There is a new set of Accounting Standards that will impact the financial statements of most businesses as early as 2019.FASB ASC 842 will now require private and publicly traded companies to include lease obligations on their Balance Sheets.Publiclycompanies will have to comply by 2019 but private companies have until the fiscal year of 2020 to report the new standard.Lease Administration Software is even available for those companies that want to adopt FASB 842 early.
FASB which stands for Financial Accounting Standard Board which is an independent private not for profit organization and has the authority to establish and interpret generally accepted accounting principles (GAAP).
The following is an article that I want to share with you from the blog of Jonathan Christian Hudson. He is the founder of a company called the Hero Company also known as the Social Man.
His company sells digital products to men relating to dating advice. He sells his products to his customers online and has about 20 to 25 virtual employees. I believe that his company sells between 20 to 25 million in annual sales.
Below is an article from his blog that I thought would be an interesting read called How To Grow A Business. I hope you will enjoy it as much as I did.
In March 2016 Sports Authority which is a Sporting Goods store chain with over 460 stores in 45 US states and Puerto Rico has filed for Chapter 11 bankruptcy. In May 2016 news got out that all of their 460 stores will close.
The news for other retailers also looked dim. Sears which was once America’s largest retailer announced plans in April 2016 to shut 68 Kmart stores and 10 Sears stores. In May 2016 Ralph Lauren stated that they have scheduled to close 50 stores . Aeropostale filed for chapter 11 bankruptcy in July 2016. In March 2016 parent company of Men’s Warehouse announced closing of 250 stores. Continue reading “What is the Future of Retail?”
Their are many things to consider when you’re starting a business such as insurance, rent, advertising, payroll and much more. I think that one of the most important decisions to make when starting a business is what type of entity should it be. By that I mean will it be a partnership, sole proprietorship, Corporation or LLC (Limited Liability Company).
Over the past several years I have seen many businesses form a Limited Liability Company over a Corporation. The LLC has gotten to be a pretty popular way of doing business. According to Wikipedia a Limited Liability Company is a hybrid business entity that has certain characteristics of a corporation, partnership, or even sole proprietorship (if it has only one owner.) But before you run out and start your business and form an LLC let’s compare it to the S Corp to see which one is right for you.