Keeping Annual Meeting Minutes for Your PLLC/LLC

Keeping Annual Meeting Minutes for Your PLLC/LLC

Deposition Reporter: [reading off paper] "Mr. Scott, do you realize you just contradicted yourself?" "I did?" "Yes you did." "Can I go to the bathroom?" "No." "I really have to, I've been drinking lots of water." "You went five minutes ago." "That wasn't to go to the bathroom, that was to get out of a question." "You still have to answer it." "First can I go to the bathroom?" "No."~ “The Office” Season 4 Episode 12, “The Deposition” Taking notes is important. It got you through school (you did take notes, right?) and it helps you remember things that were…
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How Does An S-Corporation Save Me Money?

How Does An S-Corporation Save Me Money?

How Does An S-Corporation Save Money? If you have read our post about S-Corporations and determining a reasonable salary, you’re probably wondering how S-Corps help save you money. Because it’s a requirement to pay yourself a reasonable salary when operating an S-Corp, savings on your taxes comes into play when your reasonable salary is more than your net income. This lets you take a distribution. Distributions are amounts of cash that you can take out of your business. Distributions are not subject to payroll taxes so by taking a distribution, you save by not paying payroll taxes on that amount…
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What is an EIN?

What is an EIN?

An EIN is a nine-digit number assigned by the IRS and used to identify your business. It’s like a Social Security number for your business and, in many cases, can be used in place of your Social Security number on forms and other types of paperwork. We recommend that all businesses apply for and use an EIN.. If you are a sole proprietor, you need an EIN if you have any of the following: Employees A retirement plan, Have or are planning to buy an existing business You are a partnership, LLC, or PLLC In addition, some states require you…
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