All Posts

Businesses can be categorized into various types based on their legal structure, industry, ownership, and operational characteristics. Here are three common types of businesses… 1. Sole Proprietorship Description –  A sole proprietorship is the simplest form of business structure, owned and operated by a single individual. The owner has full control and responsibility for the business, including decision-making, management, and profits. Legal Status –  Sole proprietorships ar

Yes, generally, you are required to pay taxes on income earned from your side hustle. Income generated from any source, including side businesses, freelance work, or independent contracting, is subject to taxation by the government. Here are some key points to consider regarding taxes on side hustle income… 1. Self-Employment Taxes If your side hustle income exceeds a certain threshold, you may be subject to self-employment taxes, which cover Social Security and Medicare cont

The four basic business questions, often referred to as the fundamental questions of business, are fundamental inquiries that guide strategic planning, decision-making, and operational activities within an organization. These questions help clarify the purpose, direction, and priorities of a business. Here are the four basic interchange questions… 1. What is the Mission? Description –  The mission of a business articulates its purpose, core values, and long-term aspirations.

No, as the owner of an LLC, you typically do not give yourself a 1099 form from your own LLC. Instead, how you pay yourself and report your income depends on how your LLC is taxed and how you receive compensation. Here’s a breakdown based on common scenarios… 1. Sole Proprietorship or Single-Member LLC Tax Treatment –  If your LLC is taxed as a sole proprietorship (disregarded entity), you report business income and expenses on your tax return using Schedule C (Profit or Loss

The “Three C’s” of a business plan refer to three critical elements that are essential for creating a comprehensive and effective business plan. These elements help guide strategic planning, decision-making, and communication within the organization. The Three C’s are as follows… 1. Clarity Description –  Clarity refers to the clarity of vision, goals, strategies, and key elements of the business plan. A well-defined business plan should clearly articulate the purpose, object

In Kansas, the requirement for obtaining a business license can vary depending on the type of business you operate, your location, and the specific activities you engage in. While Kansas does not have a general state-level business license requirement, certain cities or counties may have their licensing requirements for businesses operating within their jurisdiction. Here are some key points to consider regarding business licensing in Kansas… City and County Regulations –  Ma

As the owner of an LLC, there are several methods you can use to pay yourself from the company, depending on various factors such as your business structure, tax considerations, and personal financial needs. Here are some common ways to pay yourself from your LLC… Owner’s Draw (Distribution) Description –  An owner’s draw, also known as a distribution, is a withdrawal of funds from the LLC’s profits that the owner takes for personal use. It represents your share of the LLC’s

A good strategy statement succinctly communicates the direction, focus, and objectives of an organization’s strategic plan. It should capture the essence of the organization’s strategy clearly and compellingly, guiding decision-making, resource allocation, and execution efforts across the company. Here are the key characteristics of a good strategy statement… Clear and Concise The strategy statement should be concise and easy to understand, avoiding jargon or overly complex l

Maintaining an LLC in Kansas involves fulfilling various ongoing requirements to ensure the company remains in good standing with state authorities and complies with relevant regulations. Here are the key steps to maintain an LLC in Kansas… Annual Reports Kansas requires LLCs to file an annual report with the Kansas Secretary of State. The report must be filed online through the Kansas Business Center. The annual report includes basic information about the LLC, such as its na