Having solid internal accounting controls is important to make sure your company’s financial operations run smoothly. These controls not only reduce the risk of fraud or errors but also keep your assets safe from loss or misuse. Internal controls also give you reliable financial data for making smart management decisions. So don’t forget to these safeguards in place!
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Choosing the best retirement plan for small business owners and their employees is no simple matter. Learning the nuances between a traditional IRA, including the Simple IRA and SEP IRA, can make your head swim. Add to that 401k plan options like Traditional, PEP, Solo, Roth, and Safe Harbor 401k, and you’re practically under water.
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1. Limited LiabilityThe most popular reason people form an LLC is to protect their personal assets. LLCs ensure that, legally, you are not held personally responsible for the debts and liabilities as a result of the company’s business. This avoids personal litigation, seizure of personal property, and bankruptcy.
When starting a new business, one of the first decisions to make is whether to form your company as a sole proprietorship, partnership, Limited Liability Company (LLC) or incorporating a business. Incorporating an existing business brings up other questions of when, why and how. There are advantages and disadvantages to each type, but the benefits of incorporating your business should play a key role in your decision-making process. Here are the top 3 reasons to incorporate your business:
