#22 | Corporate Formalities & Annual Meetings feat. Chris Housh

Practical Tax with Steve Moskowitz

In this Episode, Steve and tax attorney Chris Housh come together to discuss how Moskowitz LLP can help businesses with Corporate Formation and Formalites by creating an annual plan and meeting throughout the year to stay ahead of the game. An annual plan with Moskowitz LLP is talior-made to help save you time and money, and more importantly, give you peace of mind so you can focus on growing your business. Listen to the full episode to learn more! Episode Transcript Intro: You're listening to the Practical Tax podcast with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz LLP, a tax law firm. Steve Moskowitz: Welcome everyone and thank you for listening to our podcast, and this is part two. So if you haven't heard part one, that's okay 'cause you could really do either one of these parts, first or second. But if you like what you're hearing here, do go ahead and listen to the other part 'cause we have a lot of good information in there. And just basically as a real quick summary, on the other one we talk about the asset protection of a corporation or other entity. Where if you get sued or something bad happens or you can't pay the bills, how the entity protects you from the other side going after your personal assets or other corporate assets? We've talked about how there's tax advantages. We've talked about how there's a special workaround for certain corporations to get around the limitation on deducting state taxes on the federal returns, for those of you that are in states that charge state taxes. And some of the states charge a lot of state taxes. We've also talked about potential pension benefits of a corporation and a lot of other things. And an awful lot of people are in business as a sole proprietor and that's sometimes fine, but a lot of times it's not. And a lot of times that person would be much better off if they were in an entity like a corporation. And we explained the differences between a C-Corp and an S-Corp. Where C-Corp has a double taxation, whereas an S-Corp doesn't. And a partnership, and LLC. And sometimes one entity is better for something than something else. But the bottom line is, go ahead and listen to the other podcast for this. Today, on this podcast, we're gonna work on the formalities and the formation. And one of the things that I hear when I recommend this to people is, "Well, what about, oh, there's all of these technicalities. Now I'm busy doing business, I can't be bothered with all this formal stuff." And to answer that, I'd like to introduce my friend and colleague of over 20 years, Attorney and EA, Chris Housh. Chris Housh: Thanks Steve. Yes, we understand. If you did the time for every crazy formal thing that is requested for you, you'd have no time to actually do the business that you actually are out there doing, the thing that you're best at. So as the attorneys that are working with you on this, we let you know what the formalities are, and also help you take care of them. Steve Moskowitz: So do you help 'em take care or do you just do it for 'em? Chris Housh: I look at it as that we are a team. And so I will do the actual writing up of the elements. I'll do the hard work, but I need their input. I need their help on things. I also schedule times to make it easier. Make it where you can say, okay I'm gonna set aside this time because I understand time is very valuable for everybody especially a business owner. And I try to make it where it's as easy as possible for you to go and be able to do these things. So I narrow down at the beginning, when I'm setting up for a business, I send out a eight question questionnaire so that it's not a overwhelming burden. I've seen some places that will send you a 20 page questionnaire. If you had time to do that, you know, you're not really going in needings that situation. I can narrow it down, get you started, and then ask you a couple of key questions to make it where I...