Business
How to Start an S Corporation in Virginia
![Start an S Corporation in Virginia](https://thebusinessanalytics.co.uk/wp-content/uploads/2022/07/Start-an-S-Corporation-in-Virginia.png)
Virginia’s largest source of revenue comes from farming, the military, high-tech industries, and quite a few Fortune 500 companies, including Amazon. However, the state is known for its business-friendly environment and the incentives that attract small businesses.
With a population of just over 8.5 million, SBA figures show that Virginia boasts 766,826 small businesses that provide 1.6 million jobs. In addition, Virginia has a meager unemployment rate, the lowest in the U.S., leading to a very competitive job market and stringent tax laws.
Understanding the Virginia S Corp
Many businesses choose to start an S Corp in Virginia to take advantage of the tax benefits provided by this pass-through tax designation. However, many prospective business owners don’t know that an S Corp is not a legal business structure. To choose the S Corp tax designation, they first need to ensure their business meets the requirements, and then they need to form an LLC or Corporation in Virginia before choosing the tax status by filling in a form with the IRS.
When is an S Corp the Best Strategy for a Business?
Most small businesses don’t generate enough profits to make an S Corp advantageous. A company can save about 17% tax on its distribution income if it can pay the business owner or shareholders a market value salary and make substantial distributions to them every year.
Under these requirements, the business owner is taxed as an employee, paying income tax and FICA taxes on their salary. After that, their distributions are subject to income tax according to their tax bracket.
However, the business must be able to cover the payroll costs and meet the S Corp requirements.
How Does the S Corp Taxation Differ From LLC Taxation?
Both LLCs and S Corps have pass-through taxation, but it does differ. When you create an LLC, you, the owner, pay FICA and income tax on all the profits and distributions. As the owner of an S Corp, you pay FICA and income taxes on your salary. Your distributions are only subject to income tax, saving you money.
S Corp Requirements
A business must meet several requirements before it applies for S Corp status. These include a limit of up to 100 shareholders and that it can only issue one type of stock. Additionally, the shareholders can only be private individuals that are American citizens or permanent residents.
LLC vs. Corporation – Which Structure to Prefer for an S Corp
TRUiC, the business information company, offers this advice for anyone thinking of applying for a Virginia S Corp after forming their company:
The S Corp status annuls the benefits of forming a corporation. Prefer an LLC formation for your business before seeking the S Corp designation because it has fewer maintenance requirements.
Furthermore, it is always best to research the facts and ask for professional help before deciding that an S Corp offers you the most benefits.
Starting A Virginia S Corporation
Before starting a Virginia S Corp, you need to choose your business structure and file it with the state. The procedure is straightforward, and you can do it yourself, but several business service providers offer these services at a reasonable cost if you don’t have the time.
Creating an LLC
Before creating an LLC, you need to find a unique name by following the state guidelines and choosing a registered agent. You can now follow the steps to file the Articles of Organization with the State Secretary and pay the filing fee. The next step is to create its Operating Agreement.
Getting an EIN and S Corp Designation
Finally, you need an EIN and S Corp designation to start your business. These are available directly from the IRS. The EIN is your company’s identification number, and you get it for free from the IRS with an online application. While filling in the EIN application, a link takes you to Form 2553. Fill it in and submit it to complete your S Corp filing with the IRS.
Virginia is known for its favorable business environment. Therefore, once you file for S Corp status with the IRS, the only condition required to maintain the tax status is an organizational meeting to formalize its bylaws under the state laws. In addition, the actions and decisions of meetings must be recorded and kept for at least three years. You are now ready to run your Virginian S Corp and reap the tax benefits.
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Business
LinkedIn Rolls Out AI Assistant for Premium Members
![LinkedIn Rolls Out AI Assistant for Premium Members](https://thebusinessanalytics.co.uk/wp-content/uploads/2024/06/LinkedIn-Rolls-Out-AI-Assistant-for-Premium-Members.jpg)
LinkedIn is currently testing an AI assistant for its Premium members, integrating Microsoft’s advanced AI technology. This initiative marks LinkedIn’s first significant consumer-facing AI product, expanding beyond its traditional enterprise-focused services.
