Q. Is an LP the same as an LLP? If not, what are the advantages and disadvantages of each entity? LP stands for Limited Partnership, while LLP stands for Limited Liability Partnership. The two structures are very different from purpose, governance, and legal liability perspectives: Limited Partnership (LP) LPs are commonly used for long-term real…

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Q: What are the income tax considerations for different business entity types? To develop a better understanding of the differences in tax treatment and owner distributions/compensation for sole proprietorships, partnerships, C corps, S corps and similarly taxed LLCs, you can review the following basic guidelines: Sole proprietorship and LLC taxed as a sole proprietorship. A…

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When should a business owner create a company video, and how much does it cost to create such a video? The reasons to have marketing videos on business websites and other web pages vary based on the business products and services and other factors. To help determine if online marketing videos may be effective for…

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Q: As a small business owner, how should I determine next steps for my business in areas where I am experiencing uncertainty? Amid the Coronavirus (COVID-19) pandemic, much uncertainty remains. Rising numbers of confirmed cases in metropolitan areas have forced governments in certain states to order additional business closure requirements, adding to the uncertainty of…

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Q: When is the new deadline for PPP loan applications? On Saturday July 4, 2020, the President signed the “PPP Extension Act” into law. On Monday, July 6, the SBA’s Paycheck Protection Program resumed accepting loan applications. As the program’s initial deadline of June 30 approached, many small business owners wondered if there would be…

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Q: What are the main components of the recently enacted PPP Flex Act? After passage by the U.S. House of Representatives and the Senate on May 28 and June 3, respectively, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 into law on June 5. Following the enactment of the PPP Flex Act,…

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Q: As an entrepreneur, I often have new ideas for business opportunities. What is the best way to evaluate my ideas before developing a formal business plan? In previous weeks we have discussed financial relief opportunities for small businesses, marketing and business planning measures, and changing consumer behaviors or expectations. Amid the Coronavirus (COVID-19) pandemic…

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Q – As a small business owner, how can I adapt or appeal to changes in consumer behavior spurred by the pandemic? In last week’s post, we began our discussion of changing consumer expectations by introducing the idea of 4 categories of consumer sentiment post restrictive orders. The question becomes, how can a small business…

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Q: As a small business owner, what can I anticipate about consumer behavior as restrictive orders across the country are lifted? Previously, we discussed reevaluating and revising marketing plans. In doing so, questions may arise regarding a business’s target market, and how consumers’ spending habits may have been impacted by the Coronavirus (COVID-19) pandemic. The…

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