Bohemia, NY (PRWEB) October 28, 2013
Lawrence Teicher, founder of CFO Consulting Services, responds to an article published by Fox Business on October 21st, which discusses four of the most common small business myths and what business owners need to know.
[According to the Fox Business article titled “4 Spooky Small Business Myths Busted,” there are many stories out there that can be skewed to instill fear in many small business owners. These range from “uncertainties surrounding the healthcare reform act to rumors about the long-term effects of the government shutdown.” One of the biggest myths, the article says, is that small businesses could be sued if they do not provide health coverage. However, 97 percent of businesses in the U.S. are not required to provide healthcare benefits if they have less than 50 employees.
Another big myth is that being incorporated will help protect your personal assets. Incorporating your business could help you protect your personal assets sometimes, but not all the time. The article says that many small business owners have to co- sign to borrow funds needed to run the business. If the business defaults, the guarantor will be responsible for repayment.
Lawrence Teicher, founder of CFO Consulting Services, adds, “Distressed businesses operating in the ‘zone of insolvency’ that do not operate with their creditors’ interests in mind can place the owners in financial jeopardy.”
Teicher goes on to say one of the most important myths is that taxes were delayed due to the government shutdown. “The government shutdown did not delay tax deadlines,” he says. “It’s important that all small businesses keep current with their estimated tax payments and tax filings.” Teicher says small business owners need to take the initiative and make sure they do not fall victim to rumors and spread inaccurate information. “It is vital that small businesses keep informed of the laws and regulations governing their activities.”
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.