Tips | YourSavvyVA

Feb 20, 2011

Tips for partnering with a Virtual Assistant

I am often asked what’s the best way to choose a virtual assistant to partner with. I always encourage folks to go with their gut instinct. Find a virtual assistant that is a “fit” for them. There are so many virtual assistants out there that you are sure to find someone that you feel comfortable with and that can provide you with the services that you need. If you are on Twitter for instance ask folks for recommendations.

Ask questions! If you are looking for a virtual assistant that is going to perform the work themselves don’t just assume that is the case. Always ask as a lot of va’s do outsource/subcontract their work to other va’s so that they may provide their clients with a wider range of services that they may not be able to normally on their own. Is this a bad thing “no” but in my own opinion I feel that they need to let folks know right from the start that they will indeed be outsourcing the work to someone else. Ask if they have the subcontractor’s sign a non disclosure/compete agreement for your privacy. Working with a virtual assistant is all about trust!

Partnering with a Virtual Assistant can be a wonderful thing! They can not only save you time but money and of course sanity! We all offer our clients a unique skill set and I believe that no two are the same.

Filed Under: Bookkeeping, General News, Virtual Assistant · Tagged: Bookkeeping, DarceeSellers, Entrepreneur, independent contractor, small business, social networking, socialnetworks, Tips, twitter, VA's, Virtual Assistant, YourSavvyVA

Aug 12, 2009

What business structure is right for me? Part:5 Limited Liability Company (LLC) | Small Business Information

By Darcee · Leave a Comment

Limited Liability Company (LLC)
The LLC is a relatively new type of hybrid business structure that is now permissible in most states. It is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Formation is more complex and formal than that of a general partnership.
The owners are members, and the duration of the LLC is usually determined when the organization papers are filed. The time limit can be continued, if desired, by a vote of the members at the time of expiration. LLCs must not have more than two of the four characteristics that define corporations: Limited liability to the extent of assets, continuity of life, centralization of management, and free transferability of ownership interests.

Federal Tax Forms for LLC
Taxed as partnership in most cases; corporation forms must be used if there are more than 2 of the 4 corporate characteristics, as described above.

In summary, deciding the form of ownership that best suits your business venture should be given careful consideration. Use your key advisers to assist you in the process.

Information compliments of www.sba.gov.

Filed Under: Bookkeeping, General News, Virtual Assistant · Tagged: Bookkeeping, DarceeSellers, Entrepreneur, independent contractor, mileage, QuickBooks, small business, Taxes, Tips, Virtual Assistant, YourSavvyVA

Jun 29, 2009

What Business Structure is right for me? Part 2: Sole Proprietorships

By Darcee · 2 Comments

Sole Proprietorships
The vast majority of small businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day responsibilities for running the business. Sole proprietors own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts. In the eyes of the law and the public, you are one in the same with the business.

Advantages of a Sole Proprietorship

Easiest and least expensive form of ownership to organize.
Sole proprietors are in complete control, and within the parameters of the law, may make decisions as they see fit.
Sole proprietors receive all income generated by the business to keep or reinvest.
Profits from the business flow directly to the owner’s personal tax return.
The business is easy to dissolve, if desired.

Disadvantages of a Sole Proprietorship

Sole proprietors have unlimited liability and are legally responsible for all debts against the business. Their business and personal assets are at risk.
May be at a disadvantage in raising funds and are often limited to using funds from personal savings or consumer loans.
May have a hard time attracting high-caliber employees or those that are motivated by the opportunity to own a part of the business.
Some employee benefits such as owner’s medical insurance premiums are not directly deductible from business income (only partially deductible as an adjustment to income).

Federal Tax Forms for Sole Proprietorship (only a partial list and some may not apply)

Form 1040: Individual Income Tax Return
Schedule C: Profit or Loss from Business (or Schedule C-EZ)
Schedule SE: Self-Employment Tax
Form 1040-ES: Estimated Tax for Individuals
Form 4562: Depreciation and Amortization
Form 8829: Expenses for Business Use of your Home
Employment Tax Forms

** Information compliments of http://www.sba.gov

When choosing which structure is correct for you, you should consult your accountant or lawyer if you have questions and are unsure what consenquences you may face as a result of your choice.

Stay turned for Part 3: Partnerships

Darcee