Frequently Asked Questions (Just the FAQs)
With more than a decade of experience supporting Main Street businesses, your questions probably aren’t the strangest ones we’ve seen. Let’s look at some of the more common bookkeeping questions below:
What are the advantages and disadvantages of a C Corp. vs an S Corp.?
Both a C corporation (also known as a regular corporation or standard corporation) and an S corporation (also known as a small business corporation or
What is a C Corporation?
A C corporation (also known as a regular, standard or traditional corporation) is a legal entity that is separate and distinct from its owners. A
What is an S Corporation?
An S corporation (also known as a small business corporation or Subchapter S corporation) is a type of corporation that elects to be taxed under
What is a Partnership? How many people can work together in a Partnership?
A partnership is a business structure in which two or more individuals or entities operate a business together. Partnerships are formed when two or more
How do I file as an LLC in my state? What is the easiest way to file as an LLC?
To form an LLC in your state, you will need to follow the specific LLC formation procedures and requirements set forth by your state’s business
What is a pass through entity?
We mentioned this last time when discussing the LLC structure, and it’s not obvious what the advantages and disadvantages of a pass-through entity versus a
What is the difference between an LLC and Sole Proprietorship? Is it better to set up my business as a Sole Proprietorship or as an LLC?
A sole proprietorship is a business owned and operated by a single individual, while a limited liability company (LLC) is a hybrid business structure that
What is the easiest legal structure to use for setting up a company?
A sole proprietorship is usually the easiest legal structure to use for setting up a company. It can be as simple as deciding you’re in
What are the 5 basic legal structures for a company in the United States?
During the next few posts we’ll be covering the different ways you can structure a new company in 2023. We’ll discuss the differences, advantages and
What should I do if I lose my business receipts?
Losing business receipts can be frustrating and potentially costly, as receipts are important for record-keeping and tax purposes. If you lose a business receipt, here
How long should I keep copies of receipts, bills and invoices for my business?
As a general rule, it is a good idea to keep copies of receipts, bills, and invoices for your business for at least three years.
Why do I need to send customers receipts? Is an invoice good enough?
Yes, you should almost always be sending customers receipts! It’s an important part of the sales and bookkeeping process for both you and your customers.
Does a small business have to run payroll?
This is a really common question, especially for startups, sole proprietorships, and LLCs that are new and might have zero employees yet. Except you, that
Can I do my own bookkeeping or should I hire a bookkeeper? When does it make sense to hire a bookkeeper?
Whether to do your own bookkeeping or hire a bookkeeper depends on a variety of factors, including your time, expertise, and resources. Here are a
What is a remote or virtual bookkeeper?
A remote or virtual bookkeeper is a professional who performs bookkeeping tasks remotely, typically using online tools and software. Virtual bookkeepers typically work from a
Who do I need a W9 from? Why do I need to get a W9 from contractors or small businesses I buy things from?
You may need to obtain a Form W-9, Request for Taxpayer Identification Number and Certification, from contractors or small businesses that you buy goods or
What is the $600 tax reporting requirement for PayPal, Venmo or Zelle?
The $600 tax reporting requirement refers to the Internal Revenue Service’s (IRS) requirement that businesses and individuals must report certain types of income on their
Do you have a question that’s not answered here? Let us know, and we can help you get answers!
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