Michigan is the land of opportunities—from the lumber yards of the Upper Peninsula to the auto industry in Detroit. Starting a limited liability company (LLC) may be your best decision regardless of where you plan to make your mark in this business ecosystem. Any business wishing to reduce its personal liability from lawsuits or debts…
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Accounting firms do more than just accounting. The services they provide can maximize profits and support your finances. Businesses and people should consider accountants a critical element of financial planning. No accounting firm offers every service, so ensure your advisors are best suited to your specific needs. Knowing where to start is the first hurdle.…
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There will always be law differences between states. Our answer covers what is most commonly seen throughout the US while also pointing you in the right direction regarding state differences. LLC organizations regularly enquire about DBAs, how they affect the running of your LLC, and if there are any negative impacts to filing for new…
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If you’re a sole proprietor in Michigan, “Doing Business As” (DBA) under a “trade name” or “fictitious name” can help you diversify your offerings while keeping all your accounts under the same umbrella entity. But what if you want to expand and have multiple DBAs? A sole proprietor can file for multiple DBAs, but they…
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If you’ve recently received debt forgiveness, you may feel relieved that you will no longer have to worry about monthly payments. However, you’re not out of the woods just yet. Borrowers who have debts forgiven must still pay income taxes on them. However, there are a few exceptions. Depending on the situation, those who qualify…
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There are times in a person’s life when the amount of tax debt catches up to them and makes repayment seem impossible. In those situations, debt forgiveness may be an option. However, it’s not always the best choice as it can impact your financial rating. Still, it’s worth exploring this option if you feel you…
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A lot goes into setting up a business. Conducting market research, writing a business plan, renting a space, getting your tax IDs, etc. Picking a business name is one task on an endless list. For that reason, it’s easy to forget to check whether the associated domain name is available before formalizing your business name.…
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Most states that have legalized recreational cannabis impose an excise tax on the transfer or sale of marijuana products in addition to sales tax. If you’ve worked in the cannabis industry or recently opened up a dispensary, it’s worth learning more about the excise tax on cannabis. Usually, the consumers pay the costs, but business…
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A lot goes into starting a new company. From squaring away all your tax information to ensuring you have all the right vendors lined up to create a strong brand, there’s no shortage of things to do. Many small business owners and independent contractors who open LLCs eventually ask — do I need a DBA…
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Accounting isn’t just an annual task for small business owners as tax time approaches. Neither is it a quarterly, monthly, or even weekly task. Accounting and bookkeeping occur daily, as any business can attest to. With everything else that goes into running your small business, it’s no wonder many business owners seek help from accountants.…
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