2021 business planning copyright
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Business planning, entity choice, starting a business, small business planning
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2021 business planning copyright
- 1. Business Planning – Legal Considerations October 7, 2021 P r e s e n t e r : M i r i a m R o b e s o n , H a r m o n R o b e s o n L a w , L L P
- 2. Business Legal Entities Choosing a business entity is a legal protection, business operation, and tax planning decision.
- 3. 3 BizExcel – Business Planning What are your Goals? BIZ Goals • Ease of operation • Transferability • Tax benefits • Liability protection • Self-Employment tax • Flexibility Personal Goals • Life/Stage of Business • Risk Management • Control of growth
- 4. Purpose of Entity Choice Liability Protection Flexibility Managing Partners
- 5. OUR PREMIUM OFFERINGS Gourmet Bagged Coffee Deluxe Coffee Drinks Delicious Local Food
- 6. 6 BizExcel – Business Planning Typical Scenario – Preferred Choice •Limited Liability Company or S Corporation • Flexibility, Tax benefits, taxed at owner rate • Liability protection to owner • Works for single or multiple owners
- 7. 7 BizExcel – Business Planning When To Choose Other Entity Types • C Corporation • Need for control at the top • Shareholders who would have trouble with pass-through income • Special needs shareholders, “stranger” shareholders • Limits movements of assets and cash • WATCH – Dividends are double-taxed.
- 8. 8 BizExcel – Business Planning When To Choose Other Entity Types • Partnership • Well-suited for short-term project • Can be adapted or evolved into LLC • Can be terminated at end of project • Highest liability issues and joint-partner risk • Sole Proprietor • Greatest liability risk – both business and personal assets at stake
- 9. 9 BizExcel – Business Planning Entity Structure and Risk Management • Liability Insurance – adapted for every entity type, but does not make you “risk-proof” • Entity structure can either “keep in” or “keep out” risk • You cannot insure against your own bad behavior • Does not protect against financial liability (bad debt, bad business decisions, over-extended credit)
- 10. 10 BizExcel – Business Planning Insurance •Basic liability insurance •Basic casualty insurance •Vehicle insurance •Workers Comp •Umbrella/Operations insurance •Life insurance Usually combined into one policy
- 11. Business Taxes Overview of “tax touches” Where taxes find you * All tax payments are now done ONLINE for both FED and STATE
- 12. 12 BizExcel – Business Planning Sales Tax • Sales Tax reports – payment and paperwork • Sales tax you collect – • Must collect sales tax if you sell a product more than 30 days out of the year, or are “in the business” of sales • Must submit forms and payment regularly • Sales tax you pay – • Not everything you purchase is subject to sales tax • Exempt items – Materials and Equipment - used “in the direct production of” your business
- 13. 13 BizExcel – Business Planning Employment Tax • You must withhold and pay employment tax for any “Employees” • Employees have - • Required hours • Specific Duties • Supervision • Does not matter if “work from home” • Independent Contractors have • Specific Expertise • You are NOT their only client • They can determine their work schedule as long as they meet your deadline W2 Tax Form 1099NEC Tax Form
- 14. 14 BizExcel – Business Planning Self-Employed Income Tax • You must pay quarterly Estimated Tax on profit • Due April – June – September – January • Pay FED and STATE • You have a year (sort of) to figure it out when you start a business. • TALK TO A TAX PROFESSIONAL to get started
- 15. 15 BizExcel – Business Planning Business Tax Myths •MYTH: Home-based business does not have to pay sales tax •TRUTH – Any sales of product must collect and remit sales tax to State of Indiana •MYTH: I can deduct “bad debts” on unpaid accounts •TRUTH – Can only deduct if you have declared that amount as income (accrual taxpayers) •MYTH: If I have inventory, I must use the Accrual method of accounting •TRUTH – Accrual Method is only required for certain sales threshold limits. However, since accrual is more “accurate” in terms of profitability, inventory-based businesses may prefer this method.
- 16. Talk to a Professional Getting Started Ongoing Services
- 17. 17 BizExcel – Business Planning Attorney Consultation •Legal advice for YOUR situation •Discussion of business models as applies to your BIZ •Formation of an Entity •LLC/Corp - $100 @ IN SOS •Reservation of Name (DBA) $10 @ IN SOS •Legal fees ~ $400 - $600 for basic set up and contracts •Ongoing services •Project based services •Subscription based services – Dial-An-Attorney
- 19. 19 BizExcel – Business Planning Basics of Intellectual Property • What is IP (Intellectual Property)? • Patents – Invention Invention that is useful, novel, and non-obvious • Trademarks - Name Identification of goods and services • Copyright - Creative Creative Expressions fixed in form • Creative Commons – Deliberately making your work available for use by others. Patents - Trademarks – Copyright – Creative Commons
- 20. 20 BizExcel – Business Planning Patents •Patent – exclusive rights to an invention in exchange for public disclosure • Must be new, inventive, useful, industrially applicable • Good for 20 years Inventions and Processes
- 21. 21 BizExcel – Business Planning Trademarks •Trademarks (also Service Marks) • Commercial methods to identify and distinguish goods and services from competitors Industry Identification
- 22. 22 BizExcel – Business Planning Copyright •Copyright • “Original creative expressions” • Form, not content • Duration - Life + 70 (Mickey Mouse Life) • Work for hire/anonymous/pseudonymous = 95 years from publication or 120 from creation, whichever is shorter • Infringement if copy is “substantially similar” • Derivative works • DMCA (Digital Medium Copyright Act) Default = Creative Works protected by law ©
- 23. 23 BizExcel – Business Planning Copyright • Published before December 31, 1922, or • Expires 70 years after the death of the creator, or • Specifically placed in the public domain (freeware, shareware, etc.), or • Government works. • However, new arrangements or versions of a public domain work are copyrighted to the extent of the arrangement or version Public Domain - Free to use in any form ©
- 24. 24 BizExcel – Business Planning Copyright •Obtain permission from the owner •Use Public Domain works • Public Domain by passage of time • Public Domain by Government works • Public Domain by design •Create your own source materials How to “Get Around” Copyright Law ©
- 25. Summary Business Legal Entities Business Taxes Professional Services Intellectual Property
- 26. Any Questions?
- 27. 27 BizExcel – Business Planning THANK YOU! CONTACT ME AT: Miriam Robeson Miriam@HarmonRobesonLaw Harmon Robeson Law, LLP HarmonRobesonLaw.com