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The Modification of Joe's Landscaping & Tree Trimming Business

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Introduction

The Modification of Joe's Landscaping & Tree Trimming Business Debra C. Williams Legal Environment of Business (LAW529) Christie S. Matthews December 21, 2004 The Modification of Joe's Landscaping & Tree Trimming Business Business formation entails determining the type of entity, the purpose of the business, legal and regulatory issues, and professional advice necessity. The entity describes how the business will operate such as a sole proprietorship, partnership, corporation, S-Corporation, or Limited Liability Company (LLC). The vision/idea of the business states its purpose. The entity subjects itself to legal and regulatory issues while operating. Professionals, such as attorneys and accountants, can advise businesses on legal and regulatory issues to make sure that they comply with local, state, and government laws. This paper will discuss the recommended modification of the business formation of Joe's commercial landscaping and tree trimming business. Supporting documentation were researched and retrieved from the University of Phoenix, North Carolina Department of Commerce, North Carolina Department of Treasury, and various other web sites. Joe owns and operates a commercial landscaping and tree trimming business. ...read more.

Middle

Articles of organization are filed with the state official, usually the secretary of state. The name of the LLC must acknowledge the special nature of this organizational form by including the phrase "limited liability company," or "limited company," or some abbreviation, such as "LLC" or "LC." The LLC must apply to the state to be authorized to transact business legally. An LLC also must file annual reports with the states in which it operates" (UOP, 2002). Small Business Primer (n.d.) states a limited liability company has the tax advantages of a partnership. Implementing the new entity will provide Joe with added flexibility for business and tax planning. However, if Joe's business is not properly structured as an LLC, his business will be subjected to double taxation as a corporation. "If the limited liability company is structured properly, each member reports his or her share of the profit and loss on his or her individual state and federal income tax returns. Therefore, it is taxed like a partnership or an S corporation" (Small Business Primer, n.d.). ...read more.

Conclusion

Each contract will include and explain Joe's payment terms and penalties for late charges. An attorney could also advise on statutory laws, which change every year. An accountant can help Joe with his cash flow, tax issues and filings, and investments. Joe employs seasonal employees, and a temporary agency can advise him regarding this type of employment. By using seasonal employees, Joe can eliminate overhead expenses such as taxes and medical insurance. Business formation entails determining the type of entity, the purpose of the business, legal and regulatory issues, and professional advice necessity. Changing the business entity of Joe's commercial landscaping and tree trimming business from a sole proprietorship to an LLC enhances and protects his business and personal holdings. Small Business Primer (n.d.) states a limited liability company has the tax advantages of a partnership. Implementing this new entity for Joe's business will provide added flexibility for business and tax planning. Professional advice will assure that Joe complys with local, state, and government laws. Joe's business will profit as an LLC due to limited liability and tax advantages. "Limited Liability Companies (LLC's) are ideal for small or family-operated businesses" (Nevada Corporate Resources, 2001). ...read more.

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