Thursday, January 13, 2011

BUSINESS STRUCTURES

THERE ARE SEVERAL DIFFERENT BUSINESS STRUCTURES YOU CAN CHOOSE TO OPERATED UNDER. HERE ARE SEVERAL WITH BRIEF EXPLANATIONS.

Each type of business structure has certain advantages and disadvantages that should be considered. You should contact an attorney, accountant, financial advisor, banker, or other business or legal advisor to determine which structure is most suitable for your business.

A Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most common form of business structure. This type of business is simple to form and operate, and may enjoy greater flexibility of management, less legal regulation, and fewer taxes. However, the business owner is personally liable for all debts incurred by the business.

A General Partnership is composed of two or more persons (usually not a married couple) who agree to contribute money, labor, and/or skill to a business. Each partner shares the profits, losses and management of the business, and each partner is personally and equally liable for debts of the partnership. Formal terms of the partnership are usually contained in a written partnership agreement.

A Limited Partnership is composed of one or more general partners and one or more limited partners. The general partners manage the business and share fully in its profits and losses. Limited partners share in the profits of the business, but their losses are limited to the extent of their investment. Limited partners are usually not involved in the day-to-day operations of the business. Filing with the Office of the Secretary of State is required.

A Limited Liability Partnership (LLP) is similar to a General Partnership except that normally a partner does not have personal liability for the negligence of another partner. Filing with the Office of the Secretary of State is required. Professionals such as accountants and lawyers use this business structure most commonly

A Corporation is a more complex business structure. As a chartered legal entity, a corporation has certain rights, privileges and liabilities beyond those of an individual. Doing business as a corporation may yield tax or financial benefits, but these can be offset by other considerations, such as increased licensing fees or decreased personal control. Corporations may be formed for profit or nonprofit purposes. Filing with the Office of the Secretary of State is required.

A Limited Liability Company (LLC) is composed of one or more individuals or entities through a special written agreement. The agreement includes: provisions for management, ability to assign interests and distribution of profits and losses. Limited liability companies are permitted to engage in any lawful, for profit business or activity other than banking or insurance. Filing with the Office of the Secretary of State is required.

A Trust (Massachusetts Trust) is an unincorporated business with the property being held and managed by the trustees for the shareholders. The trustees are considered employees since they work for the trust. Filing with the Office of the Secretary of State is requvisit http://www.independentrncontractor.com/
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Friday, October 31, 2008

Patient Care Providers

Patient Care Provider Facts

Examples of Independent nurses
Independent contractors provide nursing services to patients in their home. If services are in a healthcare facility, they are under the direction of the facility's nurse. The patient pays for the services. The nursing care must follow the state's nurse practice act.
Healthcare facilities and temporary staffing services can get in trouble with the Internal Revenue Service (IRS) if they hire independent contractors. Agency contracts usually have a clause holding the nurse responsible for any back taxes and penalties.
Independent homehealth providers contract with the state Medicaid system and become an RN provider. The services are provided to Medicaid patients and money is collected from the state Medicaid program.

Holistic nurses are independent practitioners. The services provided must fall within the position statement issued by the state nurse practice act. Nurse practitioners can diagnose and treat; but a medical collaborator and/or supervision is needed in some states. Higher education is required in the form of a masters. Requirements are different in different states.
Esthetic nurses provide cosmetic treatments ordered by a physician. In most states, the physician does not have to be onsite.

Earnings
If you are working alone as a independent contractor, the earnings are limited to the number of hours you can physically work.
A forty-hour week yields about a $125,000 to $250,000 annual income depending on your bill rate. Nurse practitioners' bill rates are higher than an RN's. If you have employees, the amount is based on the number of employees and the number of hours they work minus employee expenses and wages.

Retrived from http://www.nnba.net/facts-direct-patient-care.htm on October 25 2008

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Sunday, March 16, 2008

Independent Contractors vs. Employees

Independent Contractors vs. Employees

Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services. The person performing the services may be -

  • An independent contractor
  • A common-law employee
  • A statutory employee
  • A statutory nonemployee

In determining whether the person providing service is an employee or an independent contractor, all information that provides evidence of the degree of control and independence must be considered.

It is critical that you, the employer, correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors.

Caution: If you incorrectly classify an employee as an independent contractor, you can be held liable for employment taxes for that worker, plus a penalty.

Who is an Independent Contractor?
A general rule is that you, the payer, have the right to control or direct only the result of the work done by an independent contractor, and not the means and methods of accomplishing the result.

Example: Vera Elm, an electrician, submitted a job estimate to a housing complex for electrical work at $16 per hour for 400 hours. She is to receive $1,280 every 2 weeks for the next 10 weeks. This is not considered payment by the hour. Even if she works more or less than 400 hours to complete the work, Vera Elm will receive $6,400. She also performs additional electrical installations under contracts with other companies, that she obtained through advertisements. Vera is an independent contractor.