Why It Matters: This development places LinkedIn alongside other social platforms like Snapchat and Instagram, which have already introduced similar AI features. The move underscores a growing trend where social networks leverage AI to enhance user engagement and provide personalized experiences.
Background: Previously, LinkedIn launched several AI tools aimed at recruiters and job seekers, including AI-assisted candidate discovery and AI-powered coaching tools. The tease of a consumer AI assistant last year set the stage for this broader rollout to Premium users, which has been picking up pace in recent weeks.
Details of the AI Assistant: The AI assistant feature on LinkedIn prompts users to explore more about companies or topics mentioned in posts within their feeds. This feature combines insights from LinkedIn’s vast user base and data from Microsoft’s Bing search engine to deliver comprehensive information.
How Does It Work?
When users interact with a feed prompt, they’re directed to a chat interface where they can ask the AI assistant for further details. This interaction is labeled as “Powered by Bing,” ensuring transparency about the source of the information. The responses are tailored to the user’s professional background and skills, enhancing the relevance of the information provided.
Privacy and Personalization: The chat feature includes a disclaimer about its beta status and potential for errors, with a note that Microsoft’s privacy policy may apply. This is part of LinkedIn’s effort to maintain transparency and user trust as it rolls out new AI capabilities.
LinkedIn’s introduction of this AI assistant is just one part of a broader strategy to integrate more AI-driven tools into its platform. These tools are designed to connect users with relevant content and insights, potentially accelerating career growth and enhancing professional networking.
As AI technology continues to evolve, platforms like LinkedIn are finding innovative ways to harness these advancements to benefit their users. This new AI assistant for Premium members could transform how professionals interact with content and gather insights on LinkedIn, making it a critical tool for career development.
Business
Harold Goldstein’s and Lilo Alfaro’s Practical Approach to Social Responsibility
![Harold Goldstein and Lilo Alfaro](https://thebusinessanalytics.co.uk/wp-content/uploads/2024/03/scrnli_07_03_2024_07-36-18.jpg)
At the heart of organizational success lies a partnership between leadership and social responsibility. It’s not just a corporate checkbox; it’s where the influence of leadership goes beyond business boundaries.
Lilo Alfaro and Harold Goldstein of OPAD Consulting have unique stories that exemplify such influence. These leaders bring diverse experiences and perspectives, going beyond organizational growth and societal impact.
Social responsibility in the corporate world fosters positive public perception and builds trust. It benefits communities and enhances employee morale, creating a more sustainable and ethical business environment.
Harold Goldstein’s Perspective
Harold’s journey to executive roles in big companies like Levi and Johnson & Johnson has shaped his perspective. These experiences provided the foundation for his current role as CEO at OPAD, where he emphasizes social responsibility as providing “direction, process, and accountability.”
Social responsibility impacts organizations by fostering positive public perception, building trust, and enhancing employee morale. In an interview, Harold delved into the nuances of fear within organizations. He acknowledges leaders’ accidental creation of fear that hinders taking social responsibility.
Therefore, he leads his company with humility and transparency, creating an environment where fear is recognized and managed. This provides OPAD’s workforce with a chance to thrive in their careers.
Presently on the board of Doernbecher Children’s Hospital, Harold is committed to creating long-term positive change through a holistic approach to social responsibility.
Lilo Alfaro’s Outlook
Lilo Alfaro has BAs in Theatre, Technical Design and Production, and Business Management. Additionally, she has completed an MBA with a focus on Social Innovation. She has diverse experience in business, including her work as a consultant for large, national companies like The Kroger Company, mid-sized semiconductor corporations like Pure Wafer, and local nonprofits like Portland Experimental Theatre Ensemble and Our Children Oregon.
She showcases exceptional organizational and management skills. From managing city-wide festivals like the “Vanport Mosaic Spring Festival” to conventions such as “Ghosts of Summer,” Lilo displays strong responsibility and leadership qualities. Her approach seamlessly combines discipline, creativity, and a solid commitment to social responsibility.
Lilo’s commitment to social responsibility goes beyond the corporate world. Her involvement in producing legacy educational events for Portland’s Black Panther Party Chapter and volunteering at national nonprofits shows a hands-on approach.
