October 16, 2021

Starting a sturdy business | Business

Has your favorite hobby turned into a cash cow? Are you an independent contractor looking for the most tax advantageous entity for your income and expenses? Maybe you have put in the time with your employer and are ready to venture out on your own? No matter your reason, make sure you have the proper foundation for making your new business venture successful from the start. A popular analogy used in our industry is that of the “three-legged stool.” Without all three legs, your business, or stool, will not be sturdy enough to stand, so what are these legs?

The first leg is to make sure you consult your Certified Public Accountant (CPA) concerning the proper entity to accomplish your goals and limit your tax liability. Depending on expected income, the…

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