The A.C.T. Group Ltd.
6228 North Broadway
Chicago, Illinois  60660
Phone: 773-743-2196

resources

Other Helpful Resources

Reviews & Audits

What is the difference between a Compilation, a Review and an Audit?
Click here for our Comparative Overview brochure (pdf).

Financial Calculators

Here is a great website that offers you a series of on line calculators. It can calculate:

  • Mortgage monthly payments
  • Business loan amortization schedules
  • Depreciation schedules for common assets

www.financialcalculators.com

 

Types of Legal Entities

Are you starting a new business? Do you have questions about the type of entity that works best for you? Are you getting conflicting messages from other small business owners about which entity is best for you? Below is a list of choices for tax purposes:

Sole Proprietor – one person operating a non-incorporated business. 

Partnership – two or more people operating a non-incorporated business.

C Corporation – Incorporated business that is taxed separately. Tax return is due 3/15. Owners get paid from payroll and from dividends.

S Corporation – Incorporated business that requires a separate tax return (1120S) due 3/15, and most of the time pays no federal tax. The 1120S tax return produces schedule K-1 that contains information that flows through to your personal tax return.

LLC – Limited liability company requires a separate tax return (1065) due 4/15 and most of the time pays no federal tax.  The 1065 tax return produces schedule K-1 that contains information that flows through to the personal tax return. Members of LLCs must make personal estimated tax payments throughout the year to pay the tax on any taxable income incurred by the LLC. 

Some of our clients have worked with attorney Howard Balikov howardbalikov@yahoo.com – he may be able to help you.

Here is a website that offers more information:

www.resourcenation.com/article/common-types-legal-entities

 

Selling Your Business

At some time you might consider selling your business. Planning for the sale is essential to maximize your profits. The first step in preparation for a sale is to make sure your bookkeeping records are up to date, your tax filings are complete and you have maximized your profits.

You may also want to review vendor and customer contracts – you will need to disclose any long term contracts and commitments to any potential new buyer. A customer with a long term contract could be a significant consideration when determining the selling price.

 

How Much is my Business Worth?

The bottom line is – your business is worth whatever someone is willing to pay you for it. You may consider a business valuation. While a business valuation will give you an estimate of the worth of your business, it will also give you some additional information that will be very helpful when presenting your case to a prospective buyer.

Some of our clients have used – Jarvis Friduss at FLS Group jarvis.friduss@flsgroupllc.com for business valuations.

There are many details to consider when selling your business, so plan to spend a considerable amount of time getting things ready.

 

Staffing Issues

What are the differences between an employee and a contractor? What can I NOT say in an interview? What is the best way to terminate an employee? Do I really need an employee handbook?

Staffing problems are one of the biggest issues facing small businesses. Hiring and retaining qualified, personable and trustworthy staff is critical to the success of your business. 

Unfortunately, almost all small businesses do not have a separate “hiring” manager or human resource department. But, you can hire someone to handle these issues for you. Or, you can learn how to do them yourself. 

Here are some helpful hints that we have learned from our experiences and from our clients:

1)  New staff members start at their best behavior – if a new employee comes in late several times the first few weeks, chances are they will continue to come in late throughout their time in your business.

2)  Check their references, credentials and work history – it is amazing how many do not tell the truth on their resume.

3)  If you have good instincts – USE THEM when interviewing the potential new employee. If something doesn’t “seem” right, don’t hire them.

4)  Start all new staff members with a 6 month probationary period.

Some of our clients have hired Melonie Boone mboone@comleteconceptsconsulting.com to work with them for their hiring/firing decisions.

 

Resources:  Tax Resource Center  |  Government Tax Forms  |  YouTube Videos  |  Other Helpful Resources

The A.C.T. Group Ltd.

6228 North Broadway
Chicago, Illinois  60660

Phone:  773-743-2196
Fax:  773-743-0292

info@actgroup.to

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