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Posts Tagged ‘Attorney’
4 Easy Steps to File Your 2017 Forms 1099
1) Determine who should receive Form 1099
Business owners need to determine who should receive a Form 1099. The Form 1099 will be issued to independent contractors and other parties. The IRS has rules to determine who is an employee and who is an independent contractor under the so-called Twenty Factor Test. For Connecticut employers; they should also look at the Connecticut ABC Test.
Some … Continue reading »
Why I Asked My Daughter to Give Me a Power of Attorney
Recently my daughter turned 18. In Connecticut this is considered the age of majority. In other words, she can make her own decisions. Well, that’s what the law says. However, she’s still living under my roof, so, well, she’s got to deal with me. It’s probably more accurate to say however, that I have to deal with her.
A Power of Attorney … Continue reading »
5 Easy Steps to Opening a Business in Connecticut
1) Meet With Your CPA and Attorney
The first step is to meet with your CPA and Attorney. Your CPA should be able to review your business plan and provide feedback. Additionally, your CPA should be able to advise you with regards to what entity you should have. Your attorney will get your business registered with the Secretary of State and provide all of the legal documents for your business.
Why You Need Form W-9 Now to Complete Form 1099 Later
1099 Filing Requirements
Businesses have a responsibility to file Form 1099-MISC to all unincorporated businesses that they pay more than $600 to annually. An unincorporated business is a sole-proprietorship, partnership or a Limited Liability Company (“LLC”). In addition to having to file Form 1099 to all unincorporated businesses they must also issue a 1099 for all legal services and medical payments. It does not matter what type of entity these companies are. All payments made to … Continue reading »
How to Form an LLC and Protect Your Assets
A Sole-Proprietorship
Many self-employed people will run their business as a sole-proprietorship. They are very easy to set up and cost very little to form.
First, decide on a name. For example, John Jones D/B/A (Doing Business As) Prime Time Painters. Then register your name with Town Hall. Get some business cards, letterhead and stationary. You are now well on your way.
