Showing posts with label sole proprietorships. Show all posts
Showing posts with label sole proprietorships. Show all posts

Thursday, December 16, 2010

Sole Proprietorships, Business Entities, Business Basics-NursingEntrepreneurs.com

Business Entities, Sole Proprietorship, Ad-Free.net:"A sole proprietorship is a business owned and operated by an individual, and can only have one owner. Starting a sole proprietorship is quick, fairly uncomplicated and relatively inexpensive. You do not need file documents with the state to form your business, as you do with corporations and Limited Liability Companies. If you plan to conduct businesses under a trade name, rather than your individual name (i.e. Field’s Landscaping rather than John Field) you will need to file a DBA (Doing Business As) with a local or state office. There may be additional licenses required by the state and city where you will operate your business (sales tax licenses, liquor licenses, etc). These requirements vary by state. Another thing to consider is that legally, with a sole proprietorship, the owner and the business are the same. The owner is personally responsible for the debts of the company."
@free Corp. U.S.A. - Corporate Headquarters - Treadway Towers
9 e. Loockerman St., Ste. 205 Dover, Delaware 19901 U.S.A.
Phone: +1.302-269-3968 Toll-Free: +1.888-NoAds2U
http://www.ad-free.net/Incorporation/soleproprietorship.htm

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Tax Aspects of Sole Proprietorships, CCH Incorporated:"A sole proprietorship can be defined as any unincorporated business with a single owner. It's the most commonly used form for new small businesses. If your business has only one owner, the IRS will presume that it's a sole proprietorship unless you incorporate under state law. From the IRS's perspective, the business is not a taxable entity. Instead, all of the business's assets and liabilities are treated as belonging directly to the business owner. When tax time rolls around, all income and expenses generated by the business are reflected on either Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business. Whichever of these forms you use, it must be included as part of your annual individual tax return (Form 1040)."
amagos@cch.com
http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P07_2014

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Going It Alone, If you’re flying solo, this form of business may be the best way to go, Entrepreneur.com:"File Your DBA Choose Your Business Structure Creating a Fair--and Successful--Partnership How To Guides: How to Hire an Attorney Resource Centers: Small-Business Tax Center Also see these topics: Sole Proprietorship The simplest structure is the sole proprietorship, which usually involves just one individual who owns and operates the enterprise. If you intend to work alone, this may be the way to go. The tax aspects of a sole proprietorship are especially appealing because income and expenses from the business are included on your personal income tax return, Form 1040. Your profits and losses are first recorded on a tax form called Schedule C, which is filed along with your 1040. Then the "bottom-line amount" from Schedule C is transferred to your personal tax return. This aspect is especially attractive."
entmag@entrepreneur.com
http://www.entrepreneur.com/startingabusiness/startupbasics/businessstructure/article24402.html

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Sole Proprietorship, Business Center, Iowa Secretary of State:"The prevalent characteristic of a sole proprietorship is that the owner is inseparable from the business. Because they are the same entity, the owner of a sole proprietorship has complete control over the business, its operations, and is financially and legally responsible for all debts and legal actions against the business. Another aspect of the "same entity" aspect is that taxes on a sole proprietorship are determined at the personal income tax rate of the owner. In other words, a sole proprietorship does not pay taxes separately from the owner."
(515) 281-8993, (515) 281-5204, sos@sos.state.ia.us
http://www.sos.state.ia.us/business/sole.html
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Tax Aspects of Sole Proprietorships:"A sole proprietorship can be defined as any unincorporated business with a single owner. It's the most commonly used form for new small businesses. If your business has only one owner, the IRS will presume that it's a sole proprietorship unless you incorporate under state law. From the IRS's perspective, the business is not a taxable entity. Instead, all of the business's assets and liabilities are treated as belonging directly to the business owner. When tax time rolls around, all income and expenses generated by the business are reflected on either Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business. Whichever of these forms you use, it must be included as part of your annual individual tax return (Form 1040)."
http://www.uschambersmallbusinessnation.com/toolkits/guide/P07_2014

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Sole Proprietorship, Mycorporation.com:"In General: This is the simplest form of business. A sole proprietorship is not a separate entity itself. Rather, a sole proprietor directly owns the business and is directly responsible for its debts. Unlimited Personal Liability for Loss: In a sole proprietorship, the owner is personally liable for the company, thus placing his or her entire personal assets and wealth at risk. If an owner is married, that owner puts the community property at risk as well. Management and Control: The owner (sole proprietor) has total management and control over the company. However, the price for total management and control is that the owner is at risk for personal liability incurred through the acts of the owner’s agents or employees."
http://www.mycorporation.com

