Get Going In Business

Do you conduct your own bookkeeping services? The tax season is upon us, a time when some business owners struggle doing their returns. Find out more about how to start your own business On today's show, we have Kay Leland from The Bean Counters Bookkeeping LLC, located in Wilmington, North Carolina. She began her accounting career while still at school and has a master’s in accounting from the University of North Carolina Wilmington. She worked for the US Army Audit Agency for some years before setting up her own business which provides bookkeeping services and accounting services to small businesses as well as teaching them how to be more efficient. Bookkeeping services - Key Points There are three different levels of accounting. CPAs will typically not get involved in regular bookkeeping. The number one tip is to outsource early and often. There are a lot of accounting certifications and many people who do bookkeeping, but you want to find someone with an accounting degree. Accounting and book

Do you know what to do when a non-compete agreement has been violated? In Amit Bindra's last episode, we talked about protecting trade secrets and confidential information. We continue this conversation today by diving into what happens when you need to take an employee to court when a non-compete agreement has been violated in the workplace. We touch on what the process looks like and the impact of recent laws in Nevada, Utah, and Illinois. Find out more about how to start your own business With us is Amit Bindra from The Prinz Law Firm located in Chicago Illinois. He uses his extensive experience in employment law to run a practice focused on non-compete agreements, non-solicitation agreements, and trade secrets. When a Non-Compete Agreement Has Been Violated - Key Points A non-compete agreement can remain valid whether an employee leaves voluntarily or is terminated. Legal redress for a violation often happens quickly. A preliminary injunction or a TRO decision (temporary restraining order) could

We are continuing our conversation on the ABCs of starting a business. We will follow the progress of a fictitious newly formed Yoga Studio. In episode 128 we looked at business structure and today we will focus on hiring employees. Find out more about starting your own business With us is Cory Johnson from Cory W. Johnson, CPA, LLC  which is located in Silver Spring, Maryland. He has about 200 individual clients and about 30 business clients located all throughout the country. He provides accounting, payroll, CPA, incorporation, and tax services. Hiring Employees  - Key Points When hiring employees, you can choose to hire either employees or  contractors to work for your business. The front desk worker is probably an employee while the yoga instructor is most likely a contractor. Look for guidance to help you determine whether someone is your employee or a contractor. In addition to salaries, payroll-related expenses include social security, medicare, and unemployment tax payments. Use a payroll

When starting a business, there are steps to take in fulfilling legal, state and federal requirements. The business structure you choose determines whether you will incur double taxation or make savings by paying less in taxes. Find out more about starting your own business We’re talking to Cory Johnson from Cory W. Johnson, CPA, LLC which is located in Silver Spring, Maryland. Originally from Baltimore, he graduated from Temple University in Philadelphia with a BBA in accounting and then worked as an accountant and auditor for Aramark, Grant Thornton LLP, and KPMG. He is currently an accountant with The Architect of the Capitol which is a federal government legislative branch agency. Starting a Business - Key Points Start with an operating agreement or bylaws. File your organizing documents in your state of residence or where you want your business to be incorporated. Before you launch your business, obtain a federal employer identification number from the IRS. Clients often don’t have the tools t

We are continuing our conversation with Dennis Theodossis from Dixon Hughes Goodman LLP. In episode 126, we talked about the brewery industry, and today we’ll transition to commercial real estate with an emphasis on the commercial side. Find out more about starting your own business Apart from his work with breweries, Dennis works with clients in real estate and development. Dixon Hughes Goodman LLP is located in Asheville, North Carolina and has offices in 12 other states. Commercial Real Estate - Key Points Typically, in a real estate deal, one party with a great idea and concept will need to partner with investors to finance the business. The operating agreement or shareholder agreement outlines the rules of the game. Your lawyer must approve it, and you should fully understand the document. Getting things right ensures there are no unintended tax consequences. A lot of the commercial real estate and development deals taking place are transactional work. A 1031 exchange is a way to defer capit

