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Hidalgo County Herald
Lordsburg, New Mexico
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October 27, 2010     Hidalgo County Herald
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October 27, 2010
 

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HIDALGO COUNTY HERALD FRIDAY, OCTOBER 29, 2010 3 SBDC Business formation and legal structure By SBDC STAFF, Silver City There are many forms of le- gal structure for you to choose from when starting or expanding your business. A specific busi- ness structure is generally chosen for liability and/or tax purposes. Here are the most general forms of legal structures and a brief summary of each: Sole Proprietorship - the most common form of business organization in which one person operates the business as an indi- vidual. The profits from the busi- ness are taxed as income to the owner personally. The income tax rate is usually lower than the corporate tax rates would be. The owner has complete control of the business, but faces unlimited liability for its debts. Partnership - exists when two or more persons join together in the operation and management of a business venture. A formal partnership agreement is recom- mended in order to address po- tential conflicts before they arise. There ,are two forms of partner- ships, general and limited. Un- der a general partnership, each partner is liable for all debts of the btisiness. All profits are taxed as income to the partners based on their percentage of ownership. Corporation - is a legal en- tity made up of persons who have received a legal charter recogniz- ing the corporation as a separate entity having its own rights, privi- leges and liabilities, apart from those of the individuals form the corporation. It is the most com- plex form of business organiza- tion and is comprised of three groups of people: shareholders, directors and officers. The cor- poration can own assets, borrow money and perform business functions without directly in- volving the owner(s) of the cor- poration. There are also two types of corporations that can be formed - "C" Corporation or Sub- chapter "S" Corporation. Each form having unique terms. Cor- porate earnings are subject to "double taxation" when the cor- poration is taxed and when passed through as stockholder divi- dends. However, corporations have the advantage of limited li- ability, but not total protection from lawsuits. Limited Liability Company (LLC) - is rapidly becoming a very popular business form. The LLC combines selected corpo- rate and partnership characteris- tics while still maintaining sta- tus as a legal entity distinct from its owners. As a separate entity, it can acquire assets, incur liabili- ties and conduct business. How- ever, as the name implies, it pro- vides limited liability for the owners. LLC owners risk only their investment; personal assets are not at risk. The professional version of this entity exists as Limited Liability Partnership (LLP) which is similar to the LLC and aimed at professional orga- nizations. The Small ,Business Devel- opment Center suggests that you research each legal structure thor- oughly and consult a tax accoun- tant and/or attorney prior to mak- ing your decision. The Western New Mexico University Small Business Devel- opment Center (SBDC) offers as- sistance to entrepreneurs who are starting a business or wanting to expand an existing business. These services are available at no VOTE DEMOCRAT .......... R00AMOS 10 YEARS EXPERIENCE AS I COUNTY COMMISSIONER I Thank You * MUCHAS GRACIAS i Turn to Channel 42 to compare my exper/ence with my Opponents. cost. Call 538-6320 for an ap- pointment with a business advi- sor, or email sbdc@wnmu.edu. The SBDC office is located on the second floor of the Besse-For- ward Global Resource Center on 12th Street. More information may be found at www.nmsbdc.com/silvercity/ index.html. Are you interested in finding out what the southwest areas is planning for New Mexico's Cen- tennial? Join the SW Centennial Committee and share your ideas. The next meeting is November 4, 10:00 a.m. at the Columbus Li- brary. Call the SBDC office for more information, and check out the web site: http:// nmcentennial.org/index.html. An archive of SBDC Busi- ness Reports can be found at h t t p : / / www.grantcountybeat.com/ Home.html Contact the SBDC office for information about this workshop: October 27 - "Gross Receipts Tax Reporting" Senior Citizens Lunch Menu Monday, November 1 Spaghetti Tossed Salad & Dressing Green Beans Garlic Bread Plums Tuesday, November 2 Chicken & Rice Broccoli Peas & Carrots Roll/Margarine Oatmeal Cookie Wednesday, November 3 Green Chili Hamburger Lettuce/Tomato/Cheese Onions/Pickles French Fries Cottage Cheese/Peaches Thursday, November 4 Chicken Fajitas Flour Tortilla Chile Beans/Cheese Gelatin/Pineapple Friday, November 5 Meatloaf/Gravy * Scalloped Potatoes Mixed Vegetables WW Roll/Margarine Shortcake Elks donate footballs to cheerleaders The Lordsburg High School Cheerleading squad recently expressed their appreciation to the Lordsburg Elks Lodge #1813. The Elks Lodge donated small footballs for the cheerleaders to throw out during the last home game. The footballs featured one of the Elks' primary messages, drug awareness. Courtesy photo My name is Jody Hatch and I want to be your next Hidalgo County Assessor. Why shOuld YOU vote for ME? I have worked for Hidalgo County for 9 years, the last 4 of those in my current posi- tion as Chief Deputy Assessor. When I was hired for the position of Chief Deputy it was with the intent that I would run for the assessor position when the time came. With that in mind I have worked to learn each and every, aspect of the job. I have gained valuable knowledge about this position and I am confident that I can provide the tax payers of Hidalgo County with the service that they deserve with out any disruption in the operations of the office. Hidalgo County Assessor tch YOU CAN COUNT ON ME! We're busy. And sometimes, we think we don't have enough information. But this year, there's too much going on to sit back and let somebody else decide what's best for you and your future. Of the People. For the People. /Vote For i' Rodolpho "Rudy" Martinez k NM State RelmmmMtlv DINflct J| Paid for by the Committee to Elect Rep. Martinez, Cheo Ortiz, Treasurer Get out and cast your VOT Tuesday, Nov. 2 Absentee Voting begins Oct. 5 arly Voting begins Oct. 16