An EIN or Employer Identification Number, is a nine-digit number assigned to sole proprietors, corporations, partnerships and LLC’s for tax filing and reporting purposes. This is a permanent number issued by the Internal Revenue Service and is how they identify your company. An EIN is also commonly referred to as an FEIN (Federal Employer Identification Number) and FTIN (Federal Taxpayer Identification Number).
As new entrepreneurs, we are often on a tight budget and are inclined to bootstrap everything by doing it ourselves. However, mistakes are inevitable and can be VERY costly. It is unrealistic to be a pro at every aspect of business. It is impossible to be an expert in everything and your job as the entrepreneur…
If you have elected to set up your business as an LLC (Limited Liability Company), the next question you may have is, How to File Your LLC Tax Return. When an LLC is formed, you can choose the way you are taxed by the federal government. This flexibility is also what makes the LLC structure desirable to small business owners.
Whether you’re launching out to start a new practice on your own, or perhaps you’re a seasoned partner in a multi-lawyer firm; ensuring your bookkeeping is properly managed is fundamental to your practice. However, after spending countless hours studying law, most lawyers would rather not be burdened with the meticulous numbers driven aspects of recordkeeping – for some, this can bring about the feeling of a return to post-secondary studies, with accounting as their new major.
If you are a sole proprietor, partnership or starting a new business, you should consider the advantages of forming an LLC. A properly structured LLC protects the owners (members) from the debts, liabilities and legal judgements against the business. Since the LLC owners do not have personal liability, their personal assets are protected in the event there is business liability.
I wanted to share how I created an authority website in 21 days, and if I did it, so can you. What is an authority site? An authority site or authority blog is a website that provides useful, quality specialized information along with a positive user experience. Because of this, website visitors are happy to sign up for emails, engage with the site, share content, and ultimately come back.
Keith Hill, Jr. recently shared with me his favorite 20 “Tank Facts” from Shark Tank. It’s a wonderful list that he put together from watching the hit reality business show, The Shark Tank on ABC. If you haven’t seen it and you are a reader of this blog, then you will definitely want to check it out. Not only can you pick up great lessons from the shark tank, you can also see how sharp business investors think.
Cloud based accounting systems are becoming popular with the entrepreneur and small business owner, but are there potential security problems? In light of the recent hacking events from major companies, do you really think your financial information stored in the “cloud” is safe? There is a saying in the website security industry, “It’s not about if your company will ever get hacked, but when.”
Do you have an old 401(k) at a former employer? Lots of people do and they invariably are faced with not knowing what to do. If you are wondering if you should leave it there or transfer it to a self directed IRA our answer is generally to always convert a 401(k) to an IRA. The benefits to convert a 401(k) to an IRA far outweigh the reasons you should not.