SlideShare a Scribd company logo
Business Planning– Legal Considerations
September 27, 2022
P r e s e n t e r :
M i r i a m R o b e s o n , H a r m o n R o b e s o n L a w , L L P
Business Legal Entities
Choosing a business entity is
a legal protection, business
operation, and tax planning
decision.
3
BizExcel – Business Planning
What are your Goals?
BIZ Goals
• Ease of operation
• Transferability
• Tax benefits
• Liability protection
• Self-Employment tax
• Flexibility
Personal Goals
• Life/Stage of Business
• Risk Management
• Control of growth
Purpose of Entity Choice
Liability Protection
Flexibility
Managing Partners
OUR PREMIUM OFFERINGS
Gourmet Bagged Coffee
Deluxe Coffee Drinks
Delicious Local Food
6
BizExcel – Business Planning
Typical Scenario – Preferred Choice
•Limited Liability Company or S Corporation
• Flexibility, Tax benefits, taxed at owner rate
• Liability protection to owner
• Works for single or multiple owners
7
BizExcel – Business Planning
When To Choose Other Entity Types
• C Corporation
• Need for control at the top
• Shareholders who would have trouble with pass-through
income
• Special needs shareholders, “stranger” shareholders
• Limits movements of assets and cash
• WATCH – Dividends are double-taxed.
8
BizExcel – Business Planning
When To Choose Other Entity Types
• Partnership
• Well-suited for short-term project
• Can be adapted or evolved into LLC
• Can be terminated at end of project
• Highest liability issues and joint-partner risk
• Sole Proprietor
• Greatest liability risk – both business and personal assets at
stake – Easiest and quickest to market (to start)
9
BizExcel – Business Planning
Process of Entity Formation
1. Choose a name
2. File paperwork with IN SOS
3. Obtain Tax ID#
4. Open Bank Account
5. Attorney will prepare paperwork for formation and
operations
6. Use Entity name for ALL accounts, contracts, and business
(example: don’t use personal credit card for biz purchases)
10
BizExcel – Business Planning
New Requirement – Corporate Transparency Act
1. Federal law now requires that ALL new businesses register
with the Financial Crimes Enforcement Network
2. https://www.fincen.gov/boi
3. Must report “Beneficial Owners” > 25% ownership or control
4. Purpose is to “track” financial crimes
5. Ask your professional advisor for more details
11
BizExcel – Business Planning
Entity Structure and Risk Management
• Liability Insurance – adapted for every entity type, but
does not make you “risk-proof”
• Entity structure can either “keep in” or “keep out”
risk
• You cannot insure against your own bad behavior
• Does not protect against financial liability (bad debt,
bad business decisions, over-extended credit)
12
BizExcel – Business Planning
Insurance
•Basic liability insurance
•Basic casualty insurance
•Vehicle insurance
•Workers Comp
•Umbrella/Operations insurance
•Life insurance (Lenders sometimes require)
Usually combined
into one policy
Business Taxes
Overview of
“tax touches”
Where taxes find you
* All tax payments are now done
ONLINE for both FED and STATE
14
BizExcel – Business Planning
Sales Tax
• Sales Tax reports – payment and paperwork
• Sales tax you collect –
• Must collect sales tax if you sell a product more than 30
days out of the year, or are “in the business” of sales
• Must submit forms and payment regularly
• ST-105 – required to have on file to exclude sales tax for
customers (update annual for regular customers)
• Sales tax you pay –
• Not everything you purchase is subject to sales tax
• Exempt items – Materials and Equipment - used “in the
direct production of” your business
• ST-105 form – fill out and give to vendor
15
BizExcel – Business Planning
Employment Tax
• You must withhold and pay employment tax for any
“Employees”
• Employees have -
• Required hours
• Specific Duties
• Supervision
• Does not matter if “work from home”
• Independent Contractors have
• Specific Expertise
• You are NOT their only client
• They can determine their work schedule as long as they meet
your deadline
W2 Tax Form
1099NEC Tax Form
16
BizExcel – Business Planning
Self-Employed Income Tax
• You must pay quarterly Estimated Tax on profit
• Due April – June – September – January
• Pay FED and STATE
• You have a year (sort of) to figure it out when you start a
business.
• TALK TO A TAX PROFESSIONAL to get started
17
BizExcel – Business Planning
Business Tax Myths
• MYTH: Home-based business does not have to pay sales tax
• TRUTH – Any sales of product must collect and remit sales tax to State of Indiana
• MYTH: I can deduct “bad debts” on unpaid accounts
• TRUTH – Can only deduct if you have declared that amount as income (accrual taxpayers)
• MYTH: If I have inventory, I must use the Accrual method of accounting
• TRUTH – Accrual Method is only required for certain sales threshold limits. However, since
accrual is more “accurate” in terms of profitability, inventory-based businesses may prefer this
method.
• MYTH: If I have less than $20,000 in sales, I don’t have to collect sales tax
• TRUTH: This is a new exemption that only applies to §501(c)(3) nonprofits registered with the
State of Indiana as exempt organizations.
Talk to a Professional
Getting Started
Ongoing Services
19
BizExcel – Business Planning
Attorney Consultation
•Legal advice for YOUR situation
•Discussion of business models as applies to your BIZ
•Formation of an Entity
•LLC/Corp - $100 @ IN SOS
•Reservation of Name (DBA) $10 @ IN SOS
•Legal fees ~ $400 - $600 for basic set up and contracts
•Ongoing services
•Project based services
•Subscription based services – Dial-An-Attorney
Intellectual Property
Trademarks
Copyrights
Patents
Oh, my!
21
BizExcel – Business Planning
Basics of Intellectual Property
• What is IP (Intellectual Property)?
• Patents – Invention
Invention that is useful, novel, and non-obvious
• Trademarks - Name
Identification of goods and services
• Copyright - Creative
Creative Expressions fixed in form
• Creative Commons – Deliberately making your work
available for use by others.
Patents - Trademarks – Copyright – Creative Commons
22
BizExcel – Business Planning
Patents
•Patent – exclusive rights to an
invention in exchange for public
disclosure
• Must be new, inventive, useful,
industrially applicable
• Good for 20 years
Inventions and Processes
23
BizExcel – Business Planning
Trademarks
•Trademarks (also Service Marks)
• Commercial methods to identify and distinguish goods and
services from competitors
Industry Identification
24
BizExcel – Business Planning
Copyright
•Copyright
• “Original creative expressions”
• Form, not content
• Duration - Life + 70 (Mickey Mouse Life)
• Work for hire/anonymous/pseudonymous = 95 years from
publication or 120 from creation, whichever is shorter
• Infringement if copy is “substantially similar”
• Derivative works
• DMCA (Digital Medium Copyright Act)
Default = Creative Works protected by law ©
25
BizExcel – Business Planning
Copyright
• Published before December 31, 1922, or
• Expires 70 years after the death of the creator, or
• Specifically placed in the public domain (freeware,
shareware, etc.), or
• Government works.
• However, new arrangements or versions of a public
domain work are copyrighted to the extent of the
arrangement or version
Public Domain - Free to use in any form ©
26
BizExcel – Business Planning
Copyright
•Obtain permission from the owner
•Use Public Domain works
• Public Domain by passage of time
• Public Domain by Government works
• Public Domain by design
•Create your own source materials
How to “Get Around” Copyright Law ©
27
BizExcel – Business Planning
Copyright
•Trolls are predators on the internet who try to
extort $$ from you by claiming you are violating
someone’s copyright
•DO NOT Assume that they are correct – ask an
attorney!
Watch for Trolls! ©
Summary
Business Legal Entities
Business Taxes
Professional Services
Intellectual Property
Any Questions?
30
BizExcel – Business Planning
THANK YOU!
CONTACT ME AT:
You can find this presentation at:
www.lawlatte.com/workshops

