For those of you who already own and operate your own business, we suggest you follow the following steps to make certain you are maximizing the benefits you receive from your business and avoid costly pitfalls.
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STEP ONE:Review your business structure.The legal structure in which you operate your business can have a dramatic effect on risk minimization, tax burdens, and your estate planning. What type of business are you? If you are a sole proprietor, stop now and ask for a FREE consultation. |
My business is a:
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STEP TWO:Are you tax compliant?All businesses are required to keep books and records and file a Federal Tax Return. Do you have the following: P&L? Balance Sheet? Tax Returns? |
My business has:
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STEP THREE:Are you keeping a paper trail?For your business to be recognized as a separate entity from you as an owner, you need to keep a paper trail of important decisions. Many a corporate veil have been pierced and audits lost for failure to keep an adequate paper trail. How is yours? |
My business keeps:
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STEP FOUR:Annual review.Don't leave your business success to chance. Review the first three steps at least annually! |
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How well did you answer these questions for your business? Make sure you can pass; get a FREE consultation today!