All Posts

In Kansas, Limited Liability Companies (LLCs) are not subject to a separate state-level income tax. Instead, the income generated by the LLC “passes through” to the individual members or owners, who report their share of the LLC’s profits or losses on their personal income tax returns. The tax treatment of LLCs in Kansas follows federal guidelines for pass-through entities, where the income is taxed at the individual level rather than at the entity level. LLC members are resp

In Kansas, the process of forming an LLC typically takes several steps and can vary in duration depending on various factors. Here’s an overview of the timeline involved in getting an LLC in Kansas… Name Availability Check – Before forming an LLC, you need to ensure that your desired business name is available and compliant with Kansas naming requirements. You can conduct a name availability check online through the Kansas Secretary of State’s website. This step can be comple

In the United States, including Kansas, there are no specific limitations on the number of years an LLC can show a loss on its tax returns. LLCs, like other pass-through entities such as sole proprietorships, partnerships, and S corporations, can typically carry forward net operating losses (NOLs) to future tax years to offset taxable income. Here’s how it generally works… Net Operating Losses (NOLs) – If an LLC’s deductible expenses exceed its taxable income in a particular

A strategic plan outlines an organization’s goals, objectives, and strategies to achieve long-term success. While the specific elements may vary depending on the organization’s size, industry, and objectives. Here are eight common elements of a strategic plan… Vision Statement The vision statement articulates the organization’s long-term aspirations and defines what it hopes to achieve in the future. It provides a clear and inspiring picture of the organization’s ultimate goa

Determining how much to pay yourself as a small business owner depends on several factors, including the financial health of your business, your personal financial needs, industry norms, and tax considerations. Here are some considerations to help you determine an appropriate salary for yourself… Evaluate Your Business Finances Assess your business’s financial performance, including revenue, expenses, cash flow, and profitability. Ensure that your business generates sufficien

The “4 C’s” planning framework is a strategic planning model that emphasizes four key elements essential for organizational success. The 4 C’s stand for… Context Context refers to the external environment in which the organization operates, including economic conditions, market trends, industry dynamics, regulatory factors, technological advancements, and socio-cultural influences. Understanding the context helps organizations anticipate opportunities and threats and adapt th

A comprehensive business plan typically includes ten key sections, each providing essential information about the business and its operations. Here are the ten contents of a business plan… Executive Summary The executive summary provides an overview of the entire business plan, summarizing the key points and objectives. It includes highlights of the business concept, market opportunity, competitive advantage, financial projections, and funding requirements. Business Descripti

In a Limited Liability Company (LLC), a guaranteed payment is a form of compensation paid to LLC members who provide services or perform duties on behalf of the company. Unlike distributions, which are typically made to all members based on their ownership percentage, guaranteed payments are specific payments made to certain members, regardless of the company’s profitability. Here are some key points about guaranteed payments in an LLC… Purpose – Guaranteed payments are inten

The core strategy of a business refers to the fundamental approach or plan that guides its activities and decisions to achieve its long-term goals and objectives. It represents the central, overarching strategy that defines how the business intends to compete, create value, and sustain its competitive advantage in the marketplace. The core strategy typically encompasses several key elements… Value Proposition The value proposition defines the unique value that the business of

Deciding whether to form an LLC for a side hustle depends on various factors, including the nature of your business, your personal preferences, and your risk tolerance. Here are some considerations to help you determine if forming an LLC is the right choice for your side hustle… Legal Protection One of the primary reasons for forming an LLC is to protect your assets from business liabilities. If your side hustle involves any level of risk, such as providing services, selling