More Related Content

Similar to 2024 BIZ Excel Business Planning Copyright

Guide to start a new business
Guide to start a new businessGuide to start a new business
Guide to start a new businessFiroze Shaik
 
Webinar Slides: How the Real Estate Sector Can Prepare for Tax Reform Changes
Webinar Slides: How the Real Estate Sector Can Prepare for Tax Reform ChangesWebinar Slides: How the Real Estate Sector Can Prepare for Tax Reform Changes
Webinar Slides: How the Real Estate Sector Can Prepare for Tax Reform ChangesMHM (Mayer Hoffman McCann P.C.)
 
Forming Your Business
Forming Your Business Forming Your Business
Forming Your Business LawTrades
 
Webinar Slides: Jousting with the IRS - Handling Federal Tax Controversy from...
Webinar Slides: Jousting with the IRS - Handling Federal Tax Controversy from...Webinar Slides: Jousting with the IRS - Handling Federal Tax Controversy from...
Webinar Slides: Jousting with the IRS - Handling Federal Tax Controversy from...MHM (Mayer Hoffman McCann P.C.)
 
Growing your business managing cost, funding, customer satisfaction - final
Growing your business  managing  cost, funding, customer satisfaction - finalGrowing your business  managing  cost, funding, customer satisfaction - final
Growing your business managing cost, funding, customer satisfaction - finalMike Smay
 
Webinar Slides: Eye on Washington - Quarterly Business Tax Update 2018 Q1
Webinar Slides: Eye on Washington - Quarterly Business Tax Update 2018 Q1Webinar Slides: Eye on Washington - Quarterly Business Tax Update 2018 Q1
Webinar Slides: Eye on Washington - Quarterly Business Tax Update 2018 Q1MHM (Mayer Hoffman McCann P.C.)
 
How to Set Up & Run a Business in the USA
How to Set Up & Run a Business in the USAHow to Set Up & Run a Business in the USA
How to Set Up & Run a Business in the USARavixGroup
 
Business formation and structure web version
Business formation and structure web versionBusiness formation and structure web version
Business formation and structure web versionPortfolio Center
 
Webinar Slides: Fourth Quarter Accounting and Financial Reporting Issues Update
Webinar Slides: Fourth Quarter Accounting and Financial Reporting Issues UpdateWebinar Slides: Fourth Quarter Accounting and Financial Reporting Issues Update
Webinar Slides: Fourth Quarter Accounting and Financial Reporting Issues UpdateMHM (Mayer Hoffman McCann P.C.)
 
