What You Need to Know When Your Business Needs Workers
Using other people to operate your money machine.
When your business needs other people's time and efforts, you will be subject to a whole range of rules, laws and forms to file. Compliance with these rules, laws and proper filing of forms will save you much trouble in the future.
What You Need to Know Before Starting a Business
Critical Areas of Consideration
Creating A Business
Most people who want to start a business have the same question, what do I need to know to have a business that works? Building a successful business remains one of the great mysteries in our modern society. Is the secret luck, hard work, who you know, what you know, or unknowable? While there are many sources of information on each of the various parts of a business, none seem to be complete, because it is a very complex process.
What is "Reasonable Compensation"?
Reasonable Compensation is a current high priority issue for the IRS concerning all corporations, especially S corporations
Wage Compensation for Corporation Officers
Corporate officers are specifically included within the definition of employee for FICA (Federal Insurance Contribution Tax Act), FUTA (Federal Unemployment Tax Act), and federal income tax withholding under the Internal Revenue Code. When corporate officers perform services for the corporation, and receive or are entitled to receive payments, their compensation is generally considered wages. Sub-chapter S corporations should treat payments for services to officers as wages, and not as distributions of cash and property or loans to shareholder or limited liability company members.
Business Help Resources
- Can You Use Independent Contractors?
- Doing Business in the 21st Century Electronic World
- How to Get Up and Running
- Notice to LLC Owners
- Ten Essential Business Functional Areas
- The Money Pump
- Understanding Risk Management
- What You Need to Know Before Starting a Business
- What You Need to Know When Your Business Needs Workers