What Happens to Money Left in an S Corp?

What happens to money left in an S corp? Just like regular corporations, S corps can distribute profits to their shareholders, keep them as retained earnings or do a little of both. The difference is that the regular corporation makes this decision after it pays corporate income taxes. An S corp doesn’t pay taxes. Read … Read more

Do Sole Proprietors Pay Franchise Tax in Tennessee?

Do sole proprietors pay franchise tax in Tennessee? The State of Tennessee imposes two taxes for the privilege of doing business within its boundaries. These taxes are the excise tax and the franchise tax and they are imposed on corporations and most limited liability companies. General partnerships and sole proprietorships are not subject to these … Read more

Is it Illegal Not to Have Business Insurance?

Is it illegal not to have business insurance? There’s only one policy you’re legally required to have as a small business, and that’s employers’ liability insurance (EL). EL covers your business in the event that one of your staff members claims they’ve suffered an illness or injury as a result of working for you. Read … Read more