Now that you have formed your company and know where you are doing business, it is time to set up the chart of accounts. Creating the chart of account is like building a foundation for a house. A good chart of accounts leads to useful financial statements, logical information and meaningful output. A poor chart…
Top 30 Things Start-ups & Small Business
Once you identify all the states you must register to do business in, you must determine if you are subject to sales tax nexus in those states, or if you need to file income tax returns in those states. Nexus rules have changed dramatically in recent years as states have become desperate for funds and…
Top 30 Things Start-ups & Small Business
You are forming, or have formed, a company and have selected your entity type; Now – where are you doing business? What state will be your home state? Which other states will you need to get authority to do business in? If your home state is Delaware, you will benefit from the advantageous legal protections…
Top 30 Things Start-ups & Small Business
Welcome to our new blog series, “The Top 30 Things Start-ups & Small Businesses Need to Know.” We will begin with topic #1: “Entity Selection.” Entity selection is one of the most important decisions you will make for your business. There are many varying levels of formation from sole proprietor to corporation. Which one should…
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Big IDEas for your Business
Bumpers & Company’s own Douglas S. Kook, CPA, CVA will be one of the presenters at the upcoming “Big IDEas for Your Business” Conference on May, 10th at the Sheraton Wilmington South. The Delaware Society of CPAs has designed this one-day conference to assist your business in building a firm foundation for success. Whether you’re a…
New Business Formation – Which Entity is
What do you have planned for 2018? Getting ready to start your own business, or just thinking about it? One of the most critical decisions you will make is choosing the type of entity for your business formation. When you choose to form as a C Corporation, S Corporation, Partnership or LLC, you set the…