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Setting Up Your Own Business: The Sole Proprietorship, Idaho Small Business Development Centers:"Limitations of sole proprietorship: The sole proprietorship has a number of limitations. Many result from the lack of a separate business entity. Even though there are many financial management and tax reasons not to do so, mingling of business and household finances and operating with a resource base that's primarily the family's net worth occurs in many sole proprietorships. The resulting limitations include: everything the proprietor and family own is at risk in both personal and business activities unless nonbusiness assets are protected in a trust or other isolating mechanism; the resource base of the business unit may be so limited that credit availability and capacity to respond to business opportunities is moderately to severely restricted; the business ends with the death of the proprietor and, if business activity is to continue, a new business must be established by the survivors; unless succession is carefully planned, each generation must purchase or inherit the business assets paying any applicable taxes and costs; mixing business and household finances can make it difficult to measure business financial performance and profitability, and may lead to loss of equity that is not recognized until the business is in serious financial difficulty; conflicts or disagreements within the family can immobilize the business unit and prevent needed decision making."
Idaho Small Business Development Centers
Idaho SBDC • Boise State University 1910 University Drive Boise, ID 83725-1655
In Idaho • 1-800-225-3815 (toll-free) or 208-426-1640 info@idahosbdc.org
http://www.idahosbdc.org/DocumentMaster.aspx?doc=1151

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Advantages, Sole Proprietorship, New York Small Business Resource Center:"Easiest type of business to start and the least expensive to establish. Most flexible form of business because sole proprietor has absolute authority. No need to file a separate business tax return — business losses and gains are combined with personal tax items, and losses and business expenses are deductible, but all business expenses must be tracked and substantiated."
http://legacy.www.nypl.org/research/sibl/smallbiz/business/struct/struct_sole.html

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Tax Aspects of Sole Proprietorships, US Chamber of Commerce:"A sole proprietorship can be defined as any unincorporated business with a single owner. It's the most commonly used form for new small businesses. If your business has only one owner, the IRS will presume that it's a sole proprietorship unless you incorporate under state law. From the IRS's perspective, the business is not a taxable entity. Instead, all of the business's assets and liabilities are treated as belonging directly to the business owner. When tax time rolls around, all income and expenses generated by the business are reflected on either Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business. Whichever of these forms you use, it must be included as part of your annual individual tax return (Form 1040)."
U.S. Chamber of Commerce 1615 H Street, NW Washington, DC 20062-2000
Main Number 202-659-6000 Customer Service 1-800-638-6582
http://www.uschambersmallbusinessnation.com/toolkits/guide/P07_2014

Nursingentrepreneurs.com is a networking and resource directory for Nurse-Owned businesses and nurses looking for an alternative to working at the bedside.

If you explore the site a bit, you'll find profiles of hundreds of nurse entrepreneurs around the country. We encourage you to browse around, find a business category you are interested in, then contact the nurse directly. We're available for questions as well. This website is Owned-Operated by Andrew Lopez, RN a Medical/Surgical/Telemetry nurse.

Has your Nurse-owned business been written up in the news? Do you send out a newsletter or regular press releases? We'd like to hear about it!

Our Newest article is from an Arizona Nurse Entrepreneur:

Should You Incorporate Your Registry Business? By Joseph Caracci, RN:"The short answer is yes! When starting a new nurse registry business, you are entering into a legal business environment that requires you to take steps to protect your personal assets, such as your home, your savings, and your retirement. With this in mind, you need to determine which legal form you are going to take for your new registry. Some of the common choices are a sole proprietorship, a partnership, a limited liability partnership (LLP), a limited liability company (LLC), and a corporation."
http://www.nursingentrepreneurs.com/incorporate

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The #1 question, we've been receiving lately is about Starting A Nursing Agency, resource sites & manuals

Please choose from the following:

Interesting Reading For Nurse Entrepreneurs, Actual or Soon To Be:

Nurse Entrepreneurs: Tales of Nurses in Business:"This book is vey inspiring! Learn how 50 different nurses brought their vision to reality! Learn some great tips on starting your own business. Nurses don't have to just work at the bedside. Read this book and you will be thinking of how you can make your dream a reality!"

Own Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them:"Rich Dad's-"Own your Own Corporation" is a must read for anyone comtemplating a new business-or someone who already owns their own business. Garrett's direct yet simplistic explanations of the different business entities,the proper and best suited entity for your business-is followed by real-life scenarios which helps drive home the importance of corporate ownership in today's business world. Use Garrett's legal expertise to establish a successful, legally responsible and fiscally protected business...And understand the why's and how's of that ownership."

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    We've listed sites here that give information on the pros/cons, setting up and running of Sole Proprietorships.

    --

    Any questions, please drop me a line.

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    Sincerely,

    Andrew Lopez, RN
    Nursefriendly, Inc. A New Jersey Corporation.
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