June 14, 2017
When you form an LLC, you need to draft articles of organization that comply with the state’s LLC act and then file the articles with the appropriate state office. Typically, the required articles are broadly worded and likely don’t address members’ rights and responsibilities as you would like them addressed.
You should consider taking the extra step of having your lawyers create a written operating agreement. This agreement provides operational rules for running the business and can override or alter the default rules in your state’s LLC act to better meet your needs.
With the operating agreement, you
It’s also nice to know that you can deduct the legal fees incurred to create the operating agreement. The rules allow you to deduct up to $5,000 in organization costs immediately and then amortize the balance over 180 months.
Happy Valentine’s Day! While this holiday is traditionally focused on the love and well being of your special someone, it’s our job here at LBF to encourage you to give your books a little TLC as well.
You know – your QuickBooks Online (QBO) account. The one where, in the words of legendary pitchman Ron Popeil, there was largely a “set it and forget...
It seems that every week, I receive alerts about identity theft and tax scams – old and new – making the rounds in the form of e-mails, snail-mail, texts and phone calls.
There have been many news reports about how to protect yourself from identity theft. But how do you know if you’ve already become a victim, and what should you do if you have?
Here are some...
Many people believe that our office doesn't really get busy until February when tax season kicks in. The reality is that for us accountants, January starts laying the ground-work for the entire season. We want you to know the importance of keeping your records complete during the year so that you can file the returns that affect your business in a timely manner. Here are some the...