Do you like micro-brew? Interested in becoming involved in the brewing industry? Today, we look at the state and federal legislation and its impact on independent brewers, as well as their manufacture, distribution and retailing of their products. Find out more about how to start your own business We have with us Dennis Theodossis from Dixon Hughes Goodman LLP, located in Asheville, North Carolina. He has been with the firm for about eight years. His particular focus is breweries within the manufacturing and distribution space. Dixon Hughes Goodman LLP is the 17th largest accounting firm in the country with a footprint that spreads along the East Coast. Brewing Industry - Key Points Western North Carolina has experienced an expansion of microbreweries in in recent years. A three-tiered system separates the manufacture, distribution, and retailing of beer across all states. Different states have different limits on how much can produce before you have to use a wholesaler. Manufacturers may sell bee

Gifting your business to heirs or other parties could result in substantial tax payments; estate planning helps you minimize the cost. Find out more about how to start your own business Our guest today is Ryan Moore from Riney Hancock CPAs. He will help us look at how estate and gift taxes are applied as well as the best way to pass along the value of your business. Ryan has been in public accounting for almost a decade and currently specializes in estate planning, tax planning and tax services. Riney Hancock CPAs have offices in Owensboro, Kentucky (right outside of Louisville) and Evansville, Indiana. Estate Planning - Key Points Owners of closely held businesses can choose to transition over a period, giving away portions of the business incrementally. When you make a transfer without receiving anything in return, a gift tax is incurred . You can transfer up to $14,000 per taxpayer, tax-free each year. The lifetime estate tax exemption is roughly $5.5 million and includes IRAs. If you transfer

We are continuing our conversation with Dave Joley, an attorney from Arnold Terrill Anzini, P.C., and today we’re looking at how divorce affects your business. What should you do before you even think about getting a divorce and what happens when the matter goes to court? Find out more about how to start your own business Dave has been in practice for about 12 years and has a broad focus, representing clients in multi-disciplines such as criminal matters, business matters, and divorce. Arnold Terrill Anzini, P.C. is located in Fort Wayne, Indiana. How Divorce Affects your Business - Key Points What to do if a business owner is faced with a divorce situation and no prenuptial agreement. Divorce puts the business owner in a difficult position because it’s impossible to separate business from personal life. Divorce is designed to split both the personal and financial lives of two people. A business is considered part of the family’s financial assets. Both parties contribute to the business’s success

In this episode, we’re talking to Dave Joley from Arnold Terrill Anzini, P.C. about prenuptial agreements. You’ve worked hard to set up your business. We take a high-level view of what you can do to protect your business before you get married. Dave has been in practice for about 12 years and has a broad focus, representing clients in multi-disciplines such as criminal matters, business matters, and divorce. He considers himself more of a litigator than anything else because he practices quite a bit in court. If an issue is destined for the courts, he is the go-to attorney. Arnold Terril Anzini, P.C. is located in Fort Wayne, Indiana. Find out more about how to start your own business Protect Your Business Before You Get Married - Key Points Each state has its laws for the formation of business and for divorce. Most states recognize prenuptial agreements, but there may be state-specific formalities required to formalize them. Attorneys who practice family law will have a good understanding of the re

So much has changed in the health insurance industry in the last couple of years. In this episode, Travis Gensler from Beacon Point is back to give us tips that could save your business money. Whether you have five employees or more, with the right information, you might find a better deal than what you currently have for you and your employees. Travis has over 10 years’ experience in the industry. Beacon Point is an insurance firm located in Independence, Missouri, just outside of Kansas City. Find out more about how to start your own business Health Insurance - Key points The Health Care Reform Act has changed the rules on how health insurance is treated. The number of employees on your payroll should influence which insurance plan you select. The benefit of partially self-insured group health plans. You should review your healthcare plan every year because of regulatory changes. A business’s location might affect the cost of premiums. Reduce your annual premiums by getting a health savings a

