Commissioner of the Revenue

An elected official, in some states appointed, controls the collection of taxes for the community. (S)He issues the business licenses contingent on payment of taxes and compliance with business operational codes.

Partnership Agreements – An Introduction

Partnership Agreements

There is a tremendous amount of information to convey to fully understand partnership agreements.  This is the first in a series of articles related to partnership agreements.  Throughout this series I will explain the various sections and issues a small business owner faces in creating a sound and fair agreement with a single or multiple partners.

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What is an Audit?

An audit is defined as a methodical examination.  Audits are grouped into two principal sets – financial and organizational compliance (usually related to licensure).  For the small business entrepreneur, it is almost unheard of for them to have an organizational compliance audit.

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The 1099 Subcontractor

1099 Subcontractor

The Internal Revenue Service promulgates rules and regulations concerning the employment status of workers.  In general, workers are classed as W-2 employees and certain tests must be met to have the worker classed as a 1099 subcontractor.  All 1099 subcontractors should be issued a Form 1099 in January of each year for the prior calendar year of services.  This article describes the general tests that must be met for the worker to be considered a 1099 subcontractor.

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Local Revenue Tax – The Business License

Business License

A business license is the tool used by local governments to monitor all businesses in their community.  It triggers at least two types of tax.  At a minimum a revenue and personal property tax is charged through this registration process.

This content is for Bronze, Silver, One-Time and Contractor's Diagnostic members only.
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