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Suzanne Pinckney

Seth's Blog: Where are your assets? - 0 views

sethgodin.typepad.com/...where-are-your-assets.html

priorities time management goals seth blog assets

shared by Suzanne Pinckney on 08 Apr 13 - No Cached
  • Your choice: intentionally build and nurture your assets, or ignore them in the pursuit of the next thing...
  • Now that everyone has the ability to own a slice of the attention paid to media, now that everyone can build and nurture a network, assets are no longer off limits to people who work for a living.
  • Your brand.
  • ...3 more annotations...
  • Permission.
  • Expertise.
  • In just three words, then, there's the huge chasm between the trusted, experienced freelancer, the one you're happy to hear from when she has a new idea, and the newbie or the short-term maximizer. Those guys have to start from scratch, each and every time.
  • Suzanne Pinckney on 08 Apr 13
     
    read it to the end. so good.
Suzanne Pinckney

LLC vs. S Corp: Which Is Right for Your Startup? - 0 views

mashable.com/...small-business-incporporation

operations incorporation

shared by Suzanne Pinckney on 28 Feb 13 - No Cached
  • With LLCs and S Corporations, members and shareholders are able to pass company losses to their personal income reporting.
  • In some circumstances, the LLC lets you pass more loss than in an S Corporation, most notably when it comes to real estate.
  • 6. Reinvesting Profits There’s another twist regarding the LLC, S Corp and your taxes. As pass-through entities, individual owners of an S Corporation or LLC are liable for any taxes owed on profits — whether that money is retained in the company or put in their wallets. For example, if you own 50% of an S Corporation or LLC and that company makes $80,000 in profit, you need to report $40,000 in income on your personal tax return. And it doesn’t matter whether that $40,000 actually ended up in your pocket. This is known as “phantom income,” and can obviously cause a problem for some shareholders. What to know: If you plan on retaining money in the company (and would prefer not to have shareholders be personally taxed on this money), you should consider the C Corporation over both the LLC and S Corp. Of course, your specific situation may vary, so it’s always best to consult your accountant.
  • ...4 more annotations...
  • If you incorporate as an S Corporation, you need to set up a board of directors, file annual reports and other business filings, hold shareholder’s meetings, keep records of your meeting minutes, and generally operate at a higher level of regulatory compliance than your business might need or want to deal with. With the LLC, this isn’t the case. LLCs just use an informal operating agreement. What to know: If you want less red tape and formality, the LLC can provide greater simplicity.
  • You may have heard that the traditional C Corporation is overkill for most small businesses, and results in higher overall tax payments through something known as double taxation.
  • In my last post, I discussed how the LLC (limited liability company) and S Corporation are popular structures for small businesses since they avoid this double taxation burden. With these business structures, the company is taxed like a sole proprietor or partnership, meaning the company itself doesn’t file its own taxes; all company profits are "passed through" and reported on the personal income tax return of the shareholders or, in the case of an LLC, the members.
  • Most importantly, both the LLC and S Corp will separate your personal assets from any liabilities of the company (whether from an unhappy customer, unpaid supplier, or anyone else who might pursue legal action).
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