Two business entities available when starting a business I believe it’s important to write an article or two about the various business entities that are available to a person starting a business. With the economy remaining in the doldrums, good and experienced employees are still losing jobs. Some of these people will start or buy a business, predominantly due to the fact that there are no available employee-type jobs. Some information about the various business entities available might be of use. The simplest form of business entity is called a sole proprietorship. A sole proprietor reports all of the income and expenses of the sole proprietorship on a Schedule C. This Schedule C becomes a part of the taxpayer’s Federal Form 1040. “Jerry’s Landscaping and Income Tax” would be an example of a sole proprietorship. This business registers its name at the county level and thereby protects that name. If Jerry’s Landscaping and Income Tax goes downtown Grand Rapids and registers that business name with the Kent County Clerk’s office, no one else would be able to confuse the public by operating a business in Kent County under that name. That doesn’t stop someone from operating a business in another county using that name, so the safe thing to do might be to also register the name in the surrounding counties. It doesn’t happen often, but it does happen, and those situations sometimes end up in the courts. The next less simple type of business entity is called a Limited Liability Corporation (LLC). As the name implies, an LLC can potentially remove liability issues from the taxpayer level and encapsulate those liability issues within the LCC. If done properly, potentially only the assets within the LLC are subject to liability claims. I say “potentially” because I’m not an attorney, but my conversations with attorneys have led me in that direction. LLC registration occurs at the State of Michigan level by filing an Articles of Organization form. This gives the taxpayer the right to re-name his business to Jerry’s Landscaping and Income Tax LLC. It also protects this name at the entire state level. No one in Michigan would be able to operate under that name. It wouldn’t stop someone in another state from using […]
October 1 2009
by BECKY ERSTE-HOLMBERG The students from Rockford’s eight elementary schools were recognized for their summer reading program on Friday, Sept. 27 at the Rockford High School’s football game against Grand Haven. Rockford Public Schools Superintendent Dr. Michael Shibler announced the elementary schools that participated and commended the students and their families for their commitment to the importance of reading over the summer. The schools that were represented were Meadow Ridge, Lakes, Cannonsburg, Crestwood, Belmont, Roguewood, Valley View, and Parkside. Kathy Munger, the reading specialist from Meadow Ridge, commented on “what a beautiful night it was to see how fortunate we were to see so many of our families supporting our literacy programs.” The kids were required to read a total of 10 books of their reading level during the summer and were rewarded with a party during the beginning of the school year. They were recognized before opening kickoff of the high school’s football game. It was a record crowd! And the elementary students were proud of their accomplishments. The evening was topped with an exciting nail-biter of a football game, with Rockford coming out ahead.
Air Force Airman Nicholas A. Kisielewski graduated from basic military training at Lackland Air Force Base, San Antonio, Texas. The airman completed an intensive, eight-week program that included training in military discipline and studies, Air Force core values, physical fitness, and basic warfare principles and skills. Airmen who complete basic training earn four credits toward an associate in applied science degree through the Community College of the Air Force. He is the son of John Kisielewski of South Monroe Street, Rockford. Kisielewski is a 2008 graduate of Rockford High School. • • •
Thursday, October 1 Super Foods Lifestyle—8 to 9:30 p.m. at International Bodyworks Fitness, 8830 Belding Rd., Rockford. In this free seminar with Dr. Jorge Rodriguez, learn how to achieve amazing health benefits, 20 foods that will change your life, and how your diet is making you sick. Saturday, October 3 Rockford Fiddle Fest—“2nd Annual West Michigan Fiddle Competition,” beginning at noon, rain or shine, at Garden Club Park on the stage by the Rogue River. For more information, contest rules or registration forms, visit www.rockfordmichamber.com or e-mail email@example.com. Presented by Rockford Chamber of Commerce and hosted by the West Michigan Bluegrass Music Association. Rockford Farm Market—8 a.m. to 1 p.m. every Saturday through October 31, in the South Squires Street parking lot, off Main St., downtown Rockford, featuring Michigan-grown produce, fresh baked goods, flowers and plants. Flu Shots—10 a.m. to 3 p.m. at D&W Fresh Market, Rockford, in the second-floor café. Cystic Fibrosis Garage Sale—9 a.m. to 4 p.m. at 193 Courtland St., Rockford. Proceeds go to Cystic Fibrosis Foundation. Sunday, October 4 Flu Shots—noon to 3 p.m. at D&W Fresh Market, Rockford, in the second-floor café. Rockford Lions Pancake Breakfast—9 a.m. to 1 p.m. at American Legion Hall, 330 Rockford Park Dr. (corner of Northland Dr.), Rockford. Cost is $5 for adults, $3 for kids 5-12, and free for kids under 5. CROP Walk—2 p.m. (registration at 1:30 p.m.) at Wolverine World Wide Family YMCA, 6555 Jupiter Ave., Belmont. Donations help the food pantry at Church of the Holy Spirit, Belmont, plus national and international relief agencies. Walk 3.2 miles on the White Pine Trail. For more information or to sign up, contact Pat O’Neill at (616) 866-5131 or visit www.whitepinesumc.org. Monday, October 5 Cub Scouts Recruitment Night—6:30 to 8:30 p.m. at Bostwick Lake Congregational Church, 7979 Belding Rd., Rockford, for boys interested in joining. Come have fun and learn more! Hosted by Pack 3228. Tuesday, October 6 Mended Hearts Meeting—7 p.m. at Spectrum Health Fred & Lena Meijer Heart Center, 100 Michigan St. NE, Grand Rapids, in Room 8815 on the eighth floor. Mended Hearts, a volunteer nonprofit support group affiliated with the American Heart Association, offers hope, information and encouragement to heart patients, families and caregivers through those who have experienced heart disease. For […]