Today, we’re continuing our conversation with Christina Hynes Mesco from The Prinz Law Firm, and we are looking at the employee side of a business acquisition. You may go from being an employer of 10-50 people to become an employee among 10,000 others. What are your rights now and what should you look out for regarding executive compensation? The Prinz Law Firm is located in Chicago, Illinois, and Christina is a business and employment law attorney. Find out more about how to start your own business Business Acquisition - Key Points Hans watched a business owner gradually lose control over a company that he built. Consider having an agreement that makes some portion of your interest in the company “non-dilutable.” It might be expensive to engage an attorney to safeguard your interests, but an ounce of prevention is worth a pound of cure. People in executive positions of an organization often assume they will be treated right after a business acquisition, but that doesn’t always happen. Be proacti

You own a business, and you’ve had to hire people. Are you hiring them as employees or subcontractors, and do you have an employee handbook? Here is what you need to know about employees' rights. Christina Hynes Mesco from The Prinz Law Firm helps us look at what employers need to know about employees' rights. Christina is a business and employment law attorney who advises small and medium-sized entities on a range of issues business owners might run into. Whether just starting or continuing their business practice, employment-related questions come up, and knowledge in employment-related litigation is key. Christina is licensed to practice in Illinois but she gives general advice to clients all over the US. The Prinz Law Firm is located in Chicago, Illinois. Find out more about how to start your own business Employees' Rights - Key points It is not uncommon for a business owner to overlook the area of employees, yet it is one that is rife with misunderstanding and litigation. Employee contracts and f

What is value pricing? Have you timed every task in your business? Some businesses no longer bill by the hour and instead package and price their various service offerings. On this episode, Jason Lawhorn of Lawhorn CPA Group Inc explains value pricing and how his business has implemented it. Founded in 1979, Lawhorn CPA Group leverages on technology and is today associated with a variety of services and brands, including auditing, marketing, and processing of credit cards. They have multiple locations: Knoxville, Tennessee; Jefferson City, Tennessee; Jackson, Wyoming; and the newest addition is Augusta, Georgia. Find out more about how to start your own business Value Pricing - Key points Pricing professional services. Shifting away from hourly rates removes the risk from clients. If the company is efficient and effective, it will make money regardless of the pricing system. Value pricing is the point where the firm’s expectation of value and the client’s perception of value meet. Clients are fr

Do you remember having to download your books to a flash drive to take to your accountant? Those days are long gone, and we now have cloud accounting. On this show, Jason Lawhorn of Lawhorn CPA Group joins us to talk about how cloud accounting affects accountants, and CPAs. Founded by Jeff Lawhorn in 1979, Lawhorn CPA Group started as a family business offering accounting services and developed over the years into more than the traditional accounting firm. The group leverages on technology and is today associated with a variety of services and brands, including auditing, marketing, and processing of credit cards. Lawhorn CPA Group has multiple locations:  Knoxville, Tennessee; Jefferson City, Tennessee; Jackson, Wyoming; and the newest addition is Augusta, Georgia. Jason joined the business in 1992 and never looked back.  He has a master’s degree in Accounting Information Systems. Click here to find more information on our website. Cloud Accounting - Key Points Lawhorn CPA’s early adoption of the virtua

Whether you have zero employees or thousands of them, you need workers compensation insurance or workers comp as it’s known. On today’s show, Travis Gensler of Beacon Point gives insights on this topic and talks about how to control your costs and avoid letting your payroll company dictate the type of insurance you need. Since his college days, Travis has always been an entrepreneur. He started with a lawn care business, ventured into property for a while, and then owned a digital advertising franchise before settling into the insurance world. Beacon Point is an insurance firm located in Independence, Missouri, just outside of Kansas City. Click here to find more information on our website. Workers Compensation Insurance - Key Points What exactly is workers compensation insurance? Each state has its own rules regarding workers comp. Payroll companies might not be the best place to look for advice, pricing, or assistance. Contracts you enter into with other parties may demand that you have workers c

