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Category: Business Management

S-Corp Election: What They Don’t Tell You

S-Corp Election: What They Don’t Tell You

I often come across small business owners who’ve made the S-Corp election for their LLC. Usually, after learning about their business, I’m at odds why they choose to do this. I understand by making the election an owner can save on self-employment taxes through a reasonable salary and dividend payments. I know the income I believe however, in the majority of instances, the tax savings to the business owners, do not outweigh the legal and tax advantages lost to the…

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Succession Planning and Estate Plans

Succession Planning and Estate Plans

As a business owner part of your business plan should be planning for when your not around. A succession plan for your business should be on your bucket list. Make a plan and write it down. Whether you’re a solopreneur, a member of a LLC, or shareholder of a closely held corporation; I recommend before creating an estate plan for yourself before you create a succession plan for your business. If you’re business is a single member LLC, or a…

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Colorado Registered Agent Pro Tip

Colorado Registered Agent Pro Tip

Colorado requires all businesses registered with the secretary of state to have a registered agent. The registered agent is a person or company designated to be the official point of contact between the government, the courts, as well as taxing authorities and your business. The appointment of your registered agent occurs during the filing of your articles with the secretary of state. The responsibility of the registered agent is to accept legal notices and tax documents for the business; then…

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Your Colorado LLC Doesn’t Belong in Delaware

Your Colorado LLC Doesn’t Belong in Delaware

Your Colorado LLC doesn’t need to be formed in Delaware. Many Colorado entrepreneurs mistaking believe forming an LLC in Delaware will give them added tax benefits as well as liability protection. Quite the contrary. Forming a Delaware LLC may not be the best thing for Colorado business and here’s why. YOU’LL NEED TO REGISTER AS A FOREIGN LLC IN COLORADO If you want to conduct in the state of Colorado you’ll have to register of a either a domestic or…

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Adding A Member to Your Single Member LLC

Adding A Member to Your Single Member LLC

Adding a member to your LLC is a big step in the growth of your business. Perhaps your looking to gain a partner in the business. Or you have an investor ready to invest cash to help it grow and expand. Or perhaps you have a dedicated employee who you liked to reward or recognized for their years of hard work. Don’t take this process lightly. There are many legal and tax consequences to contend with if not done correctly….

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