Posts Tagged ‘Business’

5 Employment Perks That Need to Happen Everywhere

Friday, April 6th, 2012


We’re a pretty close knit bunch here at MyCorp. Everybody knows everyone pretty well and gets along. But our team is also pretty small and since we aren’t a large corporation, sometimes a couple of us wonder what our lives within a more global company might be like…

There are two different first impressions that come to mind. The first is Google headquarters based. Picture bright colors, ping pong tables, free food and drinks, and flip flops. Laidback and interactive while still getting the job done. The other comes from the film Office Space. Hours of sitting in traffic, hours of sitting in a cubicle, a copy machine that doesn’t work, and a mountain of pointless “TPS reports.” The worst case scenario, as we all voted and agreed on.

Since we’d rather not to think about our attraction to the red Swingline, we’re gonna focus on our dream perks that employers (especially startup business and tech companies) offer to draw in top talent.

On the Clock Research Time

Some companies, notably Google and 3M, allow employees to use 10% or more of their time to do your research on a project that interests them. Granted, it must relate to something about the company, but this is a great way to bring R&D to the every aspect of the company.

Personal Dry Cleaners

Instead of passing 10+ dry cleaners on their way to or from work, wouldn’t it be amazing to offer in-office pick up and drop off? With a discount included? We think so too!

Fitness Stipend

A membership at a gym can get pretty expensive and difficult to work your schedule around going to on a regular basis so why not include a fitness stipend as part of your employment package? Amenities like having clean towels and free classes may cost more, but they’ll help make it easier to start getting into shape after a long day at work.

Company sponsored stipends = easier to go, easier to stay healthier!

Schedule Flexibility

The personal circumstances of every employee are different so being able to schedule in an easier hourly time frame is like tailored clothing; it makes your job the perfect fit for YOU!

Health care perks

This one can take on many forms with anything from unlimited sick days to in-office massages to better than usual insurance coverage included. Since your health is something you don’t really think about until you don’t have it, these perks are essential to have in place before it actually happens. Even better if they help keep you from getting sick too!

Does your company offer any of these perks? What do you wish they offered? Let us know in the comments below!

Free Tax Help from 1(800)Accountant!

Monday, March 26th, 2012

That April 17th tax deadline is just four weeks away! Most small business owners know how important it is to get their taxes finished early, but we want to make sure the small businesses we’ve helped create aren’t simply just sending in the necessary forms and hoping for the best.

We want you to know how to maximize every single deduction, decrease any chance of an IRS audit, and keep as much of your hard earned money as possible. With that in mind, we’ve teamed up with 1800Accountant.com to give everyone reading our blog and using our services a free business tax consultation. There are no obligations to stick with 1800Accountant if you do not want to, and you won’t regret setting up a consultation with their team of licensed CPA and accountants to help make sure you’ve followed a sound tax strategy.

If you’re interested, simply click here or on their logo above to access the webpage where you can sign up for your appointment with 1800Accountant.com. As we said before, it’s completely free, there are no obligations and it is a great way to get some professional advice regarding your small business’s tax obligations. If you’d like, you can also call them at 1-800-822-6868; just be sure to mention MyCorp!

Don’t miss this opportunity for free tax help, and remember to sign up as soon as possible to make sure you get an appointment slot that will fit your schedule.

Partnership 101

Friday, March 23rd, 2012

For the last installment in our series on the tax treatment of entity types we’re going to cover the Partnership. If you’ve been keeping up with our posts, this will seem eerily familiar. Why? Because the LLC is typically treated just like a Partnership!

The four considerations we’ve been covering are:

  1. Pass through of gains
  2. Pass through of losses
  3. Transfer of assets to the entity, and
  4. Transfer of assets from the entity

Today we will cover the Partnership. Before we get into the four considerations, it is important to discuss the legal treatment of a Partnership. A Partnership is simply an agreement between two or more people who share an interest in the same business. From a legal standpoint, courts will rely on any agreement, formal or not. Two people merely splitting costs and sharing profits in a venture is enough. Typically, this isn’t an issue, until it is. Additionally, a Partnership does not provide any liability protection. For more information on limiting liability, see here.

As for the tax considerations;

1. Pass through of gains

The default treatment of a Partnership passes gains through to a shareholder’s personal income statement. With a Partnership, there is no entity- only partners. All profits and losses of the Partnership are passed directly to the partners. This can mean that even when no profits are paid out to the partners, the partners are still personally liable for their share of the taxes on those profits (this is true of the LLC as well). A member of an LLC or a Partnership can contract with the other members as to how the gains are allocated and distributed to the shareholders.

2. Pass through of losses

Again, the default treatment of a Partnership is to pass through any losses to a shareholder’s personal income statement. Losses can be allocated according to the terms of the Partnership.

3. Transfer of assets to the entity

The transfer of assets to a Partnership is not a taxable event, regardless of the amount of control owned by the partner transferring the assets. This could potentially make starting your new company less expensive than with other entity types, especially when there are multiple shareholders. While a Partnership is easy to form, and can easily be given assets, it does not protect the partners from limited liability.

4. Transfer of assets from the entity to partners

When a Partnership decides to transfer assets to a partner, this event is not usually taxable. Either upon distribution or liquidation a partner is responsible for the taxes, if any have even arisen.