Knowing what numbers to look at i your financial statements could save you thousands of dollars, that’s why we’ll spend some time today deliberating numbers. We are joined by Richard Lindsey, CPA, of Lindsey & Waldo, LLC. Richard worked in a family business for 15 years before getting a Master of Accounting degree. He’s been a CPA for about 26 years, and his focus is primarily on individuals, small businesses, and their owners - helping them with their financial statements, payroll, tax returns, and tax planning. Lindsey & Waldo, LLC is located in Mobile, Alabama. Click here to find more information on our website. Financial Statements - Key Points Where should you focus your attention? A business owner's industry will influence the figures that are essential. Not all critical numbers appear in financial statements. Some practical examples of figures that are useful in analyzing a restaurant business. Do you know the significant numbers associated with your expenses? Keep a hawk-eye on variable

Are you an LLC with clients outside the state you reside in? If yes, you may have to pay sales tax in every state you conduct business. In a previous episode, we talked about sales tax on tangible goods and today we transition into what the law says for businesses that don’t sell physical goods. We continue our conversation with Derrick Winke of Wink Tax Services, a firm located in Troy, just outside of Detroit, Michigan. In his line of work, Derrick focuses primarily on tax returns for individuals and small businesses. Click here to find more information on our website. Business Sales Tax - Key Points Not all states apply sales tax to digital products and services. Whether or not you collect sales tax on intangible goods is not always affected by where you choose to operate from. Understanding the legal concept of Nexus when it comes to doing business. There is always the possibility that the State will eventually go after third-party record-keepers, to require them to report information. If yo

Often in business, people discuss and agree on terms of engagement. Today’s conversation is about what to consider with business contracts and putting things in writing. On this show, we have Josh Clayton from the law offices of Josh Clayton, located in Shreveport, Louisiana. He began his career with law firms in Baton Rouge and Hammond, then worked briefly at an oil and gas outfit in Shreveport before going into private practice in 2008. Click here to find more information on our website. Contracts - Key Points When does one need to invest in documenting a legal contract? Why lawyers say that phone calls never happened. Contracts don’t need to sound like a lawyer wrote them. When entering into a relationship for any service, at the very minimum, put your expectations in writing and get a confirmation. Good contracts make good business partners. Lawyers can use past email correspondence to come up with a proper contract. An attorney will ask the tough questions that you might have overlooked

In a previous episode, we talked about general liability and cyber insurance with Ryan Andrew from The Andrew Agency. Today we’re finishing up our time with him to discuss professional liability insurance. If you’re a baby boomer, this episode is especially relevant. The Andrew Agency is located in Richmond, Virginia, offering professional insurance services in Virginia, Maryland, and D.C. Click here to find more information on our website. Professional Liability Insurance - Key points General liability vs. professional liability. If your business is about providing advice to others, you need professional liability insurance. Lawsuits cost you, regardless if you win the case or not. A look at examples where professional liability has been claimed. “Per occurrence policies” vs. “Claims made policies.” What is tail coverage? Details that an underwriter will consider when determining the cost of a premium. Your insurance agent should be licensed to operate in your state. There is a good reas

Not every business is super excited about collecting sales tax but if you sell online or are wondering about your obligations as a seller, this episode is a must-listen. Derrick Winke from Wink Tax Services is with us once more, and he’ll be helping us get acquainted with the rules regarding sales tax. In his line of work, Derrick focuses primarily on tax returns for individuals and small businesses. Wink Tax Services, is located in Troy, just outside of Detroit, Michigan, and has clients on almost every continent as well as from most states. Click here to find more information on our website. Collecting sales Tax - Key Points What the law says about collecting sales tax. What happens if you manufacture products and then sell online. Understanding how you are affected by your physical location and your client’s physical location. Getting a sales tax license. How often do you need to file your returns? When your warehouse is not in the state where you operate from. Are you liable to pay sales