A partnership is when two or more people come together to run a business and share in the profits and losses. Each partner may contribute money, property, or services to the business, and then share in any profits or losses. In a partnership, power is shared between the partners. Partners usually have unlimited liability, unless an [...]
This Memorial Day, we honor those who paid the ultimate price to protect our freedoms. "All gave some; some gave all." We are truly grateful for your service and sacrifice. Click here or on the image above to watch a moving video.
An S corporation is a business that elects to pass income, losses, deductions, and credits through to its shareholders for federal tax purposes. The S corporation generally doesn't pay income tax. Instead, the income passes through to the shareholders, who report it on their individual tax returns. To be treated as an S corporation, a business [...]
A sole proprietorship is a business owned and operated by one individual. The owner makes all the decisions and is responsible for running the business. Because the business and owner aren't separate, the owner is personally responsible for the business's debts and obligations. The owner should maintain separate business records as well. Sole proprietors report business [...]
Organizations who qualify must electronically file Form 1024-A at Pay.gov to apply for recognition of exemption from federal income tax under section 501(c)(4). Before filing the form online, your organization must have an organizing document and an Employer Identification Number. (More information on organizing documents can be found in Publication 557, Tax Exempt Status for Your [...]
