Gwinnett CPA Teaches Resources for Atlanta Entrepreneurs

 New Georgia Business Set Up All Phases of  Their New Tax and Legal/Incorporation Responsibilities

Working with  the many nuances of the incorporation process if not for the meek of heart or for the unprepared. It is always prudent to first talk with a CPA in a face-to-face meeting to ensure that you pick the legal operating entity that is best for you business, its operating goals and to keep your tax bill as low as legally possible. After your business is set up correctly much of the initial paperwork is done, however there is much left for the business owner to do. For example, we recently received this letter from one of our new clients.

Hi John: 

Rainy days and Mondays! J Good song…but I’m not down!   

I met with the banker you referred last week. Thank you so much for the referral. I am also going to work with the attorney you suggested. She’s really nice and I like her positive attitude!! 

My new banker asked me for a few things and I wanted to make sure I could provide him with this later today: 

• ·         Articles of Incorporation (is that something that is in a format that I could email him?)
• ·         TAX ID
• ·         Trade Name Authorization (I am going to use a new name as the company’s DBA to the name I originally incorporated) How do I do that?? 

ASAP after the client became incorporated we assisted and guided the client in:

-Introducing them to a bank that specializes in assisting small business owners and a banker with the responsibility, authority and customer service mind to assist both short and long term.

-Advising of the requirements of the new business to have a business license.

-Confirming the entrepreneur’s responsibility to pay the annual registration to the GA Secretary of State’s office.

-Referring Insurance Representatives/Agents who are familiar with the needs of small business owners and an agent who specializes in medical, life, disability and dental coverage.

-Referring to a small business attorney to assist with the legal registering of a DBA or Georgia or national trademark registration. To visit the GA Secretary of State Web-site visit www.sos.georgia.gov/corporations/

Contact HIS CPA PC (A Christian CPA Firm) today.

To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/ article2.html There you will also discover a wide host of resources for Atlanta Entrepreneurs.

John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!    

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Bookkeeping.

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Financial Considerations for Atlanta Georgia Business Owners

For those who own their own business, it’s no secret that personal financial security is very closely tied to the success of the business. And with the never-ending task of overseeing day-to-day operations, owners may find it difficult to focus on broader financial issues associated with running a business. Following is a brief checklist of some of the most important items business owners should consider, along with an explanation of how each fits in the big picture. 

Qualified Retirement Plan.  To help you with the all-important task of planning for retirement — both for yourself and for your employees — a qualified retirement plan allows you to build a portion of your wealth independently from your business. For you personally, such a plan offers several advantages. For one thing, you can reduce your personal taxes by contributing to a retirement plan. In addition, these plans allow for tax-deferred growth on your plan investments that may provide a significant amount for your retirement. 

Aside from the personal benefits, you may also be eligible to receive a business tax deduction for the cost to establish and maintain the plan, and for the employer contributions you add to your employees’ accounts. A good retirement plan will also help attract, reward and keep good employees, which could prove to be a competitive advantage for your business. 

Compensation.  While a qualified retirement plan can be a good start to building wealth for retirement, it may not address all your needs and objectives. In some cases, you may need to provide additional options for the owners or other highly compensated individuals within your business. Though they only apply in limited circumstances, nonqualified deferred compensation plans allow you to address these unique needs through several options. Some plans let executives defer a portion of their compensation, while others let employers provide tax-deferred compensation to this select group.  There are also excess deferral plans for highly compensated individuals who may be subject to contribution limits with qualified plans. 

Beyond the salary and deferral issues, there are several other elements that make up total compensation. You may want to provide life insurance as an employee benefit.  Group term life insurance, individual and group disability insurance and individual and group long-term care insurance are additional benefits that could be offered for employees. In addition, you might consider other benefits such as 529 college savings plans, which can help employees save money to send their children to school. 

Insurance.  In business, you face many risks you cannot control. In that light, it only makes sense to try to reduce the effects of those risks to the extent possible. Remember, one of the most valuable assets of the business is you. For this reason, you should make sure to have adequate life and disability insurance for yourself, in order to provide financial security for both you and your family. 

If the owner of a business or a key employee dies unexpectedly, the business could suffer as a result. Key-person insurance can provide cash to help your business continue operating in difficult times, and it may surprise you how affordable it is to effectively reduce a serious risk to your business. 

While these are just a few of the major concerns business owners face, you may want to take time to consider the many options available to help you address these issues.  A financial advisor can be one key member of your team to help put your finances in order, so that you can spend your time doing what’s most important — building your business. 

The accuracy and completeness of this article are not guaranteed. The opinions expressed are those of the author(s) and are not necessarily those of Wachovia Securities/Wachovia Securities Financial Network or its affiliates. The material is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. 

This article was written by Wachovia Securities and provided courtesy of The Strong Gaddy Lilly Wealth Management Group in Gainesville, GA.  They can be reached at 770-532-6361 or 1-800-332-6361.

Wachovia Securities is the trade name used by two separate, registered broker-dealers and nonbank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC Member, NYSE/SIPC, and Wachovia Securities Financial Network, LLC (WSFN), Member FINRA/SIPC.  

Investments in securities and insurance products: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE    

Presented here my Atlanta Christian CPA, Author and Speaker John Dillard CPA who can be reached at www.HisCPA.com or by calling at 770.814.9304