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Posts authored by Spiegel & Utrera, P.A.

Save Money On Taxes With S Corporation Status

Save Money On Taxes With S Corporation Status published on

An S Corporation receives the benefit of being treated like a partnership

An S and C corporation are essentially the same type of entity except for how they are taxed. C corporations will pay income taxes on their own return. In most small C corporations the owners are paid out through salaries and fringe benefits, leaving no corporate profit and therefore no corporate taxes. However, if the C corporation pays dividends, then it will be taxed as part of corporate profit. This is referred to as double taxation.

On the other hand, an S corporation does not pay taxes itself. Any profits are paid on the individual level. This is referred to as pass-through taxation. However, the S corporation has additional restrictions on who can be a shareholders, the amount of shareholders, and the classes of stock.

Making the S corporation election

To save on taxes, C corporations and single member LLC’s are encouraged to make the S corporation election. Multi-member LLC’s and partnerships will receive pass-through tax treatment by default. The election should be made at the time of business formation. Waiting to make an election can cause non-recognition of the S corporation status which will have negative consequences for the business’s tax liability. Most importantly, the election is more then just completing a form. The proper language has to be included in the Articles as well.

To understand how an S corporation election can save you money, speak to a one of our attorneys by calling 800-743-9900 or visit our website today!

New York LLC And Publication Requirement

New York LLC And Publication Requirement published on

Spiegel & Utrera, P.A. is a Law Firm that opened for business 40 years ago and its record of outstanding excellence representing more than 260 000 clients has taken us to where we are today. Spiegel & Utrera, P.A. has established a reputation for honesty and distinction in the industry; especially, amongst our repeat clients over the past 40 years. Our professionalism is observed in the level of care and commitment we demonstrate on each and every service we perform . We believe in giving our clients an excellent service because we believe you should get what you pay for!

In New York, every new Limited Liability Company must announce its formation by placing notices in two publications for six weeks, at a cost of up to two thousand dollars. For the price of $779.95, Spiegel & Utrera, P.A. P.C. will form your LLC and complete your publication requirements plus more!

INCLUDES State Filing Fees. “YES! Includes State Filing Fee”, and
INCLUDES Company Seal and Book, and
INCLUDES Certificate of Organization, and
INCLUDES Company Minutes, and
INCLUDES LLC Regulations, and
INCLUDES LLC Ownership Register, and
INCLUDES Banking Resolution, and
INCLUDES Membership Certificate, and
INCLUDES Initial Office Address for LLC, and
INCLUDES Publication Each Week in 2 Newspapers for 6 Successive Weeks,
INCLUDES Filing of Change of Office Address with New York Secretary of State, and
INCLUDES Filing of Publication Affidavit with New York Secretary of State,
INCLUDES Preliminary Name Search, and
INCLUDES 110% Lowest Price Guarantee, and Yes, even Includes Attorney’s Fee (No Hidden Attorney Fees).

Call or email us: (800) 603-3900, info@Amerilawyer.com

Visit our Website today!

www.AmeriLawyer.com

You want your business to grow and understand the benefits of having qualified, experienced counsel behind you but one thing continues to cross your mind: What will it cost? At AmeriLawyer.com, we are committed to making sure you always receive the best price and value on every purchase you make. Our 110% Lowest Price Guarantee is a testament to that commitment.

If you should find a lower price on an item we offer from a legitimate competitor, whether online or otherwise, even if that item is already on sale, we will not only meet 100% of the lower price, we will beat the price by an additional 10% of the difference to thank you for bringing it to our attention.

To find more information about New York Publication Saver LLC:

www.Amerilawyer.com

Spiegel & Utrera, P.A.
Phone: (800) 603-3900
Email: info@Amerilawyer.com

Using Social Media As A Business Tool

Using Social Media As A Business Tool published on

As technology progresses and more people use social media as a tool for marketing, several businesses are adapting to this innovation by using social media outlets such as Twitter, Facebook and Instagram as a tool to increase brand recognition for their business. There are many effective strategies small business owners can undertake to effectively use social media and improve brand recognition for their business.

Social Media

For your business, consistency on all social media platforms is highly recommended. Using your company logo as the picture for your account and maintaining uniformity on all platforms will provide followers or users with one consistent image as it relates to your business. Additionally, in order to gain followers, it is important to identify your business’s target audience and post interesting and unique photos, articles and/or videos that your target audience can identify with. Using social media to promote special offers or giveaways will also engage users and encourage them to share some of your postings. It is important to keep your target audience engaged with your business’s postings.

