My client had a IT Consultancy company as an LLC but during the year, his CPA suggested him to change the entity to S Corp! I know the differences of different types of entities but I can't understand how my clients ...
  1. Thank you! ... Read more

Most of the clients I work with are LLCs, however I do have one that is incorporated. He is based out of Florida. He has a registered agent that sends him reminders for annual filings. ...
  1. Hi registered agents usually do the initial LLC set up and filing. You would need to have your client ask the registered agent if they are also renewing his reg ... Read more

I have been a freelance bookkeeper for almost three years now. The first two years I was still building my business. At what point should I form an LLC and what would be the benefits to ...
  1. Depending on how much income you are currently earning, and the types of expenses you have, it may be a good time to create an LLC for your freelance business. ... Read more

I want to start a business and my accountant recommended that I become a single member LLC. Can someone tell me if that's a good option? What steps do I need to take to form one?
  1. A single member LLC is one of the most common business structures for single owner businesses in the US. As the name indicates, a single member LLC is an LLC wi ... Read more

Does an LLC or S corp entity protect me from all liabilities including tort liability?
  1. It is a common misconception that an LLC or corporation can protect you from all business risks and liabilities. An LLC or corporation only protect its owners f ... Read more

I just got laid off from my job, and I'm thinking about starting a business. Do you have any suggestions on how I can get started?
  1. Nothing can be offered until you identify, identify, identify. First, Identify your passion.  What do you desire to offer the public that is either better than ... Read more

If a multi-member LLC converts to a single member (disregarded) entity weeks after incorporation with no activity what so ever - does this generate any tax or reporting obligations for the time as a partnership or will it ...
  1. As a conservative rule of thumb, it is typically advisable to notify the IRS, your particular state’s taxing authority and also your particular state’s Secretar ... Read more