In Business & Profiting in Midcoast Maine
business law tips from Camden Maine business lawyer
“because your business is your estate”
If you are one of the many owners of a home-based small business, you should consider whether your home office meets the IRS requirements for the home office deduction, which is a sometimes overlooked way to reduce taxes.
The IRS does not require a specific type of record keeping system. Rather, you must simply use one that clearly shows your income and expenses.
Figuring out a business’s responsibility for collecting and remitting sales tax can be quite confusing for many business owners, especially those who are just starting a new business. If you make a mistake or fail to remit sales tax on time, your business could be subject to large fines or even lose the right to do business in a state.
You have invested a lot in making your business a success, and it is hard to think about relinquishing ownership or control of it. Nevertheless, planning is critical in creating a lasting legacy for your family. We can help you put a plan in place that helps you successfully pass your business on to the next generation and ensures that you have a financially secure retirement
We will help ensure that your business meets all the applicable deadlines for taxes, state-mandated reports, and licenses and permits. Learn the upcoming deadlines for your Maine business.
If your small Maine business has suffered losses because of bad debts, and you are wondering if you may be entitled to write them off, we can help you navigate the applicable tax rules to minimize your tax liability, as well as provide guidance about steps you can take to avoid losses from bad debts.
As your small business expands and evolves, it may make sense to consider changing its structure. Many small businesses start out as sole proprietorships or partnerships, with only one or two owners and no employees. Over time, as your business grows and changes.
Lenders are likely to include terms in loans provided to Maine Small Businesses to extensive personal liability. It is essential to seek legal counsel to explain the full ramifications of a personal guarantee before you sign on the dotted line.
The factors discussed in this blog post are only a few of the important considerations relevant to choosing the right structure for your business. The decision about which type of business entity to form is a complex one that will depend on your particular circumstances and the goals you seek to achieve.
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