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Exploring Tax Strategies For Small Businesses: Insights Inspired By Troy Renkemeyer’s Experiences

The Startup Magazine

Limited Liability Companies (LLCs) offer flexibility, allowing owners to choose between being taxed as a sole proprietor, partnership, or corporation, each with unique implications. While simple to establish and operate, sole proprietorships meld business and personal taxes, potentially complicating tax filings.

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Business Prenup: What To Do Before You Start A Company With A Partner

YoungUpstarts

Hire professionals. For example, an attorney can assist with issues concerning corporate formation (such as the pros and cons of corporations, limited liability companies and other structures) that may impact liability. Here are a few tips to ensure that you and your partners start out on the right foot.

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Establishing and Starting a New Business from Home: The Ultimate Guide

Women Entrepreneurs Can

For example, are you a sole proprietorship, limited liability company (LLC), or corporation? Again, it would be advisable that you hire a professional such as Safe Harbor CPA Firm to assist you. Establish Your Business Structure The first thing you need to do is decide on the structure of your business.

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How To Close The Books on Your Startup

mashable.com

If no shares were issued, the Board of Directors must approve to dissolve the company. If you’ve been operating as an LLC, review the dissolution requirements in your state’s LLCA (Limited Liability Company Act). Otherwise, members of the LLC can be held liable for debts of the company after it’s been dissolved.

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