A business acquaintance emailed me the other day: “I am seriously contemplating the plunge….hanging out my own shingle. If you were me, what is the first thing I should do? After emailing you.”

All corporations (C-corporations and S-corporations) are required by North Carolina law to hold annual meetings of Shareholders and Directors. While corporations are always at risk for not holding these meetings in the event of an Internal Revenue Service audit or civil lawsuit, this year the IRS is focusing on small- and medium-sized businesses to audit [...]

The final entity we will discuss is the S-corporation.

The final entity we will explore is the corporation. Today we will look closely at C-corporations and we will discuss the S-corp in detail another day.

We continue our tour of entities with the limited liability company (LLC).

A Taxing Consideration: Choosing a Business Structure (Sole Proprietorship) When people are starting a business, they are often very confused and overwhelmed as to how to choose an entity, or even whether they need one. Many entrepreneurs look at limiting their legal liability but never consider the tax implications of their business entity. The only [...]