Posts Tagged ‘Business Owner’

3 Proven Reasons a Connecticut Business Owner Should Elect Subchapter S

Gesture - Three Fingers (with clipping path)



Business owners of corporations will by default have a “C” Corporation.  If they are eligible and they elect, they could be a Subchapter S (“Sub S”) corporation.




An eligible Sub S corporation meets the following criteria:

The Difference Between a C Corporation and a Subchapter S Corporation

Business owners can maintain their corporation as a regular or “C” Corporation. Alternatively, if they are eligible, they may want to make a Subchapter S Election. Both are treated as separate legal entities. Here are the differences however:

C Corporation

While a C Corporation is a separate legal entity, it is also a separate taxable entity. The corporation will pay income taxes on any taxable income reported.

Tom Scanlon's Interview with Steve Pedneault of Forensic Accounting Services, LLC in Glastonbury, CT

How long have you been in business and how did you get started?

My experience relating to criminal justice started when I was fourteen as a member of an organization affiliated with a local police department.   I continued my education after high school, earning a degree in criminal justice and in accounting.  After my involvement as an accountant assisting a local police department with an embezzlement case in … Continue reading »

Why I No Longer Need The Yellow Pages Phone Book

This past weekend the Yellow Pages phone book was delivered to my home.  When I got to work the next morning, another one was on the front step.  At home, it never even made it into the house.  I just put it in the recycle bin in the garage.  I suspect I will do the same with the directory delivered to my office.

It's Time to File Your Personal Property Tax Declaration

Business owners in Connecticut must file their 2010 personal property tax declaration by November 1, 2010.  This declaration is due at the town assessor’s office in each town where personal property is located.  The penalty for late filing is 25% of the assessed value.

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