I help many small businesses with tax planning and filing. Many new entrepreneurs have to decide between an LLC (limited liability company) and a sole proprietorship. The truth is that, although the selection of a business entity is an essential decision, there isn’t one single answer to the question of LLC vs. sole proprietor. The implications for liability and tax status are two of the issues to consider.

I meet with a variety of small business owners and am always impressed by the passion these entrepreneurs have for their businesses. As the tax and finance guy, I know how crucial cash flow is to the success of every enterprise. I also know that cash flow issues are among the leading causes of business failure in the United States. A solid financial management strategy is needed.

As a CPA I help many small business owners with tax planning and filing. That means I see the businesses that succeed as well as those who don't. My advice is that if you’re a small business owner, you need a business plan. To write a successful plan you must know everything about your company, your product or service, and the market competition.