What to Expect
A solid foundation that represents the longevity of a business relies on continuous planning, a realistic vision, and a disciplined approach to encourage leadership and executive skills. The foundation begins with the brand, organization, relationships, and creations that integrate a legal strategy to create a separate legal entity and positive impact. The development of a substantial foundation is considered an investment to generate separation from business and personal assets and capitalize on assets such as patents, trademarks, and copyrights shown on a balance sheet. The primary source of revenue is a collection of payment and return on investment while recording all financial transactions to maintain the longevity of the operations. The bottom line is applying procedures to develop financial reports, process payroll, and record financial transactions to reflect assets while retaining the legal aspect of the business.
20 years Experience
Angel Garcia, MBA
Ian Wilson, MBA/BSPE
Business Structuring LLC
Registering a business is most significant when starting a company. Nevertheless, the required paperwork and process can vary depending on the business structure. For example, BAM develops Sole Proprietorships, forms Limited Liability Companies (LLCs), S-corporations, and others. The objective of implementing an LLC is to maximize flexibility by utilizing methods of managing with unlimited owners (members). The benefit of an LLC enables protection for individuals who are not personally responsible for business debts and liabilities. Likewise, referring to taxes, the business structure offers pass-through taxation while existing as a separate entity.
Profits and losses are relevant to business owners who report this information on their tax returns. However, unlike corporations, businesses do not need to pay federal income taxes since they're not considered separate entities. The many benefits of an LLC
Distinct legal identity - When considered a separate entity, personal assets remain legally protected from individuals or companies receiving personal assets in judgments against your business
Limited liability - Because an LLC is a separate entity, the company's owners have limited liability and consider the essential benefit of operating as a limited liability company.
Perpetual existence - Unless an organization's articles specify differently, the company has perpetual existence allowing owners to change without triggering a dissolution.
Flexible management structure - Provides organizational flexibility acclimating to changes and remaining responsive to opportunities and threats while staying agile in decision-making.
Free transferability of financial interests - The opportunity to disseminate profits and losses and obtain distributions from the LLC. These rights are the member's personal property, and the default statutory rule allows the ability to be transferred without restriction.
Pass-through taxation - the benefit of not dealing with double taxation as the revenues and expenses "pass-through" onto the owner's tax return. The owner pays tax on profits or deducts losses collectively with personal income and expenses.
Patents | Trademarks | Copyrights
Filing for a patent confers the “right” to prohibit others from producing, selling, or utilizing your innovation. A patent allows the owner to create or sell without others replicating. In addition, owners are legally granted a monopoly for a limited time. Finally, once given a patent, it presents an opportunity to secure financial investors and earn profit in exchange for accepting risk.
Today, many innovations deliver improvements to other market initiatives. The process allows alterations when developing a patent; this is repeatedly made achievable with written permission from the original inventor(s) who benefit from ownership of the license when considering revenue. Having control of a patent can secure investors, earn a profit, and continue as a competitive advantage.
Filing for Trademark creates a business asset representing value and nurturing the business to grow. The more significantly the company expands and improves, the more such growth increases the brand relevance with product, packaging, and interactively communication with customers.
Before filing a Trademark, BAM suggests completing an LLC or a business entity to facilitate the ownership under the formation. The legal presumption is that the business filing owns the Trademark and maintains all rights. The benefit of Trademarks is the ability to protect the business from a lot of unnecessary costs, such as reprinting business cards, brochures, advertising, stationery, and signs when another company has a similar logo or name.
The benefits of copyright registration include the announcement as a public record of ownership and the ability to enforce Copyright with the infringement lawsuit. Although the process is not mandated, copyright registration provides valuable legal protection while enabling others to find practical work and protected information. The real benefit is the ability to avoid costly and timely litigation while balancing the rights of authors and the rights of public use of the protected work. Revenue can be generated when others seek permission to use, suggesting royalties payments. Under copyright laws, authors have the right to control their work and use respectively to enacted laws by congress.
The arrangement BAM offers benefits companies who want to confirm that their employees and taxes are paid accurately and submitted on time. As a result, business owners save money when eliminating unexpected expenses and surprising tax penalties. BAM payroll service delivers convenience and reassurance that taxes are paid correctly, safeguarding against penalties, fees, and fines while streamlining and managing team member payments. In addition, the provided process automates payments with local and federal regulations and reduces human resources, enabling other essential tasks, strategic planning, and tracking budget requirements.
The most critical issue for businesses is the ability to collectively manage taxes relevant to federal, state, and local taxes with current tax rates, social security, and Medicare fees required to calculate payroll taxes. BAM provides adequate communication in the interest of our clients, along with HR and various employees, to meet deadlines and tight schedules, and ensure wages to employees on time.
Bookkeeping | Tax Services
The Bookkeeper and Tax services provide accurate reporting consisting of up-to-date financial information based on financial activities and the position of a business along with other entities. BAM believes that the measurement of wealth and health reflects the company’s pulse, illustrated by strategy and detailed reports to enable accurate decision-making.
BAM focuses on the core business process, materializing a system of measures, and identifying best practices to achieve operational goals. In addition, our Solution Provider maintains a significant background in finance and working knowledge of accounts payable, receivable, and preparing taxes. As a result, clients receive a professional perspective pertinent to reporting from key performance indicators (KPIs) to illustrate a more comprehensive picture underlining the organization’s anticipations. Meanwhile, ensuring an accurate accounting system, schedule bills, and confirming cash flow. Our bookkeeping capabilities aim to safeguard credit, maintain correct balances, and provide the necessary confidence to make sound decisions.
To ensure correct tax filings relevant to the business structure, the team acknowledges various tax requirements, corporate tax payments, 1099s for contractors, an assortment of other types of fillings, and the ability to process payroll. In addition, the knowledge and skills of the team can resolve conflicts of interest with business partners, be the gatekeeper of the money, and create the necessary approval process to confirm transparency.
The BAM solution provides a holistic approach to streamline operations to save valuable time, enabling business owners and employees to do fewer tasks without sacrificing quality or value. In addition, we provide an arrangement of IT support to maintain sustainability, reduce downtime, and improve productivity. Finally, our purpose is to enable storing, sharing, and backup of vital files, reinforcing the critical protection methods to shield unauthorized individuals.
BAM solutions boost instant access to files, immediate feedback on collaborative projects, and the ability to automate processes and data analysis while providing faster results and rapid task resolutions. In addition, the ability to identify problems quicker allows us to analyze complex issues to assist our clients effectively and efficiently.