Overall, a Partnership is a tax efficient way to get your company started, but lacks the limited liability of other entity choices. In most cases there will not be a tax on transferring assets to and from the company. There is also no double taxation of profits, thus saving the shareholders money. Additionally, if there is a loss, a partner may benefit from a tax reduction.

A Partnership is an easy way to setup a business and has beneficial tax treatment, but does not have the benefit of limited liability. If you’re considering a Partnership, also consider an LLC. They have very similar tax treatment, and only a few formal requirements to set up! Learn more here.

Five (more) Lessons from Television: On Entrepreneurship

Monday, March 19th, 2012

Ah television, is there anything you can’t teach us? The Simpsons have already made appearances in our humble blog to offer their wisdom on filing taxes, staying sane in the workplace, and getting the kids out of the house during the summer. But we felt that we should give a little bit of love to our other favorite shows that also feature some hard-earned business advice of their own.

"Life doesn't imitate art, it imitates bad television."

So we took a stroll into TV land to learn a few lessons on entrepeneurship, courtesy of our favorite fictional characters.

George Bluth Sr and the Cornballer (Arrested Development)

Sure it’s banned in several countries, can burn off your fingerprints and incited Bluth Sr. to attack Richard Simmons, but ‘The Cornballer’ is the perfect example of why George Bluth made such a great entrepeneur. Even though he can’t legally sell the thing, and it causes severe burns, he and his family continue to use it. They believe in the product in all of its blister inducing glory, and it holds a central place in the home of his son Michael, well loved and well used. The family has the scars to prove it.

In all of their dysfunction and legal trouble, the Bluth family can teach us a lot about the importance of familial support, and of standing behind a good idea. Then again George Sr was in prison for “creative accounting,” so we’ll end the lessons there for now.

Pierce Hawthorne’s Non-Existent Sandwich Shop (Community)

Community is back in full swing, and in the newest episode, moist towelette tycoon Pierce scopes out an opportunity to invest in one of the members of the study group’s, Shirley’s sandwich shop. Having been let go from running his family’s wet-wipe empire once his father died, Pierce becomes very invested in the possibility of starting up and running his own business.

He wasn’t happy just sitting back with the large amount of severance pay given to him by Hawthorne Wipes – he wanted to start his own empire, just like his dad did. He became very proud of the little restaurant he was helping put together, eventually deciding to take a drunken trip over to his father’s grave, demanding to know “how many sandwich shops HE owned!”

Sadly the school decides to open up a Subway in the spot where the new sandwich shop was going to go, but we have to stand back and admire Pierce’s drive and passion. All small business owners know the feeling of stepping back, looking at their little company, and feeling a twinge of pride. So who can blame Pierce for yelling at his father’s tombstone?

Frank Reynolds and his various investment opportunities (It’s Always Sunny in Philadelphia)

What can be said about Frank Reynolds…

Well, a lot can but we try and run a family friendly blog here so we’ll glaze over some of the more colorful shenanigans he’s gotten himself into. But Frank has shown us that he knows how to enjoy himself, even if that means living in unsanitary conditions and becoming involved with weird people who live under a bridge. He is a self-made millionaire, but he continues to show time and time again that life is for living.

A business can completely take over your life if you let it, but Frank didn’t want that. He left his mansion and life of luxury behind because he wanted to sleep on a shared Futon, surrounded by stray cats, and spend time with his friends.

He wanted to live, and while we don’t recommend living exactly like Frank has, it is important to remember to get away occasionally. Just stay out of the sewer…

Dave Rose’s ‘Steak Me Home Tonight’ Truck (Happy Endings)

Dave Rose knew he was good at making sandwiches, and knew he wanted to open  a restaurant. Though it took him an entire episode to figure out he should combine those two particular passions, he eventually connected to dots and bought a food truck called ‘Steak Me Home Tonight.’

The name is a little stupid, but he showed how important it is to take the plunge. If you’ve been putting off starting a business year after year after year, you may soon find yourself comfortable but unhappy in a world full of corporate zombies.

Dave’s story also reminded us of another important rule in business – always remember to say the name of your business in your commercials.

Peggy Hill’s Bookstore (King of the Hill)

We decided to end with one of our favorite female entrepreneurs, Peggy Hill. She has won substitute teacher of the year, run a BBQ restaurant, and, for a brief period of time, owned a bookstore. But when business wasn’t picking up she was worried she could lose everything. Then Dale Gribble came by, sold a gun in her establishment, and asked Peggy if he could part with a few more of his weapons using her store.

Though Peggy wasn’t thrilled by the idea, she agreed and wound up making a tidy sum of money. But she still knew that she had to put an end to things once she no longer recognized her business. She wanted a book store, but had strayed from her passion and ideals, so she walked away.

And people forget that there is no shame in starting anew if your business did not develop like you wanted it to. Owning a small business should be something that you enjoy – it should be a manifestation of your passion. When it isn’t that, and running it is as enjoyable as being stuck in a cubicle all day, then it may be worth starting anew, even if you are successful.

At the very least, it will free up some time for you to flip through the TV and see what other entrepreneurial lessons can be found within.