Adequate Capitalization of a Business Entity: How Much Money Do I Have to Put in This Thing?
Michael J. Hays – Entity formation is one of the key tasks of a business lawyer. Clients large and small seek our assistance in forming a corporation, limited liability company, or other business entity that will protect them from personal liability for the new entity’s obligations. But those clients often leave the lawyer’s office when [...]
ISBDC / April 26, 2012
Common Taxes For Small Businesses In Indiana
Common State and Federal taxes paid by small businesses Bob York – Small businesses in Indiana are subject to various taxes; sales tax, self-employment tax, income taxes, and property taxes, etc. In addition, there are various excise taxes that may apply to certain activities. Noncompliance with collecting, remitting, paying, and filing these taxes can result [...]
North Central ISBDC / October 6, 2011
First Step – Accurate Financial Accounting
Pete Sabella – Too many startup companies begin their business and then immediately fail to maintain accurate accounting records. Many start out using QuickBooks or Peachtree accounting software, doing it themselves without adequate training or experience. At some point someone asks for a financial statement, typically a banker, and they go through the process of [...]
Southwest ISBDC / September 27, 2011
Why the Balance Sheet Matters
Richard Pittelkow – Most of our ISBDC clients understand the Income Statement and how revenues must exceed expenses to have a viable and valuable company. However, many people tend to overlook the Balance Sheet and do not have a basic understanding of its composition and importance. Balance Sheets do matter, and a business owner who [...]
West Central ISBDC / May 9, 2011