Connect with us

Business

How to Start an S Corporation in Virginia

Published

on

Start an S Corporation in Virginia

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.

Last Word

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.

Business

Harold Goldstein’s and Lilo Alfaro’s Practical Approach to Social Responsibility

Published

on

Harold Goldstein and Lilo Alfaro

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.

Continue Reading

Business

Mastering the Art of Investment Management with Derek Pesta: Navigating Market Volatility

Published

on

Investment Management with Derek Pesta

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.

Continue Reading

Business

Dana Michell’s Salt & Lime: The Secret Ingredients to Impactful E-commerce Success through User-Generated Magic!

Published

on

A staggering 79% of shoppers admit that user-generated content (UGC) significantly influences their buying decisions, emphasizing the need for brands to navigate and harness this powerful tool effectively.

UGC in e-commerce spans various forms, from simple product ratings to detailed reviews, visuals like customer photos or videos, and questions that spark discussions. However, UGC comes with its own set of challenges.

The effort required to generate meaningful content can be substantial. Curating impactful visual content from amateur content creators adds another layer of complexity for brands. Plus, the fear of negative reviews can make some e-commerce brands hesitant to embrace UGC fully.

Dana Michell, an accomplished international casting director TV producer, and founder of Salt & Lime Media, recognizes the nuances of UGC in the e-commerce landscape. Acknowledging that the process of curating, managing, and leveraging UGC can be daunting, her agency steps in to offer a solution.

Dana’s global team, equipped with extensive global networks and a proven methodology, manages the UGC curation, ensuring that brands receive authentic, impactful content.

Dana’s approach encompasses all stages of authentic UGC strategy.

Thorough exploration to understand the market, target audience, and cultural nuances lay the foundation. “Marketing campaigns focusing on UGC need to allow time for diving into the communities, finding the fans, identifying the users or consumers that are best to represent a brand or product they identify with,” asserts Dana.

An international array of UGCs also ensures a rich tapestry of interesting and unique content that can be eye-catching, and thought-provoking, sparking conversation and clicks.

Once Salt & Lime has found the stories, the creators, and their content, agencies can craft compelling pitches that resonate with diverse audiences and align brand messages with the authentic voices of consumers.

“Authenticating the UGC and tracking down anybody who appears in it or owns any of it that is not the person who posted is a big job to get right due to licensing and privacy laws,” says Dana. Any UGC source must be properly identified with contracts and releases signed fast to not affect production timelines.

Proactive involvement in the content creation process, by producing original UGC or guiding creators, ensures alignment with brand goals. Leveraging existing content archives and sourcing supplementary material to create a rich reservoir of authentic and impactful UGC.

Streamlined payment processes in multiple currencies facilitate a global network of contributors, ensuring fair compensation.

Thorough licensing procedures conducted in various languages safeguard the rights of both contributors and brands. Providing necessary equipment rentals and training for creators, ensuring a smooth and accessible UGC creation process.

Finally, user-generated content (UGC) is both a driving force and a potential minefield for e-commerce success. That’s why it is pertinent to get experts involved in the process. Content creation agencies like Salt & Lime Media can bridge the gap between the voices of consumers and the strategic needs of brands.

They can help brands avoid the pitfalls in the UGC landscape and make the most out of it. So, if you find Salt & Lime’s UGC proposition interesting, visit the agency’s website to learn more.

Continue Reading
TikTok Introduces TikTok Notes
Entertainment6 hours ago

TikTok Introduces TikTok Notes, a Photo-Sharing App Experiment in Australia and Canada

First Nitrogen-Fixing Organelle Identified in Eukaryotic Cells
News6 days ago

Groundbreaking Discovery: First Nitrogen-Fixing Organelle Identified in Eukaryotic Cells

Microsoft Faces New Security Lapse as Internal Data is Exposed on Azure
Security1 week ago

Microsoft Faces New Security Lapse as Internal Data is Exposed on Azure

Fashion entrepreneur Michael Chen
Fashion1 week ago

Michael Chen on Choosing the Right Bag to Elevate Your Style

Best Video/Media Player for Windows 10/11 for Free
Entertainment2 weeks ago

Best Video/Media Player for Windows 10/11 for Free and Premium

Roku Explores New Advertising Strategy for Devices Connected via HDMI
Entertainment2 weeks ago

