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SMBs: What you need to know for the New Year
The end of the 2012 tax year is right around the corner. For SMBs, that means finishing 1099s and W2 forms as well as preparing for a new year's advertising campaigns. Rocket Lawyer founder Charley Moore offers his advice for a fresh 2013.
First, Moore advises not to forget about incorporation. Some small businesses don't incorporate because they believe it will be a hassle, but incorporation will save hassles down the road.
"When you incorporate your business, you create a new legal entity separate from yourself that conducts business, generates income, and assumes tax and legal liabilities," said Charley Moore, Founder, Rocket Lawyer. "With a filing date of January 1, you'll save time when filing a tax return for that year, because the business doesn't need to file two separate tax returns for the unincorporated entity and one for the new C-Corp, S-Corp, or LLC."
Second, take a look at existing contracts. Rocket Lawyer has found that one in four SMBs have problems with bill collecting; Moore advises small businesses to take a look at existing contracts for payment information and to clarify the work that will be done. Then, rewriting or revising contracts so that these problems will be lessened in the New Year.
Finally, don't forget about the counsel.
"Good legal advice is a competitive advantage and can be the difference between a business's success and failure, so it's really important to have an attorney to keep you on the right path. An attorney can help you strategize, plan for growth, and answer the questions you didn't even know to ask, and in the event of an unfortunate or unforeseen incident, your attorney will be there to help protect you and your business," said Moore.
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