Business Management Videos

Videos to help you learn how to better manage your business
Business Management
  • NASE Benefits At A Glance

    As a NASE member you have access to MANY benefits designed to help you with your business needs. In this video John Hearrell talks about how to quickly see just what is available to you.

    Posted on 3/29/2018 12:00:00 AM by John K. Hearrell
  • How to Deduct the Business Use of Your Vehicle

    Will you be prepared at the end of the year to take your vehicle tax deduction? Are you keeping a mileage log in case of audit?

    Posted on 09/22/2016 00:00:00
  • NASE Business Benefit Overview

    Through your NASE membership, you will unlock countless doors that lead directly to one goal: Providing you the tools and resources needed to have a true business advantage in the marketplace.

    Posted on 09/15/2016 00:00:00
  • New Business - What Tax forms do I need?

    Now that you have started a new business, what additional tax forms do you need to have? Keith explains the differences in various tax forms.

    Posted on 04/28/2016 00:00:00
  • New Business - Different Types Explained

    What type of operating structure and entity form will you use; Sole Proprietorship, Partnership, Limited Liability Company or Corporation. Remember, the decision you make will not make a material difference in your overall tax liability.

    Posted on 03/17/2016 00:00:00

Related News...

Ask The Experts: Business Structure

Friday, June 01, 2012

Q: I’ve operated a handyman business for several years as a sole proprietor. I’m now starting a second business as a voice-over artist. I’ll be operating both businesses for at least two years. What would be the best business structure?

A: The question you ask is not a simple one to answer without some additional information. My first comment is that I would not be doing any type of handyman work as a sole proprietor. I would want some type of legal entity protection in the form of either a
limited liability company or a corporation. Which of these would be best is a tax issue.

The most common reason small-business owners incorporate is to protect themselves in case the business runs into financial or legal problems. But, incorporating by itself may not protect you from personal liability. A leading misconception is that incorporating establishes a separate legal business entity from you personally, unlike a sole proprietorship or partnership.

The problem with this misconception is that you cannot circumvent liability for your personal actions.

A second reason many people consider incorporating is to take advantage of corporate tax laws. It’s true that in most situations businesses can decrease their taxes by incorporating. The question is, “Will the tax dollars saved be greater than the 
costs to be incorporated?” It’s important to consider the ongoing expenses for a corporation, like higher accounting fees, state income or franchise taxes, legal expenses and administrative demands. These ongoing costs could wipe out any tax savings from incorporating.

When incorporating, there is also the question of whether to elect S status with the IRS. This choice is strictly based on how the corporation will be taxed. The truth is that there is no way anyone can say the S or the regular C status is better than the LLC without having an intimate knowledge of your business finances.

So why would someone choose a corporation over an LLC? Again, it all comes down to tax advantages, and the only way to determine if there are tax advantages is to crunch the numbers. As a general rule—and I emphasize general—if the taxable profits in the business are more than $25,000, there is the possibility that a corporation might have some tax-saving advantages.

The legal form of a business is an important issue. I would suggest getting professional advice before making a decision. You can give Business 101 a call at 800-649-6273. One of our experts could get more detail about your businesses and be in a better position to evaluate which business structure might suit you the best.

Get More Answers

The NASE’s small-business experts are here to help you understand the ins and outs of operating a successful small business. And access to these professionals is free with your NASE Membership!

Just go online to the NASE’s Business Learning Center where you can ask the experts questions about:
  • Taxes
  • Health care expenses
  • Financial issues
  • Employee relations
  • Accounting rules
  • And much more

The experts are available 24/7 and ready to help!

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