Roku Explores New Advertising Strategy for Devices Connected via HDMI

Tesla to Unveil Robotaxi
Automotive2 weeks ago

Tesla to Unveil Robotaxi on August 8, Musk Confirms Amid EV Production Shift

What's New in iOS 17.5 Beta 1?
News2 weeks ago

What’s New in iOS 17.5 Beta 1?A Step Forward in Mobile Operating Systems

DinodasRAT Malware Targets Linux Systems
News3 weeks ago

DinodasRAT Malware Targets Linux Systems in Global Cyber Espionage Efforts

UK Greenhouse Gas Emissions Drop 5.4% in 2023
News3 weeks ago

UK Greenhouse Gas Emissions Drop 5.4% in 2023, Marking Progress Towards Net Zero

UK Military Delivers Over 10 Tonnes of Humanitarian Aid to Gaza
News3 weeks ago

UK Military Delivers Over 10 Tonnes of Humanitarian Aid to Gaza

British Farmers Rally with Tractors at Parliament
News4 weeks ago

British Farmers Rally with Tractors at Parliament Over Concerning Trade Policies

P2P Exchanges
Cryptocurrency1 month ago

Decoding P2P Exchange: Revolutionizing the Way We Trade Digital Assets

Dr. Lenore Matthew's Healing Approach and Mindfulness
Health1 month ago

Mindful Healing: Dr. Lenore Matthew’s Breakthrough in Grief Support

Fahd Haque's Customized Approach in Immigration Law with Family Visa
Travel1 month ago

Pioneering Personalized Legal Solutions: Fahd Haque’s Customized Approach in Immigration Law with Family Visa

Marvin van Kalsbeek, a Real Estate Entrepreneur
Real Estate1 month ago

How Are Housing Trends Evolving in the Dominican Republic? Explore With Marvin van Kalsbeek, Real Estate Entrepreneur

Harold Goldstein and Lilo Alfaro
Business1 month ago

Harold Goldstein’s and Lilo Alfaro’s Practical Approach to Social Responsibility

0330 Number
United Kingdom2 months ago

Everything You Need to Know About 0330 Number Services in UK

iPhone 15 Pro and Pro Max Series Battery Enhancements
Tech2 months ago

Tips and Advanced Strategies For iPhone 15 Pro and Pro Max Series Battery Enhancements

Yandex Games
Games2 months ago

What is Yandex Games: Exploring Alternatives, Features, and Types

Best Business Keynote Presentations
Business1 year ago

The Most Efficient Ways To Use The Best 6 Business Keynote Presentations

Starbucks Partner Hours App Login
Apps and Software1 year ago

Starbucks Partner Hours App Login Guide

IPTV Service Providers in the UK
Entertainment8 months ago

15 Best IPTV Service Providers in the UK 2023

Forecasting Data Science
Tech2 years ago

Is Forecasting A Part Of Data Science?

dream about pennies
Economy2 years ago

What does it mean to Dream About Pennies?

Free Best Video Player Apps For Apple TV
Entertainment2 years ago

10 Best Free Video Player Apps For Apple TV

Download Full Crack Version of MS office 2013 Torrent
Apps and Software2 years ago

How to Download Full Crack Version of Microsoft Office 2013 Torrent

How To Enhance Your Viewing with Subtitle Support
Entertainment10 months ago

How To Enhance Your Viewing with Video Subtitle Support

Cracked Apps or Apk Sites
Tech3 years ago

Best Cracked Apps or Apk Sites for iOS and Android 2022

Desk Booking Systems
Business7 months ago

How to Automate Desk Booking Systems at a Coworking Space

Gift Ideas with Custom Design Boxes
Business9 months ago

Stunning Gift Ideas with Custom Design Boxes

Cost-of-living Crisis
Finance7 months ago

How Has the Cost-of-living crisis impacted savings

Investment Management with Derek Pesta
Business2 months ago

Mastering the Art of Investment Management with Derek Pesta: Navigating Market Volatility

Techniques for Successful Guest Post Outreach
Digital Marketing7 months ago

Effective Techniques for Successful Guest Post Outreach in 2023

Bad Credit Loan
Finance9 months ago

A Comprehensive Guide About Bad Credit Loan

Benefits of Using Low-Calorie Biscuits for Weight Loss
Food & Drinks9 months ago

25 Benefits of Using Low-Calorie Biscuits for Weight Loss

Low-Calorie Healthiest Biscuits & Cookies for Weight Loss
Food & Drinks7 months ago

Top 20 Low-Calorie Healthiest Biscuits and Cookies for Weight Loss in 2023

Boost YouTube Channel Engagement
Digital Marketing7 months ago

How to Get More Engagement on Your YouTube Channel

PPC vs. Guest Post
Digital Marketing7 months ago

PPC vs. Guest Post: Understanding the Strengths and Weaknesses of Both Strategies

Tradesman Insurance Protection
Insurance1 year ago

Why Self-Employed Builders Need Tradesman Insurance Protection

Trending