Information copied from

http://www.irs.gov/businesses/small/article/0,,id=99921,00.html


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Saturday, January 12, 2008

Good Advice

When someone hits you in the face, turn the other cheek. That way the swelling is even!

Choosing A Form For Your Business

Choosing a Form for Your Business
Choosing the right form for your business may be important to your future success. What is the right structure for your business? When should you change corporate forms? This Inc.com guide will help you address these important questions.
Know Your Options: Choosing a Corporate Form
The Right Legal Form
What legal form your business takes can have significant implications on your personal risk in the business as well as your potential for financial returns.
Sizing Up Business Structures
Figuring out the type of business to open is only half the battle of an entrepreneur. Your choice of business structure will largely determine how your business income will be taxed.
Acronym Acrimony
Along with naming your company, deciding which entity your business should become is one of the first decisions you'll ever make.
What Kind of Business Should Your Business Be?
If you're starting a business, one of the first questions you need to answer is what kind of legal form your business will take. The form you choose will affect the taxes you pay, who can invest in your company, and your financial security.
I'll be the sole owner of a party production company. Which form should my business take?
Attorney Barbara Weltman helps an entrepreneur starting a small company determine the most appropriate form for his business.
In Search of the Perfect Form
One entrepreneur went through three different corporate forms in the first five years of operation. This classic Inc article is a good case study of how figuring out the right business structure will require some planning and strategy.
Sole Proprietorship: The Simple Approach
Sole Proprietorships Defined
If you operate as a sole proprietorship, you and your business are legally inseparable.
Sole Proprietorship: Starting the Simple Way
A large number of small-business people start as sole proprietors because forming a sole proprietorship is cheap, easy, and fast. But it isn't an appropriate option for everyone.
Tax Realities of Husband-and-Wife Sole Proprietorships
A married couple can jointly own and operate a business as a sole proprietorship -- and that offers certain benefits.
Joining Forces: Creating a Partnership
Partnership Basics
Gain a general understanding of the purposes partnerships serve and the different types of partnerships that can be formed.
Partnership: Advantages and Disadvantages
Pros and cons to help you decide whether a partnership is the best structure for your business.
Happy Endings
Considering a business partnership? It's best to start by planning how it will end.
When You Want to Incorporate: Forming a Corporation
How to Incorporate a Small Business
S corporation? C corporation? Before you decide, this short primer offers a broad look at incorporation issues.
Corporation: Definition, Types, Formation, Maintenance
This simple tutorial takes you through everything from forming a corporation to maintaining and dissolving it.
Limited Liability Companies: A Popular Hybrid
What roles do the members of an LLC play?
Barbara Weltman explains the different roles that the members of an LLC can play.
Choosing the Limited Liability Company As Your Corporate Form
LLCs are extremely popular, combining many of the best traits of partnerships and corporations.
Paperwork Required to Set Up an LLC
Take a look at the basic legal documents and procedures involved with starting your own LLC.

Choosing A Form For Your Business http://www.inc.com/guides/solo_business/20676.html
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Thursday, December 20, 2007

Business Forms

Business Forms

Business Finance

Balance Sheet TemplateCash Flow Budget WorksheetCustomer Statement of AccountDaily Cash SheetIncome Statement TemplateLoan Application, Bank Review FormMonthly Bank ReconciliationPersonal Statement PackagePresent Value TablesSample Collection LettersTrial Balance WorksheetUnsecured Promissory Note

Compensation & Benefits

Compensable Work ChartInitial Notification of COBRA RightsOvertime GuidancePrivacy PolicyProfit-Sharing PlanSimplified Employee PensionsTime-Off PoliciesWorkers' Comp Policies

Recruiting & Hiring

Applicant Information ReleaseApplicant Rejection Driving Record CheckDrug Testing Consent Form Educational Record Check Employer Reference CheckEmployment Reference Phone Script Employment Reference Release Fair Credit Disclosure Act Notice Job Analysis Questionnaire Job Description Form Job Requirements Checklist Personal Reference Check Letter Reference Checking Documentation Form Sample Independent Contractor Agreement Sample Interview Script Temporary Help Agency Checklist

Vehicles & Equipment

Annual Lease Table Checklist for Evaluating Used Cars Equipment Inventory List

Employee Management

Electronic Funds Transfer Authorization Employee Disciplinary Action Form Drug Test PolicyEmployee Discipline AidsEmployee Feedback Script Employee Work Rules Long Distance Call Log Noncompete Agreement Employee Time Sheets Sample Absence Policies Sexual Harassment Policy Smoking Policy

Marketing

Business Plan Components: Sample Plans Illustrate Required Content Customer Satisfaction Survey Form Customer Service Action Form

Worker Safety

Hazard Communication Program Package OSHA Form 174 - Material Safety Data Sheet OSHA form 300 - Injury & Illness Log and SummaryOSHA Form 301 - Supplemental Illness and Injury Report Sample Emergency Procedures Sample Safety Policy Sample Workplace Aids Policy Sample Workplace Violence Prevention Policy

