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Saturday, 04 September 2010
TIDBITS PDF Print E-mail

IF YOUR OUTGO EXCEEDS YOUR INCOME THEN YOUR UPKEEP WILL BE YOUR DOWNFALL!

 

WHAT IS THE RIGHT ENTITY FOR YOU?
 
SOLE PROPRIETORSHIP:
+ The taxpayer is subject only to individual tax rates
- The taxpayer is exposed to business liabilities
 
C CORPORATION:
+ Liability is limited to business assets
+ Lower tax rate than the maximum individual tax rate
- Distributed income taxed at corporate and individual levels
 
S CORPORATION:
+ Income or loss passes through to shareholders,
   avoiding double taxation
+ Liability is limited to business assets
- There are limits on electing and retaining S status
 
GENERAL PARTNERSHIP:
+ No limit on the number of partners
+ No double taxation
+ Income may be allocated to partners in any reasonable way
- Each partner is subject to business liability
 
LIMITED PARTNERSHIP:
+ No limit on the number of partners
+ No double taxation
+ Income may be allocated to partners in any reasonable way
+ Limited partners are not subject to business liability
- Taxable income may flow through to partners when no
   cash has been distribued to pay taxes
- In some circumstances, the limited liability provision
   may not be enforced by the courts
 
LIMITED LIABILITY COMPANY (LLC:
+ No fear of loss of limited liability for the owners
+ No limit to the number of partners
+ No double taxation
+ Income may be allocated to partners in any reasonable way
+ Limited partners are not subject to business liability
- Taxable income may flow through to the partners when there
   has been no cash distributed to pay taxes
 

 THIS INFORMATION HAS BEEN PROVIDED BY:

AIPB (AMERICAN INSTITUTE OF PROFESSIONAL BOOKKEEPERS)

 
TIMESAVERS PDF Print E-mail

CONCENTRATE ON ONE THING AT A TIME!

WRITE DOWN YOUR IDEAS. DO NOT TRUST YOUR MEMORY NO MATTER HOW GOOD IT MAY BE!

TACKLE TIME-CONSUMING PROJECTS IN STAGES!

SET YOUR PRIORITIES AND MAKE A LIST OF ACCOMPLISHMENTS FOR THE DAY

DELEGATE TO YOUR STAFF THE ITEMS THEY ARE CAPABLE OF DOING!

KEEP YOUR DESK FREE OF PAPERS YOU ARE NOT WORKING ON THAT DAY!

SET REASONABLE DEADLINES FOR YOURSELF AND OTHERS!

IF SOMETHING ISN'T CLEAR, ASK FOR CLARIFICATION.  DO NOT ASSUME.   YOU MIGHT FIND YOU HAVE TO DO IT ALL OVER AGAIN!

USE 10 MINUTES OF STAFF MEETINGS ONCE A MONTH TO EXCHANGE TIME-SAVING IDEAS!

SET REASONABLE DEADLINES FOR YOURSELF AND OTHERS!

USE YOUR LOW PRODUCTIVITY HOURS FOR EASY-TO-DO PROJECTS!

TAKE BREAKS DURING THE DAY TO RESTORE ENERGY AND BOOST PRODUCTIVITY!

 

 
 
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