Rick J. Alfera, CPA, MST, PFS

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COVID-19 Action Plan

Posted by Rick J. Alfera, CPA, MST, PFS on Mar 17, 2020 10:52:51 AM

Goff Backa Alfera & Company is committed to providing our employees and clients a safe and healthy work environment. In light of the rapidly changing developments with Covid19, the Firm is implementing new policies and procedures for the near future that will safeguard our employees and clients.

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Types of Business Entities | S Corporations

Posted by Rick J. Alfera, CPA, MST, PFS on Jul 17, 2017 4:48:18 PM


  Previously in this blog series, we discussed
sole proprietorships, partnerships, LLCs, and Corporations, and areas to consider when deciding on a business structure (read our first post in this series for more detail regarding these areas). In this post we'll be discussing S corporations.

What is an S Corporation?

A Subchapter S (S Corporation or S Corp.) is a form of corporation that meets specific Internal Revenue Code 1361 requirements, giving a corporation with 100 shareholders or less the benefit of incorporation while being a pass-through entity.  S corporations pass income directly to shareholders and avoid double taxation on the dividends of corporations, while still enjoying the advantages of the corporate structure. 

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Topics: Different Types if Business Entities, Structuring Your Business, S Corporations

Types of Business Entities | Corporations

Posted by Rick J. Alfera, CPA, MST, PFS on Jun 19, 2017 5:13:37 PM
"Risk comes from not knowing what you are doing." - Warren Buffet. Determining the best legal structure for your business requires a healthy knowledge of the different business entity options and what they entail. Otherwise, owners face risks such as, paying too much in taxes or taking on too much liability.
 
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Topics: Different Types if Business Entities, Structuring Your Business, Corporations

Types of Business Entities: Limited Liability Companies (LLCs)

Posted by Rick J. Alfera, CPA, MST, PFS on May 22, 2017 2:40:07 PM


This is the third blog post in our series on Types of Business En
tities. In it, we'll be discussing the advantages and disadvantages of Limited Liability Companies (LLCs).  

According to the State of Washington Business Licensing Service;

"A limited liability company (LLC) is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.

The "owners" of an LLC are referred to as "members." Depending on the state, the members can consist of a single individual (one owner), two or more individuals, corporations or other LLCs."

LLCs can have multiple members and exist and be taxed similar to a partnership with some corporation-like proponents. LLCs can also exist as single member LLCs which are similar to sole proprietorships. Furthermore, LLCs can file an S-corporation election, which will enable them to be taxed as an S-corporation while remaining a limited liability company.

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Topics: Types of Business Entities, Business Structures, Limited Liability Companies, LLCs

Types of Business Entities | Partnerships

Posted by Rick J. Alfera, CPA, MST, PFS on Apr 10, 2017 12:14:00 PM


This is our third post in our series on Types of Business Entities. In our
first blog post of this series, we covered areas to consider when structuring a business. In this post we'll take a look at these areas again while discussing the advantages and disadvantages of partnerships.

According to the United States Small Business Administration;
"A partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business."

There are three types of partnerships; General, Limited, and Joint Ventures. The definition above applies to General and Limited partnerships. The below definition applies to Joint Ventures.

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Topics: Partnerships, Different Types if Business Entities, Structuring Your Business

Types of Business Entities | Sole Proprietorships

Posted by Rick J. Alfera, CPA, MST, PFS on Feb 13, 2017 11:38:00 AM


This is our second post in our series on Types of Business Entities. In it, we'll be discussing the advantages and disadvantages of Sole Proprietorships. 

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Topics: Types of Business Entities, Sole Proprietorships, Business Structures

Types of Business Entities | Considerations for structuring your business

Posted by Rick J. Alfera, CPA, MST, PFS on Jan 3, 2017 3:53:00 PM
There are different advantages and disadvantages for each company type. In this post, we'll walk you through what to consider when deciding on how to structure your business.  We'll also follow up with a series of posts focusing each on a specific entity type and it's advantages and disadvantages from tax and legal perspectives.
 
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Topics: Types of Business Entities

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