How many of you have ever heard of Sage Accounting Software? Seriously, how many of you have ever heard of Sage? They make some of the best accounting software on the planet, but their marketing has been ineffective. Just think about how many non-franchise small businesses there are with 0-25 employees in the USA alone. What is your guess, 5 hundred thousand, 1 million, more? Sage has over 6 million customers worldwide, but so far only 10,000 businesses have signed up for Sage One, the latest Sage offering targetted specifically for small businesses. .
An LLC is a business structure similar to a sole-proprietorship or a general partnership. According to the IRS, "It is designed to provide the limited liability features of a corporate and the tax efficiencies and operational flexibility of a partnership." As a pass-through entity, all profits and losses pass through the business to the LLC owner (aka "member"). Similiar to partnerships, the member himself reports the profits/losses on their federal tax returns but not the LLC.
Companies often make mistakes when rushing to meet regulatory compliance deadlines. You should be careful to ensure you don't weaken your company's security in the process. Below are 5 of the most common ways companies make these security missteps: