by Royer Advisors | Dec 11, 2024 | Business Plans
It’s critical to have a written policy at your company detailing how vacation and paid time off is accrued. Many small businesses offer paid vacation, paid sick leave, paid time off or paid holidays, but have no formal policy in place. Legally, there is an...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning
Maine-based small business owners often face a balancing act when it comes to deciding how much cash to keep in their regular checking accounts. On one hand business owners want to keep the money available for an emergency or great opportunity. But on the other hand,...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning, Tax Preparation
When starting a new Maine-based small business, there are a variety of entity choices. Some will be easily ruled out based on the business’ operation. The six basic entities are: 1. A sole proprietorship This is a business owned by one person, who may be the only...
by Royer Advisors | Dec 11, 2024 | Business Plans, Tax Planning
Things have been going well for your Maine-based small business, and you are considering joining forces with another business for the benefit of both of you. This can be the most efficient way to grow, as long as you plan carefully. Often the reason for failed mergers...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans
If you’re self-employed as a sole proprietor, partner, or LLC member, you may owe the self-employment tax. This tax serves the purpose of collecting Social Security and Medicare taxes from your net self-employment income. The tax that is owed is in addition to...
by Royer Advisors | Dec 11, 2024 | Business Plans, Debt & Financing, Financial Planning
When a small company if forced to shut down, it usually isn’t because they haven’t made profits. Most small businesses face closure because they lack quality cash flow, not because they lack profits or assets. So what should a business owner do? They will face many...
