Think twice before formalizing an informal general business partnership — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
Reason: It can be more difficult to end the union than start it. Ending an informal partnership is simple because there is no official entity to dissolve. But a partnership formalized as a corporation, limited partnership or limited liability company must follow state laws for ending the venture and file complex paperwork for a certificate of dissolution. Partners must also meet the dissolution requirements of every state in which they do business. Many states require partnerships to notify several agencies, including those that handle taxes and workers’ comp. Advice: To avoid possible lawsuits, notify customers, vendors and employees that you no longer have anything to do with the partnership.
Payroll tax audits are increasing at both the state and federal levels. And the IRS has launched what experts are calling "the most significant audit initiative in decadesâ aimed at fringe benefits, exec comp and payroll taxes. Are you prepared to receive an audit letter? Do you know what triggers an audit â¦ and how to avoid one in the first place?...Click here to find out more.