Direct Talk

Last week we talked about how to keep your Corporation in good standing. This week we focus on the LLC. While one benefit of an LLC is less formality, there are still some actions required to protect the owner’s limited liability. 1. You should have prepared and sent W-2s to employees and 1099s to contractors or vendors by January 31st. 2. The LLC must file annual reports with the NC Secretary of State when it files its company tax return (this year, April 18th). To file yo

A corporation is a separate legal entity from its owners that keeps the owners’ other assets separate from the corporation – if the corporation is properly run. What does it mean to properly run a corporation? 1. You should have prepared and sent W-2s to employees and 1099s to contractors or vendors by January 31. 2. The Corporation must file annual reports with the NC Secretary of State, at the same time, it files its corporate tax return (usually March 15). Many c

Your first two or three years in business are hard. Your learning curve is so steep, and sometimes it feels like you don’t know anything. Around 12:30 one afternoon, the switchboard put in a call to me. It was a client with a very fact-specific question about a problem at their facility. I immediately understood the question but realized the answer wasn’t simply what the law said. And I also immediately understood I didn’t have enough business perspective and experience to