2. Business - Structures
2.  Business - Structures2.  Business - Structures
2. Business - StructuresMichael Kirby
 
Webinar Slides: Tax Reform's Impact on Mergers & Acquisitions
Webinar Slides: Tax Reform's Impact on Mergers & AcquisitionsWebinar Slides: Tax Reform's Impact on Mergers & Acquisitions
Webinar Slides: Tax Reform's Impact on Mergers & AcquisitionsMHM (Mayer Hoffman McCann P.C.)
 
Biz2 credit accounting webinar presentation 11-21-13
Biz2 credit   accounting webinar presentation 11-21-13Biz2 credit   accounting webinar presentation 11-21-13
Biz2 credit accounting webinar presentation 11-21-13Jasmine Lane
 
StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1storycode
 
Accounting for Startups: What You Need to Know
Accounting for Startups: What You Need to KnowAccounting for Startups: What You Need to Know
Accounting for Startups: What You Need to KnowDavid Ehrenberg
 
Webinar Slides: Now Arriving - Qualified Business Income Deduction Regulation...
Webinar Slides: Now Arriving - Qualified Business Income Deduction Regulation...Webinar Slides: Now Arriving - Qualified Business Income Deduction Regulation...
Webinar Slides: Now Arriving - Qualified Business Income Deduction Regulation...MHM (Mayer Hoffman McCann P.C.)
 
BizGrowth_Fall2014_PRINT
BizGrowth_Fall2014_PRINTBizGrowth_Fall2014_PRINT
BizGrowth_Fall2014_PRINTChrissy Hammond
 
Internationalization of italian start-ups - Valentina Casella
Internationalization of italian start-ups - Valentina CasellaInternationalization of italian start-ups - Valentina Casella
Internationalization of italian start-ups - Valentina CasellaItalia Startup
 

Similar to 2024 BIZ Excel Business Planning Copyright (20)

Guide to start a new business
Guide to start a new businessGuide to start a new business
Guide to start a new business
 
Webinar Slides: How the Real Estate Sector Can Prepare for Tax Reform Changes
Webinar Slides: How the Real Estate Sector Can Prepare for Tax Reform ChangesWebinar Slides: How the Real Estate Sector Can Prepare for Tax Reform Changes
Webinar Slides: How the Real Estate Sector Can Prepare for Tax Reform Changes
 
Forming Your Business
Forming Your Business Forming Your Business
Forming Your Business
 
Webinar Slides: Jousting with the IRS - Handling Federal Tax Controversy from...
Webinar Slides: Jousting with the IRS - Handling Federal Tax Controversy from...Webinar Slides: Jousting with the IRS - Handling Federal Tax Controversy from...
Webinar Slides: Jousting with the IRS - Handling Federal Tax Controversy from...
 
Growing your business managing cost, funding, customer satisfaction - final
Growing your business  managing  cost, funding, customer satisfaction - finalGrowing your business  managing  cost, funding, customer satisfaction - final
Growing your business managing cost, funding, customer satisfaction - final
 
Webinar Slides: Eye on Washington - Quarterly Business Tax Update 2018 Q1
Webinar Slides: Eye on Washington - Quarterly Business Tax Update 2018 Q1Webinar Slides: Eye on Washington - Quarterly Business Tax Update 2018 Q1
Webinar Slides: Eye on Washington - Quarterly Business Tax Update 2018 Q1
 
How to Set Up & Run a Business in the USA
How to Set Up & Run a Business in the USAHow to Set Up & Run a Business in the USA
How to Set Up & Run a Business in the USA
 
Business formation and structure web version
Business formation and structure web versionBusiness formation and structure web version
Business formation and structure web version
 
Webinar Slides: Fourth Quarter Accounting and Financial Reporting Issues Update
Webinar Slides: Fourth Quarter Accounting and Financial Reporting Issues UpdateWebinar Slides: Fourth Quarter Accounting and Financial Reporting Issues Update
Webinar Slides: Fourth Quarter Accounting and Financial Reporting Issues Update
 
2. Business - Structures
2.  Business - Structures2.  Business - Structures
2. Business - Structures
 
Webinar Slides: Tax Reform's Impact on Mergers & Acquisitions
Webinar Slides: Tax Reform's Impact on Mergers & AcquisitionsWebinar Slides: Tax Reform's Impact on Mergers & Acquisitions
Webinar Slides: Tax Reform's Impact on Mergers & Acquisitions
 
Biz2 credit accounting webinar presentation 11-21-13
Biz2 credit   accounting webinar presentation 11-21-13Biz2 credit   accounting webinar presentation 11-21-13
Biz2 credit accounting webinar presentation 11-21-13
 
StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1
 
Accounting for Startups: What You Need to Know
Accounting for Startups: What You Need to KnowAccounting for Startups: What You Need to Know
Accounting for Startups: What You Need to Know
 
Entrepreneurship and taxation
Entrepreneurship and taxationEntrepreneurship and taxation
Entrepreneurship and taxation
 
Webinar Slides: Now Arriving - Qualified Business Income Deduction Regulation...
Webinar Slides: Now Arriving - Qualified Business Income Deduction Regulation...Webinar Slides: Now Arriving - Qualified Business Income Deduction Regulation...
Webinar Slides: Now Arriving - Qualified Business Income Deduction Regulation...
 
