Recommended book for small business owners—Built to Sell by John Warrilow. Understanding the process of preparing your small business for sale, how to maximize the marketability of your business, and then navigating a successful sale of your business are critically important steps for any small business owner. Since going the “IPO” route is not an […]
Three Simple Tips to Maximize Limited Liability Protection through your Virginia LLC: (i) Pay your annual fee to the SCC on time every year; (ii) pay attention to signature blocks when signing business contracts on behalf of your LLC; (iii) maintain a separate bank account in the LLC’s name. Obviously this is not all a […]
A dilemma facing every startup business with more than one owner—how to divide up initial ownership equity? Bottom line is that there’s no simple answer. Every situation should be addressed on its own facts and circumstances, but here are five factors that co-founders should consider when dividing up initial ownership: Who has already contributed cash […]
Eric Perkins will be leading an interactive workshop on tennis rules and etiquette on March 19, 2019 at Raintree Swim & Racquet Club. Why is it important to know the rules? Where can you find them online? What are some of the most misunderstood rules in tennis? How are you supposed to resolve scoring disputes? […]
Three Ways for an “S” Corp. Owner to Take Money Out of the Company: (i) salary for services rendered; (ii) dividends; and (iii) loans. Setting a “reasonable salary” for yourself that will withstand IRS scrutiny depends on a variety of facts and circumstances and is something you should discuss with your accountant. Don’t get greedy […]
Smart entrepreneurs conduct business through separate business entities such as LLCs or corporations in order to enjoy limited liability protection (personally) from debts and obligations of the business. However, the reality of small business ownership is that, as an owner, you likely will be required to sign personal guarantees for many of your company’s most […]
Does Your Small Business Have a Social Media Policy? This type of policy—offering guidance to your employees on what your expectations and requirements are concerning social media communications and related activity that affect your business–can benefit and protect your business in a variety of ways. If your company’s employee handbook or policy manual does not […]
For nonprofits that operate on a fiscal year ending December 31st, it is not too early to start thinking about IRS Form 990-whichever version the organization needs to file. For a quick refresher on the key details on Form 990-N and 990-EZ, click here.
Are you taking full advantage of the business travel deduction? As a small business owner, you are entitled to a tax deduction for gas and auto expenses when using a car for business purposes. You can do this one of two ways: (i) deduct the actual cost of your gas and other expenses, or (ii) […]
Have you renewed your local business license for 2019? Don’t procrastinate and risk missing the renewal deadline (March 1 for Henrico County, Chesterfield County, and City of Richmond). Penalties, interest, and believe it or not, criminal penalties can apply if you don’t renew in a timely fashion. Perkins Law offers a flat fee service package […]