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LLC

The US government is announcing numerous endeavors to provide relief from the effects of the Coronavirus pandemic. As tax and business announcements become codified we will post them.<
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As part of our COVID-19 response, we are asking clients to submit tax information digitally, when possible, via our Document Access Portal, and are making extensive use video or telephone conferences in lue of appointments.<
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If you do not have a personal portal setup please use: Document Upload<

Below is a listing of our content based on your selected topic, click on the titles below for more information. If the term is unfamiliar, see the Term Glossary<.

Avoid Improper Usage Of Schedule Cs or Sole Proprietorships

Having a Sole Proprietorship and filing a Schedule C has its place, but you need to tread carefully. Schedule C filers are among the highest risk groups for audit, and thus it is vital to keep accurate records to support your positions in case the IRS desires to confirm them. Here is a quote from the Wall Street Journal<:

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File State Annual Report

Most entities are required to file annual reports with the states that they are organized in. Be proactive about this, as it is generally a simple process that typically can be done in January every new year.

Additional Note: Due dates are not consistent from state to state, they may be based off of your fiscal year, the calendar year, or anniversary of entity registration. Make sure that you know your state requirements, and contact us< if you need assistance.

See the page: http://www.famiglio.com/state-corporate-filing-websites<  

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Florida Corporate Filings Due

Clients must file their Florida Annual Reports after January 1st, and before May 1st. 

The Florida government's website is:  http://www.sunbiz.org<

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Limited Liability Companies (LLCs)

Starting a new LLC or Limited Liability Company Shields

The decision to start your own business is a great step in life, and we are here to help. To be successful entrepreneurs need:

  • A great service or product to provide to the public
  • Guidance to find the intelligent way to structure the business

Poorly thought out business structures, often a Sole Proprietorship sometimes called a "Schedule C", can have taxes drain the life out of the core business, and expose the investors other assets to dangerous external liabilities. Fortunately, we have a tool that gives us great flexibility — the Limited Liability Company.

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State Corporate Filing Websites

Typically corporations are required to file annual reports, most of which can be easily filed online. We hope that the following list will be helpful, please contact us< if you need any assistance. We have marked the most common states. 

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The Pros & Cons of Using an S Corporation Structure

An especially popular tax or business structure among small businesses, the number of S Corporations has quadrupled in the past 15 years and by far is the most common form of doing business except for the unincorporated sole proprietorship. However, whether it is an appropriate choice for your new business depends on your particular facts and circumstances.

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