Another effective strategy business owners can use is to interact with profiles of those who influence the business’s target audience. Using social media to interact and connect with users who have a large following may help in gaining exposure through the use of sharing posts or could even lead to someone with a vast following posting something about your business and/or product.

What To Do While Waiting For Lending To Improve

What To Do While Waiting For Lending To Improve published on

Small businesses feel the squeeze as banks are tightening their belts

As the economy improves, bankers are seeing a surge in credit applications. However, banks are not positioned to approve loans as quickly as they did in the past because of substantial regulatory hurdles in determining creditworthiness. Following the too-big-to-fail fiasco, much of the credit capacity has concentrated in a handful of large banks, and these banks are taking a more conservative approach. On the other hand, regional and commercial banks that are willing to lend to small businesses are left with little credit to give.

Small business strategies to offset the big-bank credit crunch

The most common alternative to bank lending is high-net-worth individuals. Lending from these individuals can be done through convertible debt or terms of credit. Convertible debt is a blend between debt and equity. It is secured through a convertible note and carries a per annum interest rate until some point in the future when it converts into equity. The conversion usually occurs during the next round of financing and is given warranty coverage or discounted based on the company’s valuation. Terms of credit are only usually given to companies with a solid track record. They come in the form of a senior secured loan with a high liquidation preference, meaning they must be repaid before all other debt or equity holders.

To better understand how convertible debt or terms of credit can help your business, speak to one of our attorneys by calling 800-743-9900 or visit our website today!

www.AmeriLawyer.com

3 Unconventional Ways To Fund New Businesses

3 Unconventional Ways To Fund New Businesses published on

There are many ways to fund a new business. Below are some methods that may not always come to mind right away.

1. Product Presales – With this method you would sell your products with the intention of raising the money that you need to fund your business. This method could also be used as a dry run for when your company is open to give you an idea of the type of customers who will be purchasing your product as well as what it takes to get the product to your client if your business is online (shipping, etc.).

2. Angel Investors – Angel investors usually will expect a 20 to 25 percent return on their money. However, the angel may have experience in the type of business, contacts, and possibly customers that could help grow your business. The angel investor provides an atmosphere that may be a great deal less intense than a regular investor. Angel investors also typically deal in smaller dollar amounts.

3. Renting your Residence – There are many websites that allow you to rent your home or apartment for days at a time or months. Potential issues that can arise would be making sure you have a place to stay during the rental time and a place to work if you usually use a home office.

Call us or visit our website today to learn more about funding your new business venture!

800-743-9900

www.AmeriLawyer.com

How Donating To A Good Cause Can Help Your Business

How Donating To A Good Cause Can Help Your Business published on

To which kind of charity should your business donate?

It is easier to create opportunity if the cause is related to your business, for example, a tutoring services company sending teachers to an under-privileged neighborhood and in turn receiving referrals. If you can’t think of any ideas, then ask your employees or customers. They may be close to certain charities and will return their gratitude when you donate. Using local charities will also help with your business’s visibility in the community.

Get involved; don’t just write a check

Hands-on, face-to-face involvement will create more goodwill than just a donation. Also, volunteering is more affordable than a large cash donation. However, don’t force employees to volunteer. Your employees should not feel stigmatized if they don’t want to help. Similarly, customers may disagree with some charities depending on the cause. If this happens, then business owners should simply say they feel strongly about the cause and leave it alone. Keep in mind that customers often want to “shop their values.”

Community

For more information about how your business can donate, speak to one of our attorneys by calling 800-743-9900 or visit our website www.AmeriLawyer.com today!  

Building In Financial Forecasts For Your Business Plan

Building In Financial Forecasts For Your Business Plan published on

To attract investors and build a line of credit you need to project business finances!

Essentially, you must make educated guesses about how much money will be spent and how much will be taken in. Then you can use these estimates to calculate whether your business will be sufficiently profitable to sustain a bottom line. Usually a business will start off operating lean until you start building a customer base. If your projections show your business losing money initially, then you must consider raising prices or cutting costs while still in the planning stage. This can help you avoid sinking money into a business that cannot be profitable. On the other hand, if your business model shows profitability, then you can start to invest more and build your enterprise.

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Understanding projected financial situation through estimates and calculations.