BizGrowth_Fall2014_PRINT
BizGrowth_Fall2014_PRINTBizGrowth_Fall2014_PRINT
BizGrowth_Fall2014_PRINT
 
Startup Tax Strategies
Startup Tax StrategiesStartup Tax Strategies
Startup Tax Strategies
 
Legal issues 2011
Legal issues   2011Legal issues   2011
Legal issues 2011
 
Internationalization of italian start-ups - Valentina Casella
Internationalization of italian start-ups - Valentina CasellaInternationalization of italian start-ups - Valentina Casella
Internationalization of italian start-ups - Valentina Casella
 

More from Miriam Robeson

Copyright: What Creators and Users of Art Need to Know
Copyright: What Creators and Users of Art Need to KnowCopyright: What Creators and Users of Art Need to Know
Copyright: What Creators and Users of Art Need to KnowMiriam Robeson
 
2024 Carroll County Agriculture Association Annual Meeting Hall of Fame Photo...
2024 Carroll County Agriculture Association Annual Meeting Hall of Fame Photo...2024 Carroll County Agriculture Association Annual Meeting Hall of Fame Photo...
2024 Carroll County Agriculture Association Annual Meeting Hall of Fame Photo...Miriam Robeson
 
Small business for Creative Types 2024.pptx
Small business for Creative Types 2024.pptxSmall business for Creative Types 2024.pptx
Small business for Creative Types 2024.pptxMiriam Robeson
 
CCAA Purdue Extension 2022
CCAA Purdue Extension 2022CCAA Purdue Extension 2022
CCAA Purdue Extension 2022Miriam Robeson
 
Nonprofit Risk management
Nonprofit Risk managementNonprofit Risk management
Nonprofit Risk managementMiriam Robeson
 
2019 farm succession planning presentation mer
2019 farm succession planning presentation mer2019 farm succession planning presentation mer
2019 farm succession planning presentation merMiriam Robeson
 
Carroll county ag day 2018
Carroll county ag day 2018Carroll county ag day 2018
Carroll county ag day 2018Miriam Robeson
 
Carroll County Agriculture Association 10th Annual Banquet
Carroll County Agriculture Association 10th Annual BanquetCarroll County Agriculture Association 10th Annual Banquet
Carroll County Agriculture Association 10th Annual BanquetMiriam Robeson
 
Financial accountability 2018 02-09 (final)
Financial accountability 2018 02-09 (final)Financial accountability 2018 02-09 (final)
Financial accountability 2018 02-09 (final)Miriam Robeson
 
Copyright for cjshs 2017
Copyright for cjshs 2017Copyright for cjshs 2017
Copyright for cjshs 2017Miriam Robeson
 
2017 ccaa hall of fame
2017 ccaa hall of fame2017 ccaa hall of fame
2017 ccaa hall of fameMiriam Robeson
 
Flora bicentennial power point
Flora bicentennial power pointFlora bicentennial power point
Flora bicentennial power pointMiriam Robeson
 
2015 05-21 flora community club annual meeting
2015 05-21 flora community club  annual meeting2015 05-21 flora community club  annual meeting
2015 05-21 flora community club annual meetingMiriam Robeson
 
Small business october 22, 2014
Small business october 22, 2014Small business october 22, 2014
Small business october 22, 2014Miriam Robeson
 
Gtc construction 07 01-2014
Gtc construction 07 01-2014Gtc construction 07 01-2014
Gtc construction 07 01-2014Miriam Robeson
 
Financial accountability 2014 07-09 lafayette
Financial accountability 2014 07-09 lafayetteFinancial accountability 2014 07-09 lafayette
Financial accountability 2014 07-09 lafayetteMiriam Robeson
 
2014 succession planning business structures
2014 succession planning business structures2014 succession planning business structures
2014 succession planning business structuresMiriam Robeson
 
2014 Carroll County Ag Association Ag Tour
2014 Carroll County Ag Association Ag Tour2014 Carroll County Ag Association Ag Tour
2014 Carroll County Ag Association Ag TourMiriam Robeson
 
Ccaa annual meeting 03 03-2014
Ccaa annual meeting 03 03-2014Ccaa annual meeting 03 03-2014
Ccaa annual meeting 03 03-2014Miriam Robeson
 

More from Miriam Robeson (20)

Copyright: What Creators and Users of Art Need to Know
Copyright: What Creators and Users of Art Need to KnowCopyright: What Creators and Users of Art Need to Know
Copyright: What Creators and Users of Art Need to Know
 
2024 Carroll County Agriculture Association Annual Meeting Hall of Fame Photo...
2024 Carroll County Agriculture Association Annual Meeting Hall of Fame Photo...2024 Carroll County Agriculture Association Annual Meeting Hall of Fame Photo...
2024 Carroll County Agriculture Association Annual Meeting Hall of Fame Photo...
 
