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Posted by: Charles P Myrick CPA Posted on: May 11 2021

Business Entities - Which Works Best for You?

Starting a business? Whether you are just getting started or have outgrown your original tax structure, there are many business entities to choose from, with pros and cons for each one. Which type is best for your business depends on what products or services you offer, how much money you earn, whether or not you own the business alone, how many employees you have, what risk or liability you are willing to absorb, and other factors. Here are some common business entity choices and a few of the advantages and disadvantages of each.

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Posted by: Charles P Myrick CPA Posted on: Feb 25 2021

Buy-Sell Agreements: What Are They and Should My LLC Have One?

What would you do if one of your company’s owners passed away, retired, or otherwise ceased to be an owner? Do you have a documented leadership succession plan or an outlined procedure for legal, financial, and practical actions? Over 70% of businesses would answer that with a “no.” If your company is one of them, your LLC could be headed for chaos.

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Posted by: Charles P Myrick CPA Posted on: Jan 21 2021

Small Business Owners: Do You Know Your 2020 Tax Liability?

The year 2020 introduced many new tax issues that our country has never seen before. We’ve experienced destructive economic repercussions and harm to business activity, uncertain gross receipts, and new expenses born out of pandemic accommodations. To combat the harmful effects of these, the government introduced a variety of aid programs. These included Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans and other CARES Act provisions to help individuals and small businesses cope in the new and challenging business environment. These all come with tax implications.

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