Start off with a break-even analysis by estimating income and expenses over the first year. In theory you should be able to turn a profit by the end of the first year. If not, then you must reconsider the business model. After determining the business can turn a profit, then turn to a month-by-month projection of your business’s net profits for the first year. Keep in mind that some businesses will be more or less profitable during certain months due to seasonal turnover. Finally, determine a start-up cost estimate. These costs should be included in your business plan to give a true picture of how much money you will need to get off the ground.

To understand how financial forecasts affect your business plan, speak to one of our attorneys by calling 800-743-9900 or visit our website www.AmeriLawyer.com today!

Protect Your Business Name And Logo

Protect Your Business Name And Logo published on

With the U.S. Trademark Office receiving over 450,000 applications last year, the agency responsible for helping businesses protect their intellectual property has revamped its structure to better streamline the volume of work and more efficiently process applications. As of January 17, 2015, the Trademark Office has reduced its filing fees in hopes of saving entrepreneurs and small business owners over $5 million in trademark fees in the next year.

Fees for filing a trademark are now $275 per class of registration, down from $325. As part of the reduced fees, applicants must agree to communicate with the reviewing office via e-mail. Communication includes all responses and other specified documents that are routinely part of the trademark review and prosecution process.

The Trademark Office will also now be sending courtesy reminder notifications to trademark owners for their required renewal applications. Previously, trademark owners were responsible for keeping track of their renewals on their own. Now, owners who authorize e-mail communication will receive notifications and the option to file their renewals online. Fees for renewal applications will also be reduced from $400 to $300.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have trademark related questions, call (800) 734-9900 or clubassist@amerilawyer.com for assistance. Remember, as a member of the  General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Spiegel & Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We will assist you with Incorporation Service, Trademarks, Copyrights, Estate Planning, Legal Counsel, Wills,Trusts, Agreements & Leases, Corporate & Company

 

Being A Better Decision Maker

Being A Better Decision Maker published on

One key difference between an entrepreneur and the average individual: the entrepreneur is a natural-born problem solver. While simple decisions can easily be taken care of, the more difficult problems require making difficult decisions. Successful entrepreneurs have found the following strategies helpful in the decision making process:

  • Don’t waste time. It is all too easy to delay a decision because of the sheer fact that it is a difficult decision. Consider setting aside a block of time during the day (or over a span of several days) to work the pros, cons, risks, and outcomes of your decision. Remember that ignoring problems will never help you make better decisions.
  • Put your ego and emotions on the back burner. It is completely natural to be too personally invested in your business. However, this can make decision-making especially difficult. Transcend your emotion and ego by practicing self-awareness. Strive to objectively arrive at the root of the problem. List potential causes of your problem. For example, if your business isn’t making enough money, ask yourself what the specific cause may be. Is your pricing right? Do your customers identify with your brand or services? Did you hire a bad employee? Better decisions will result from objective facts instead of wounded egos.
  • Ask an expert or neutral third party. Remember that while your problems may seem unique to you, there are entrepreneurs and professionals out there who have solved the same problems. A neutral third party also aids in keeping you objective in your decision-making process.
  • Understand the worst-case scenario. An entrepreneur understands the underlying risks of the decisions he or she makes. Always take a moment to deeply consider the worst-case scenario of the decision you’re about to make. Identifying your risks will help you rest easier when making decisions.

Visit our website for more information and to make sure your interests are protected!

 

Why You Should Open A Commercial Bank Account For Your Business

Why You Should Open A Commercial Bank Account For Your Business published on

Essentially, one of the most basic steps in starting up a business is opening a bank account. Opening a bank account for the business separate from the individual bank account of the owner has many benefits. For instance, it makes it easier to organize the business’ expenses, pay taxes and maintain financial records.

If your business is an entity such as a limited liability company or a corporation, a separate bank account is necessary as the company is a legal entity separate from its members or owners, respectively.

In order to set up the business account, the bank will require certain documentation including the incorporation records for the entity, which will show the structure of the company and what authority you have in the company. These documents are generally the articles of incorporation or organization.

Some banks may require a certificate from the State to make sure that the company is active and in good standing.

Additionally, Banks will require you provide the Employer Identification Number (EIN), you were assigned by IRS.

Notwithstanding that the company’s corporate records, your authority within the company and the EIN number is the only basic information banks need. Other documentation required depends on the internal policy of the bank you choose, not the law.

Do not delay; call us or visit our website today for more details!

(800) 603 – 3900

www.AmeriLawyer.com

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