OPAD’s Pro Bono Work
Harold and Lilo, through OPAD, have also actively engaged in pro bono work for many organizations dedicated to children’s advocacy, homelessness prevention, disability services, and social justice.
According to Harold and Lilo, “Our devotion to pro bono initiatives stems from a belief that true leadership extends beyond boardroom walls. It’s about using our skills to uplift communities and spark meaningful change.”
They’ve helped some not-for-profits such as Big Brothers Big Sisters of America, Children First for Oregon, and Northwest Children’s Theatre & School. Through university mentorship programs, they have nurtured many aspiring professionals and students with knowledge and guidance.
A Final Word
From diverse experiences, OPAD emphasizes transparent, fear-free work environments and a deep commitment to community engagement and societal betterment. Harold Goldstein and Lilo Alfaro, the driving force behind OPAD Consulting, shape organizational success while actively contributing to social change.
Business
Mastering the Art of Investment Management with Derek Pesta: Navigating Market Volatility
![Investment Management with Derek Pesta](https://thebusinessanalytics.co.uk/wp-content/uploads/2024/02/image001-min-1-scaled.jpg)
Investment management is a critical domain for individuals and businesses, as it involves complex decisions that shape financial futures. Success in this field hinges on expertly navigating market volatility, rather than relying on luck. Derek Pesta, CEO & Financial Advisor of Pesta & Pesta Wealth Management, offers valuable insights based on his experience in this crucial area.
Derek Pesta is a CERTIFIED FINANCIAL PLANNER™ professional, with years in the field, he highlights some key points that might help individuals master the art of investment management effectively.
Patience: The Prime Attribute of Investors
In the realm of investments, patience is not merely a virtue; it’s a cornerstone of success. Derek understands that clients often want to see immediate results, especially during market volatility. However, as Warren Buffett once said, “The stock market is designed to transfer money from the Active to the Patient.”
Derek firmly believes that making hasty decisions during market turbulence can lead to unnecessary losses. Instead, he advocates staying the course and adhering to a well-thought-out investment strategy. After all, financial plans are designed with market fluctuations in mind.
Transparency: The Prime Attribute of Finance Professionals
In a world where uncertainty looms around every corner, he emphasizes transparency as a guiding principle. He understands that not every client is comfortable with the idea of financial risks, and who can blame them? But avoiding risks also means missing out on potential gains.
Here, Derek’s approach is simple yet effective—be upfront about the potential risks involved. Whether you’re dealing with a novice investor or a seasoned pro, explaining the reasoning behind investment choices can alleviate fears and build trust.
Diversification: Key Attribute for Both
His investment strategy revolves around a fundamental principle—diversification. Regardless of a client’s profile, he believes that diversifying their portfolio is essential for maximizing returns and minimizing risks. This means spreading investments across different industries, including international markets.
While stocks may experience fluctuations during market volatility, bonds often provide stability. Derek advises clients not to rush into selling during downturns but to think about their long-term goals before making any impulsive decisions.
Informed Predictions: Using Data Meticulously
Market volatility can be unnerving, but he approaches it with a well-informed perspective. He acknowledges that predicting the future is impossible, especially in today’s unpredictable world. However, he leverages data and insights to anticipate market trends and create individualized client plans for the long term.
Every client is unique, and Derek understands that one size doesn’t fit all. Whether you’re a cautious investor seeking reassurance or a bold risk-taker ready to seize opportunities, he tailors his approach to meet your goals.
Communication: The Soul of an Investment Strategy
Communication is vital to any successful financial partnership, and he believes in going the extra mile. He knows that clients value personalization and want their concerns addressed. Over-communication, within reason, ensures that clients feel confident in their investment strategies.
In a complex financial landscape, seasoned professionals like Derek Pesta serve as valuable mentors, offering clarity and guidance. Their dedication to principles such as transparency, diversification, and personalized strategies provides a blueprint for navigating the challenges of investment management.
Financial professionals can enhance their skills and knowledge by conducting in-depth analyses and learning from experienced practitioners like Derek Pesta. This approach not only facilitates mastery but also encourages innovation in the field of investment management, ensuring a more robust and informed approach to financial decision-making.
Investment Advisory services are offered through CWM, LLC an SEC Registered Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.
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