Small business for Creative Types 2024.pptx
Small business for Creative Types 2024.pptxSmall business for Creative Types 2024.pptx
Small business for Creative Types 2024.pptx
 
CCAA Purdue Extension 2022
CCAA Purdue Extension 2022CCAA Purdue Extension 2022
CCAA Purdue Extension 2022
 
Nonprofit Risk management
Nonprofit Risk managementNonprofit Risk management
Nonprofit Risk management
 
2019 farm succession planning presentation mer
2019 farm succession planning presentation mer2019 farm succession planning presentation mer
2019 farm succession planning presentation mer
 
Carroll county ag day 2018
Carroll county ag day 2018Carroll county ag day 2018
Carroll county ag day 2018
 
Carroll County Agriculture Association 10th Annual Banquet
Carroll County Agriculture Association 10th Annual BanquetCarroll County Agriculture Association 10th Annual Banquet
Carroll County Agriculture Association 10th Annual Banquet
 
Financial accountability 2018 02-09 (final)
Financial accountability 2018 02-09 (final)Financial accountability 2018 02-09 (final)
Financial accountability 2018 02-09 (final)
 
Copyright for cjshs 2017
Copyright for cjshs 2017Copyright for cjshs 2017
Copyright for cjshs 2017
 
2017 ccaa hall of fame
2017 ccaa hall of fame2017 ccaa hall of fame
2017 ccaa hall of fame
 
Flora bicentennial power point
Flora bicentennial power pointFlora bicentennial power point
Flora bicentennial power point
 
2015 05-21 flora community club annual meeting
2015 05-21 flora community club  annual meeting2015 05-21 flora community club  annual meeting
2015 05-21 flora community club annual meeting
 
Small business october 22, 2014
Small business october 22, 2014Small business october 22, 2014
Small business october 22, 2014
 
Gtc construction 07 01-2014
Gtc construction 07 01-2014Gtc construction 07 01-2014
Gtc construction 07 01-2014
 
Financial accountability 2014 07-09 lafayette
Financial accountability 2014 07-09 lafayetteFinancial accountability 2014 07-09 lafayette
Financial accountability 2014 07-09 lafayette
 
2014 succession planning business structures
2014 succession planning business structures2014 succession planning business structures
2014 succession planning business structures
 
2014 Carroll County Ag Association Ag Tour
2014 Carroll County Ag Association Ag Tour2014 Carroll County Ag Association Ag Tour
2014 Carroll County Ag Association Ag Tour
 
Ccaa helps out at
Ccaa helps out atCcaa helps out at
Ccaa helps out at
 
Ccaa annual meeting 03 03-2014
Ccaa annual meeting 03 03-2014Ccaa annual meeting 03 03-2014
Ccaa annual meeting 03 03-2014
 

Recently uploaded

8 Questions B2B Commercial Teams Can Ask To Help Product Discovery
8 Questions B2B Commercial Teams Can Ask To Help Product Discovery8 Questions B2B Commercial Teams Can Ask To Help Product Discovery
8 Questions B2B Commercial Teams Can Ask To Help Product DiscoveryDesmond Leo
 
Pitch Deck Teardown: Terra One's $7.5m Seed deck
Pitch Deck Teardown: Terra One's $7.5m Seed deckPitch Deck Teardown: Terra One's $7.5m Seed deck
Pitch Deck Teardown: Terra One's $7.5m Seed deckHajeJanKamps
 
HR and Employment law update: May 2024.
HR and Employment law update:  May 2024.HR and Employment law update:  May 2024.
HR and Employment law update: May 2024.FelixPerez547899
 
Future of Trade 2024 - Decoupled and Reconfigured - Snapshot Report
Future of Trade 2024 - Decoupled and Reconfigured - Snapshot ReportFuture of Trade 2024 - Decoupled and Reconfigured - Snapshot Report
Future of Trade 2024 - Decoupled and Reconfigured - Snapshot ReportDubai Multi Commodity Centre
 
Stages of Startup Funding - An Explainer
Stages of Startup Funding - An ExplainerStages of Startup Funding - An Explainer
Stages of Startup Funding - An ExplainerAlejandro Cremades
 
zidauu _business communication.pptx /pdf
zidauu _business  communication.pptx /pdfzidauu _business  communication.pptx /pdf
zidauu _business communication.pptx /pdfzukhrafshabbir
 
How Do Venture Capitalists Make Decisions?
How Do Venture Capitalists Make Decisions?How Do Venture Capitalists Make Decisions?
How Do Venture Capitalists Make Decisions?Alejandro Cremades
 
Unlock Your TikTok Potential: Free TikTok Likes with InstBlast
Unlock Your TikTok Potential: Free TikTok Likes with InstBlastUnlock Your TikTok Potential: Free TikTok Likes with InstBlast
Unlock Your TikTok Potential: Free TikTok Likes with InstBlastInstBlast Marketing
 
Innomantra Viewpoint - Building Moonshots : May-Jun 2024.pdf
Innomantra Viewpoint - Building Moonshots : May-Jun 2024.pdfInnomantra Viewpoint - Building Moonshots : May-Jun 2024.pdf
Innomantra Viewpoint - Building Moonshots : May-Jun 2024.pdfInnomantra
 
Equinox Gold Corporate Deck May 24th 2024
Equinox Gold Corporate Deck May 24th 2024Equinox Gold Corporate Deck May 24th 2024
Equinox Gold Corporate Deck May 24th 2024Equinox Gold Corp.
 
