Partnerships are one of the most common ways for two or more people to run a business together. They can be simple to form and offer flexibility, but they also come with important responsibilities. From agreements and taxes to contributions, self-employment rules, and how partnerships can change over time, here are seven key points every business owner should understand before starting or joining a partnership.
As a business owner, have you ever been puzzled by why your net income seems to fluctuate drastically from month to month? If so, you’re not alone. Many business owners face this issue, often due to using cash basis accounting. At Rakoty Accountants, we highly recommend switching from cash basis to accrual basis accounting to […]
If you’re a business owner with an LLC (Limited Liability Company), understanding the various tax deductions available to you is essential. At Rakoty Accountants, based in New Jersey, we specialize in helping LLC owners like you minimize their tax liabilities while maximizing deductions. In this guide, we’ll cover the most common expenses you can claim […]