality it does not have to be that way!Here is one powerful strategy that we have found to work very well.Instead of doing a one time single press release to the media, it usually works out much better to plan on doing a series of 2-3 press releases over a period of time, say a time span of about 30-60 days. Each press release can be about the same products, services or compa
Requirements for Forming L.L.C.
There are many requirements for filing an LLC and some of them are:
- LLC must have at least 1 member
- LLC must maintain an operating agreement. An operating agreement is commonly considered a roadmap for your business. It will give the members, or owners, direction detailing how to handle specific situations for the business.
- Articles of Organization must be filed with your Secretary of States Corporation Bureau. Most Secretary of States web sites provide detailed instructions on how to file, where to file, how much to pay, and the annual requirements if any. For example, the State of California requires all LLCs to file an annual Statement of Information detailing the members of the entity. This form is also required for corporations.
Seems pretty easy doesn’t it? Well setting up the LLC generally is easy, especially if you are planning to operate a single or two members LLC. The more complex your business plan, the more complex both the operating agreement and articles will become. If you are planning on setting up a business as an LLC with members whom you do not know, you should consider consulting with an attorney to protect your rights. There are many examples of businesses that don’t succeed, and examples of businesses that have management issues and differing opinions between members. Protect your interest by investing the additional time and money and ensure that you have protected your assets. An attorney will be able to guide you and alert you to any pitfalls that may occur. There are many service companies available and this may be a good route for you if you are planning on setting up a single member or multi member LLC. Before you file, do your homework and make sure that you can trust your partners and that you have the proper articles and operating agreement in place.
How to Form an LLC and pay less in taxes
As mentioned earlier, you can form a LLC by self-filing your articles, pay a service provider, consult an attorney, or even talk to your accountant. No matter which filing method you prefer or even choose, you must think of your LLC from a tax perspective. Once you have decided that an L.L.C. or corporation is right for you, the major determining factor should be to reduce your overall taxes. Each state will have different tax requirements and tax rates so check with your accountant and ask which is best for you. Some
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