Meaningful Technology for Humans: How Strategy Helps to Deliver Real Value fo...
Meaningful Technology for Humans: How Strategy Helps to Deliver Real Value fo...Meaningful Technology for Humans: How Strategy Helps to Deliver Real Value fo...
Meaningful Technology for Humans: How Strategy Helps to Deliver Real Value fo...Björn Rohles
 
Understanding UAE Labour Law: Key Points for Employers and Employees
Understanding UAE Labour Law: Key Points for Employers and EmployeesUnderstanding UAE Labour Law: Key Points for Employers and Employees
Understanding UAE Labour Law: Key Points for Employers and EmployeesDragon Dream Bar
 
PitchBook’s Guide to VC Funding for Startups
PitchBook’s Guide to VC Funding for StartupsPitchBook’s Guide to VC Funding for Startups
PitchBook’s Guide to VC Funding for StartupsAlejandro Cremades
 
A Brief Introduction About Jacob Badgett
A Brief Introduction About Jacob BadgettA Brief Introduction About Jacob Badgett
A Brief Introduction About Jacob BadgettJacobBadgett
 
Byrd & Chen’s Canadian Tax Principles 2023-2024 Edition 1st edition Volumes I...
Byrd & Chen’s Canadian Tax Principles 2023-2024 Edition 1st edition Volumes I...Byrd & Chen’s Canadian Tax Principles 2023-2024 Edition 1st edition Volumes I...
Byrd & Chen’s Canadian Tax Principles 2023-2024 Edition 1st edition Volumes I...ssuserf63bd7
 
How to Maintain Healthy Life style.pptx
How to Maintain  Healthy Life style.pptxHow to Maintain  Healthy Life style.pptx
How to Maintain Healthy Life style.pptxrdishurana
 
Series A Fundraising Guide (Investing Individuals Improving Our World) by Accion
Series A Fundraising Guide (Investing Individuals Improving Our World) by AccionSeries A Fundraising Guide (Investing Individuals Improving Our World) by Accion
Series A Fundraising Guide (Investing Individuals Improving Our World) by AccionAlejandro Cremades
 
Potato Flakes Manufacturing Plant Project Report.pdf
Potato Flakes Manufacturing Plant Project Report.pdfPotato Flakes Manufacturing Plant Project Report.pdf
Potato Flakes Manufacturing Plant Project Report.pdfhostl9518
 
The Ultimate Guide to IPTV App Development Process_ Step-By-Step Instructions
The Ultimate Guide to IPTV App Development Process_ Step-By-Step InstructionsThe Ultimate Guide to IPTV App Development Process_ Step-By-Step Instructions
The Ultimate Guide to IPTV App Development Process_ Step-By-Step InstructionsWHMCS Smarters
 
The Inspiring Personality To Watch In 2024.pdf
The Inspiring Personality To Watch In 2024.pdfThe Inspiring Personality To Watch In 2024.pdf
The Inspiring Personality To Watch In 2024.pdfinsightssuccess2
 

Recently uploaded (20)

8 Questions B2B Commercial Teams Can Ask To Help Product Discovery
8 Questions B2B Commercial Teams Can Ask To Help Product Discovery8 Questions B2B Commercial Teams Can Ask To Help Product Discovery
8 Questions B2B Commercial Teams Can Ask To Help Product Discovery
 
Pitch Deck Teardown: Terra One's $7.5m Seed deck
Pitch Deck Teardown: Terra One's $7.5m Seed deckPitch Deck Teardown: Terra One's $7.5m Seed deck
Pitch Deck Teardown: Terra One's $7.5m Seed deck
 
HR and Employment law update: May 2024.
HR and Employment law update:  May 2024.HR and Employment law update:  May 2024.
HR and Employment law update: May 2024.
 
Future of Trade 2024 - Decoupled and Reconfigured - Snapshot Report
Future of Trade 2024 - Decoupled and Reconfigured - Snapshot ReportFuture of Trade 2024 - Decoupled and Reconfigured - Snapshot Report
Future of Trade 2024 - Decoupled and Reconfigured - Snapshot Report
 
Stages of Startup Funding - An Explainer
Stages of Startup Funding - An ExplainerStages of Startup Funding - An Explainer
Stages of Startup Funding - An Explainer
 
zidauu _business communication.pptx /pdf
zidauu _business  communication.pptx /pdfzidauu _business  communication.pptx /pdf
zidauu _business communication.pptx /pdf
 
How Do Venture Capitalists Make Decisions?
How Do Venture Capitalists Make Decisions?How Do Venture Capitalists Make Decisions?
How Do Venture Capitalists Make Decisions?
 
Unlock Your TikTok Potential: Free TikTok Likes with InstBlast
Unlock Your TikTok Potential: Free TikTok Likes with InstBlastUnlock Your TikTok Potential: Free TikTok Likes with InstBlast
Unlock Your TikTok Potential: Free TikTok Likes with InstBlast
 
Innomantra Viewpoint - Building Moonshots : May-Jun 2024.pdf
Innomantra Viewpoint - Building Moonshots : May-Jun 2024.pdfInnomantra Viewpoint - Building Moonshots : May-Jun 2024.pdf
Innomantra Viewpoint - Building Moonshots : May-Jun 2024.pdf
 
Equinox Gold Corporate Deck May 24th 2024
Equinox Gold Corporate Deck May 24th 2024Equinox Gold Corporate Deck May 24th 2024
Equinox Gold Corporate Deck May 24th 2024
 
Meaningful Technology for Humans: How Strategy Helps to Deliver Real Value fo...
Meaningful Technology for Humans: How Strategy Helps to Deliver Real Value fo...Meaningful Technology for Humans: How Strategy Helps to Deliver Real Value fo...
Meaningful Technology for Humans: How Strategy Helps to Deliver Real Value fo...
 
