Lean Six Sigma at Your Firm: Extra/Over-Processing

Lean Six Sigma at Your Firm: Extra/Over-Processing

According to Debbie Foster, a partner with Affinity Consulting Group in Tampa, businesses need to implement a policy of Continuous Improvement. This means periodically re-evaluating processes to ensure that they are not extraneous or outdated. Foster says value is anything a client is willing to pay for. Waste is the opposite. She cites the textbook definition of over-processing as doing more than necessary to get a job done. While it’s important to do everything needed to complete a job for a client, it’s important not to spend excessive time and resources on extraneous things that, in the long run, add […] Read more

Are you really in business?  Racing enthusiast lacked profit motive for racing business, finds Tax Court

Are you really in business? Racing enthusiast lacked profit motive for racing business, finds Tax Court

Your hobby or your for-profit business venture? Sometimes it’s hard to differentiate how the government classifies what you are doing. Roger Russell at Accounting Today spells out the nine specific criteria used by the government to evaluate whether your business is really a business or a hobby. The criteria include: 1) the manner in which the taxpayer carried on the activity; 2) the expertise of the taxpayer or his or her advisors; 3) the time and effort expended by the taxpayer in carrying on the activity; 5) the success of the taxpayer in carrying on other similar or dissimilar activities; […] Read more

Entrepreneurs– Commit Yourself to the Turn

Entrepreneurs– Commit Yourself to the Turn

Much like downhill skiing, changing direction in business requires “committing yourself to the turn.” If you stick with the turn and work through it, you’ll find yourself heading the right direction. However, if you waiver, you might find yourself facing a steep downhill slope—literally or metaphorically. To keep your organization moving in the right direction, stick with your decisions and see them through, even if there are some consequences. Once you work through the hard parts, your journey could be down gentler slopes.

Read more at costcoconnection.com

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New Business? Which Entity Type is Right for me?

New Business? Which Entity Type is Right for me?

When establishing a business, it is important to consider what type of entity your business will be. Aren’t they all the same, you ask? Why no, they are not. Your accountant can be very helpful in determining what type of entity your business should be, as well as helping you to file the proper paperwork. According to Kelly Phillips Erb at Forbes, “entity choice can determine shareholder & partner numbers and identity; equity structure, control & management, as well as what kind of funding you might be eligible to receive.”

The following are types of entities:

Sole Proprietorship
General & Limited Partnerships
Limited Liability […] Read more