Starting Your Business

Business Selection Checklist Cash Flow Sensitivity Analysis Cost Assessment ChecklistFamily Monthly Budget Form Franchise Agreement Checklist Projected Staffing Schedule Real Property Lease Checklist Start-up Checklist Strengths/Weaknesses Assessment Checklist

Firing & Termination

Employment Reference ReleaseGeneral Release for Employment Termination Termination Checklist and Form

http://www.smartbiz.com/article/articleview/16/1/13 ( information/links from this site)


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Sunday, November 04, 2007

How To Name Your Business

How to Name Your Business
What's in a business name? Plenty, Not only must your name reflect your brand and be memorable, there are also a host of legal issues to consider. Here's how to choose a name that'll best suit your business.


There's a lot of controversy over what makes a good business name. Some experts believe that the best names are abstract, a blank slate upon which to create an image. Others think that names should be informative, so customers know immediately what your business is. Some believe that coined names (names that come from made-up words) are more memorable than names that use real words. Others think most coined names are eminently forgettable. In reality, any type of name can be effective if it's backed by the appropriate marketing strategy.

Start by deciding what you want your name to communicate. To be most effective, your company name should reinforce the key elements of your business.

Should your name be meaningful? Most experts say yes. The more your name communicates to consumers, the less effort you must exert to explain it.
Specific names make sense if you intend to stay in a narrow niche forever. If you have any ambitions of growing or expanding, however, you should find a name that is broad enough to accommodate your growth. Descriptive names tell something concrete about a business--what it does, where it's located and so on. Suggestive names are more abstract. They focus on what the business is about. Would you like to convey quality? Convenience? Novelty? These are the kinds of qualities that a suggestive name can express.

Before you start thinking up names for your new business, try to define the qualities that you want your business to be identified with.

Begin brainstorming business names, looking in dictionaries, books and magazines to generate ideas. Get friends and relatives to help if you like; the more minds, the merrier. Think of as many workable names as you can during this creative phase.

After you've narrowed the field to, say, four or five business names that are memorable, expressive and can be read by the average kindergartner, you are ready to do a trademark search.
Must every name be trademarked? No. Many small businesses don't register their business names. As long as your state government gives you the go-ahead, you may operate under an unregistered business name for as long as you like--assuming, of course, that you aren't infringing on anyone else's trade name.

Ensuring that your name is going to be federally registerable is important. Also make sure that the individual states that you want to do business in will let you do business under that name. Enlisting the help of a trademark attorney or at least a trademark search firm before you decide on a name is highly advisable. The extra money you spend now could save you countless hassles and expenses further down the road. Try to contain your excitement about any one name until it has cleared the trademark search. It can be very demoralizing to lose a name you've been fantasizing about.

If you're going to search on your own, the Patent and Trademark Depository Libraries (PTDL) nationwide have directories of federally registered trademarks and an online database of registered marks and pending registration applications. You can also use product guides and other materials available in these libraries to search for conflicting marks that haven't yet been registered. The U.S. Patent and Trademark Office's (PTO) websitelists PTDLs in your state.

The site also has a free database of pending and registered trademarks; these are usually entered in the PTO database one to two months after filing. You can also contact the PTO at (800) 786-9199 for general information about trademark registration or to ask about the status of specific trademark applications and registrations.

It's also a good idea to search the web and see if anyone is using the name without having registered it. Do this with more than one search engine for the most thorough results. Also, check with domain name registrars like Network Solutionsto see what's available. This can help you find other businesses using your chosen name or similar names, and it can also help you narrow down your choices. If you can't have your top choice of a business name as a .com domain, you might want to consider alternative spellings, choices or top-level domains
Now that you've decided upon a name, do you need to file a DBA? If you're structuring your company as a sole proprietorship or a partnership, a dba ("doing business as") or fictitious business name allows you to legally do business under your new business name (rather than your own name). You may be required by the county, city or state to register your fictitious name.

Procedures for doing this vary among states. In many states, all you have to do is go to the county offices and pay a registration fee to the county clerk. In other states, you also have to place a fictitious name notice in a local newspaper for a certain amount of time. The cost of filing a fictitious name notice ranges from $10 to $100. Your local bank may also require a fictitious name certificate to open a business account for you; if that's the case, they can tell you where to go to register. In most cases, the newspaper that prints your fictitious name ad will also file the necessary papers with the county.

In most states, corporations don't have to file fictitious business names unless the corporations do business under names other than their own. For example, using dbas allows your corporation to run several businesses without creating separate legal entities for each one. But if you've just got one business that's a corporation, incorporation documents have the same effect as fictitious name filings do for sole proprietorships and partnerships.

This article is excerpted fromStart Your Own Business: The Only Start-Up Book You'll Ever Needby Rieva Lesonsky and the Staff of Entrepreneur magazine, Business Startups magazine and Entrepreneur.com.