Understanding UAE Labour Law: Key Points for Employers and Employees
Understanding UAE Labour Law: Key Points for Employers and EmployeesUnderstanding UAE Labour Law: Key Points for Employers and Employees
Understanding UAE Labour Law: Key Points for Employers and Employees
 
PitchBook’s Guide to VC Funding for Startups
PitchBook’s Guide to VC Funding for StartupsPitchBook’s Guide to VC Funding for Startups
PitchBook’s Guide to VC Funding for Startups
 
A Brief Introduction About Jacob Badgett
A Brief Introduction About Jacob BadgettA Brief Introduction About Jacob Badgett
A Brief Introduction About Jacob Badgett
 
Byrd & Chen’s Canadian Tax Principles 2023-2024 Edition 1st edition Volumes I...
Byrd & Chen’s Canadian Tax Principles 2023-2024 Edition 1st edition Volumes I...Byrd & Chen’s Canadian Tax Principles 2023-2024 Edition 1st edition Volumes I...
Byrd & Chen’s Canadian Tax Principles 2023-2024 Edition 1st edition Volumes I...
 
How to Maintain Healthy Life style.pptx
How to Maintain  Healthy Life style.pptxHow to Maintain  Healthy Life style.pptx
How to Maintain Healthy Life style.pptx
 
Series A Fundraising Guide (Investing Individuals Improving Our World) by Accion
Series A Fundraising Guide (Investing Individuals Improving Our World) by AccionSeries A Fundraising Guide (Investing Individuals Improving Our World) by Accion
Series A Fundraising Guide (Investing Individuals Improving Our World) by Accion
 
Potato Flakes Manufacturing Plant Project Report.pdf
Potato Flakes Manufacturing Plant Project Report.pdfPotato Flakes Manufacturing Plant Project Report.pdf
Potato Flakes Manufacturing Plant Project Report.pdf
 
The Ultimate Guide to IPTV App Development Process_ Step-By-Step Instructions
The Ultimate Guide to IPTV App Development Process_ Step-By-Step InstructionsThe Ultimate Guide to IPTV App Development Process_ Step-By-Step Instructions
The Ultimate Guide to IPTV App Development Process_ Step-By-Step Instructions
 
The Inspiring Personality To Watch In 2024.pdf
The Inspiring Personality To Watch In 2024.pdfThe Inspiring Personality To Watch In 2024.pdf
The Inspiring Personality To Watch In 2024.pdf
 

