Bohemia, NY (PRWEB) November 22, 2013
Lawrence Teicher, founder of CFO Consulting Services and prominent Long Island accountant, responds to an article published by AllBusiness on November 8th, which details how small businesses can legally prepare for 2014.
According to the AllBusiness article titled “How to Get Your Small Businesses Legally Ready for 2014,” now is the time for small businesses to prepare for the end of Q4 and finalize any legal “loose ends.” The article lists several steps to ensure small businesses are adequately ready for the new year and that they wont rack up unnecessary administrative fees or fines.
1. Alter business structure
2. Shut down inactive companies
3. Schedule annual meetings
4. Be sure to file an annual report
5. Record company changes with a “Articles of Amendment” report
6. Review estimated taxes for the year
Lawrence Teicher, founder of CFO Consulting Services and a leading Long Island accountant, says one of the most important steps in legally preparing for the New Year is changing business structure. Teicher says most businesses grow out of their original business structures a couple of years after being established. “Altering your business structure could be very beneficial,” he says. “If your business is not incorporated, it’s probably a wise decision to make the change to an S Corp or LLC to protect personal assets and maximize cost efficiency. It can also save you money during tax season.”
He also advises business owners to estimate how much they owe in taxes before the year’s end. “Estimating how much your business owes can save you from overpaying or underpaying,” he says. “Small business owners that need assistance in estimating owed taxes should consult a part time CFO or certified accountant.”
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.