LLCs - (July, 2007)
Over the past few years, we have been receiving more and more
inquiries from clients about the procedures involved in setting up a
limited liability company (LLC).
Preparing For A Financial Audit - (July, 2007) Most people think of
an audit in terms of their tax filings with the IRS. However, if
you are a business owner who has borrowed significant sums from a bank
or other lending institution or you have outside investors, you may well
be aware of another type of audit - a financial audit performed by a
certified public accounting firm.
Analysis - (June, 2007) It is
absolutely essential that each business owner do a breakeven analysis of his current or
proposed business. A breakeven analysis examines the interaction among fixed costs,
variable costs, prices, and unit volume to determine that combination of elements in which
revenues and total costs are equal.
Employees - (March, 2007) Classifying your
employees as either exempt or non-exempt is neither exact nor easy. The decision cannot be
made arbitrarily, nor should it be made based solely on the job title or the way the
employee is paid, i.e., hourly or salaried.
Corporation Salaries - (February, 2007) We get a number of questions
regarding salaries and S corporations. The issue is the payment of FICA. If you take a
distribution from the S corporation, no taxes are payable since all the income is already
taxed to the shareholders.
Check Signing - (January, 2007) A CFO was recently ordered to pay $45,000 to a company that brought
suit against him personally when the check he signed for his corporation did not clear the