2024 BIZ Excel Business Planning Copyright

  • 1. Business Planning– Legal Considerations September 27, 2022 P r e s e n t e r : M i r i a m R o b e s o n , H a r m o n R o b e s o n L a w , L L P
  • 2. Business Legal Entities Choosing a business entity is a legal protection, business operation, and tax planning decision.
  • 3. 3 BizExcel – Business Planning What are your Goals? BIZ Goals • Ease of operation • Transferability • Tax benefits • Liability protection • Self-Employment tax • Flexibility Personal Goals • Life/Stage of Business • Risk Management • Control of growth
  • 4. Purpose of Entity Choice Liability Protection Flexibility Managing Partners
  • 5. OUR PREMIUM OFFERINGS Gourmet Bagged Coffee Deluxe Coffee Drinks Delicious Local Food
  • 6. 6 BizExcel – Business Planning Typical Scenario – Preferred Choice •Limited Liability Company or S Corporation • Flexibility, Tax benefits, taxed at owner rate • Liability protection to owner • Works for single or multiple owners
  • 7. 7 BizExcel – Business Planning When To Choose Other Entity Types • C Corporation • Need for control at the top • Shareholders who would have trouble with pass-through income • Special needs shareholders, “stranger” shareholders • Limits movements of assets and cash • WATCH – Dividends are double-taxed.
  • 8. 8 BizExcel – Business Planning When To Choose Other Entity Types • Partnership • Well-suited for short-term project • Can be adapted or evolved into LLC • Can be terminated at end of project • Highest liability issues and joint-partner risk • Sole Proprietor • Greatest liability risk – both business and personal assets at stake – Easiest and quickest to market (to start)
  • 9. 9 BizExcel – Business Planning Process of Entity Formation 1. Choose a name 2. File paperwork with IN SOS 3. Obtain Tax ID# 4. Open Bank Account 5. Attorney will prepare paperwork for formation and operations 6. Use Entity name for ALL accounts, contracts, and business (example: don’t use personal credit card for biz purchases)
  • 10. 10 BizExcel – Business Planning New Requirement – Corporate Transparency Act 1. Federal law now requires that ALL new businesses register with the Financial Crimes Enforcement Network 2. https://www.fincen.gov/boi 3. Must report “Beneficial Owners” > 25% ownership or control 4. Purpose is to “track” financial crimes 5. Ask your professional advisor for more details
  • 11. 11 BizExcel – Business Planning Entity Structure and Risk Management • Liability Insurance – adapted for every entity type, but does not make you “risk-proof” • Entity structure can either “keep in” or “keep out” risk • You cannot insure against your own bad behavior • Does not protect against financial liability (bad debt, bad business decisions, over-extended credit)
  • 12. 12 BizExcel – Business Planning Insurance •Basic liability insurance •Basic casualty insurance •Vehicle insurance •Workers Comp •Umbrella/Operations insurance •Life insurance (Lenders sometimes require) Usually combined into one policy
  • 13. Business Taxes Overview of “tax touches” Where taxes find you * All tax payments are now done ONLINE for both FED and STATE
  • 14. 14 BizExcel – Business Planning Sales Tax • Sales Tax reports – payment and paperwork • Sales tax you collect – • Must collect sales tax if you sell a product more than 30 days out of the year, or are “in the business” of sales • Must submit forms and payment regularly • ST-105 – required to have on file to exclude sales tax for customers (update annual for regular customers) • Sales tax you pay – • Not everything you purchase is subject to sales tax • Exempt items – Materials and Equipment - used “in the direct production of” your business • ST-105 form – fill out and give to vendor
  • 15. 15 BizExcel – Business Planning Employment Tax • You must withhold and pay employment tax for any “Employees” • Employees have - • Required hours • Specific Duties • Supervision • Does not matter if “work from home” • Independent Contractors have • Specific Expertise • You are NOT their only client • They can determine their work schedule as long as they meet your deadline W2 Tax Form 1099NEC Tax Form
  • 16. 16 BizExcel – Business Planning Self-Employed Income Tax • You must pay quarterly Estimated Tax on profit • Due April – June – September – January • Pay FED and STATE • You have a year (sort of) to figure it out when you start a business. • TALK TO A TAX PROFESSIONAL to get started
  • 17. 17 BizExcel – Business Planning Business Tax Myths • MYTH: Home-based business does not have to pay sales tax • TRUTH – Any sales of product must collect and remit sales tax to State of Indiana • MYTH: I can deduct “bad debts” on unpaid accounts • TRUTH – Can only deduct if you have declared that amount as income (accrual taxpayers) • MYTH: If I have inventory, I must use the Accrual method of accounting • TRUTH – Accrual Method is only required for certain sales threshold limits. However, since accrual is more “accurate” in terms of profitability, inventory-based businesses may prefer this method. • MYTH: If I have less than $20,000 in sales, I don’t have to collect sales tax • TRUTH: This is a new exemption that only applies to §501(c)(3) nonprofits registered with the State of Indiana as exempt organizations.
  • 18. Talk to a Professional Getting Started Ongoing Services
  • 19. 19 BizExcel – Business Planning Attorney Consultation •Legal advice for YOUR situation •Discussion of business models as applies to your BIZ •Formation of an Entity •LLC/Corp - $100 @ IN SOS •Reservation of Name (DBA) $10 @ IN SOS •Legal fees ~ $400 - $600 for basic set up and contracts •Ongoing services •Project based services •Subscription based services – Dial-An-Attorney
  • 21. 21 BizExcel – Business Planning Basics of Intellectual Property • What is IP (Intellectual Property)? • Patents – Invention Invention that is useful, novel, and non-obvious • Trademarks - Name Identification of goods and services • Copyright - Creative Creative Expressions fixed in form • Creative Commons – Deliberately making your work available for use by others. Patents - Trademarks – Copyright – Creative Commons
  • 22. 22 BizExcel – Business Planning Patents •Patent – exclusive rights to an invention in exchange for public disclosure • Must be new, inventive, useful, industrially applicable • Good for 20 years Inventions and Processes
  • 23. 23 BizExcel – Business Planning Trademarks •Trademarks (also Service Marks) • Commercial methods to identify and distinguish goods and services from competitors Industry Identification
  • 24. 24 BizExcel – Business Planning Copyright •Copyright • “Original creative expressions” • Form, not content • Duration - Life + 70 (Mickey Mouse Life) • Work for hire/anonymous/pseudonymous = 95 years from publication or 120 from creation, whichever is shorter • Infringement if copy is “substantially similar” • Derivative works • DMCA (Digital Medium Copyright Act) Default = Creative Works protected by law ©
  • 25. 25 BizExcel – Business Planning Copyright • Published before December 31, 1922, or • Expires 70 years after the death of the creator, or • Specifically placed in the public domain (freeware, shareware, etc.), or • Government works. • However, new arrangements or versions of a public domain work are copyrighted to the extent of the arrangement or version Public Domain - Free to use in any form ©
  • 26. 26 BizExcel – Business Planning Copyright •Obtain permission from the owner •Use Public Domain works • Public Domain by passage of time • Public Domain by Government works • Public Domain by design •Create your own source materials How to “Get Around” Copyright Law ©
  • 27. 27 BizExcel – Business Planning Copyright •Trolls are predators on the internet who try to extort $$ from you by claiming you are violating someone’s copyright •DO NOT Assume that they are correct – ask an attorney! Watch for Trolls! ©
  • 28. Summary Business Legal Entities Business Taxes Professional Services Intellectual Property
  • 30. 30 BizExcel – Business Planning THANK YOU! CONTACT ME AT: You can find this presentation at: www.lawlatte.com/workshops