Many people dream of owning a business, but paying taxes on the business can be financially draining, even when your business is successful. If you choose the wrong entity type when you register for an employer identification number (EIN), you could be out a lot of money. For example, if you choose a corporation, you must pay taxes both for yourself and for the business. A limited liability company (LLC) protects you from this problem. An LLC’s protection against personal financial loss is just one of its advantages. An LLC is also a favorite entity choice for small businesses because of its flexibility in terms of company structure.
Getting Started with Your LLC
It is easy to start your small business officially. You do not need to follow a lot of complicated steps about how to create an LLC. The question of how to get a tax ID number can be solved in just a few clicks of the mouse. All you have to do is fill out an employer identification number (EIN) application form online. You will get an email that same day containing the Tax ID number for your LLC. Then, you will be ready to start your business. In a few weeks, you will receive an official confirmation letter from the IRS.
Enjoy the Benefits of Your LLC
Forming your business as an LLC lets you avoid double taxation. Even though paying taxes for your LLC is not very expensive, you will still need an accountant with business tax experience. If you have to close your LLC, you will find that its financial losses are completely unconnected to your personal finances. Therefore, an unsuccessful LLC cannot make you personally go broke.
Choosing to create an LLC could be the right decision for you and your business. It is also quick and easy to get an EIN for your LLC.
The Who, What And Why Of Meeting Madness (And How To Avoid It)
The office meeting can be the newest place to hang out, or alternatively, it can be the place where much work is accomplished. Australia’s cities definitely have enough hangout spots, so your office meeting should be the one place to take care of business. The problem relates to retaining the attention of meeting members without skimping on valuable information they might need to take care of business. Most of the problems that cause a meeting to fail relate to setting the stage so that when attendees do arrive they are primed to listen to presenters.
Common problems associated with making a meeting dreary include meetings that last too long or meetings that are very tangential. Other issues that can make a meeting an unpleasant experience relate to the meeting unravelling and facilitators having little control over the room and command over the discussion. Regardless of the size of the room, by following a few simple rules your business can avoid the common woes of the modern business meeting.
Continue reading to find out how you can make your meetings go off without a hitch and avoid major meeting mishaps.
Meeting room space is prime real estate in some office buildings, and to make sure you have an appropriate place that comfortably seats attendees is another way to guarantee a successful meeting. State-of-the-art meeting rooms similar to Servcorp meeting rooms have the latest technologies that can make the meeting experience great for both presenter and attendees. Alternatively, meeting rooms that are cramped and do not have the requisite equipment can have the opposite effect.
When organising a meeting, one of the best ways to guarantee the meeting goes on without any major snags is to announce the meeting well in advance to attendees. Send reminders the week before the meeting, which clearly state the location, time, presenters, and purpose. A million things happen in the course of the business day, and for those with a packed schedule, one reminder can mean the difference between someone who makes the meeting and someone who does not.
Many meetings that are routinely held have a number of topics to be covered with little focus. As the speaker moves through the topics, attendees might or might not listen to the topics. The worst thing that can happen is that staff members begin to feel like the meetings are a waste a time, and while attending meetings is a part of the job, the goal is to create an atmosphere where attendees pay attention to the message being conveyed.
Clearly understanding the goal of the meeting can be one way to effectively guarantee that meeting attendees not only are active listeners but participate in the discussion. This is primarily because your goal, or the task you want to accomplish, will help you build the agenda. While it might seem obvious, clearly understanding what the goal is in the meeting can prevent going into a meeting with a number of topics to cover but no focus.
The purpose of the meeting, which, if well-organised, will be addressed on the agenda. Your agenda should list all of the topics covered in the discussion, and if done well, they will be centred on one theme. Leave a few minutes at the beginning so that late arrivals won’t interrupt valuable information and at the end to address questions tabled during the meeting.
Avoiding Meeting Madness
Well-coordinated meetings always have the most positive effect on attendees, and simply because they clearly address the goal and purpose of the meeting. Furthermore, this clarity reduces that amount of time simply because conversations are structured. Finally, clear directives given in a short amount of time create opportunities for active engagement.
Which Clover Station To Use for Small Business?
Depending on what type of business you run, you may have been having a little trouble deciding what kind of payment processing system you should upgrade to. Figuring out exactly which one is best for your situation may seem a bit confusing since there are so many options available to replace the old stationary cash register model.
Clover Station is one popular option available with credit card processing service from Merchant Account Solutions that offers you different configurations depending on what type of business you operate. Here is a quick rundown on the available systems.
For a traditional type store setting with a twist, you may find Clover Station best fits your needs. The Android tablet-based system is stationary but features a swiveling stand to allow customers interaction with the screen.
If you are tight on space, but you still the capabilities of a full-featured payment system, consider the Clover Mini. The Clover Mini has a small footprint but still sports a large screen and the same intuitive interface as the larger Clover Station system. It comes ready to accept all forms of payment types.
Clover Flex lets your POS move to serve your customer better. Give them the convenience of checking out anywhere in your store. You also have the freedom to take your POS with you as you perform residential services.
Take the Plunge
Regardless of size, all Clover Station systems from Merchant Account Solutions come ready to go to work taking payments and tracking your key metrics. The power of integrating Cloud-based software into your operation will revolutionize your business by letting you see your information anytime from anywhere. A plethora of apps from the Clover App Marketplace will help you effortlessly customize the service you provide.
Prefer the iOS Apple interface? Try the Revel POS System for the same functionality on a more familiar feeling device.
What Do I Need to File When Starting a Business?
Starting a new business can be an exciting time in someone’s life but it can be even
more stressful as you begin dealing with paperwork for things such as taxes. When
starting a new business there are several licenses that one must obtain but a very
important thing to get is an employer identification number or an EIN number. This is a
way for the Internal Revenue Services or IRS to keep track of your business for tax
purposes. It is how they can identify your business as a legal entity. When starting a
new business, you must first decide what entity you should file under such as:
Corporation, S-Corporation, and Personal Service Corporation
Limited Liability Company
Church Controlled Organization
After deciding which entity, you should file under, you can then apply for your employer
identification number, also referred to as a FEIN. To bypass dealing directly with the
IRS, you can use the website IRS-EIN-Tax-ID.com to file for your tax identification
number. They have broken the sometimes-confusing process into three simple steps.
1. Select Entity
2. Enter Information
3. Review and Submit
When you begin the filing process, they have agents that will help you with the filling
and processing. They have extensive knowledge that they will use to answer any
questions you may have. This ensures that all the information you are submitting is
correct and the application will not be denied. After applying, you will receive your EIN
number the same day, typically within an hour as long as it was filled during business
hours. It will come via email and will be formatted 12-3456789, which is similar to a
social security number. Filling through this website is much faster and helps you start
your business up sooner rather than later.