By On Oct 09, 2019 Templates
Over the last decade, limited liability companies (LLCs) have become one of the most preferred forms of business entities through which to hold title to investment real estate properties. LLCs did not come into existence in the United States until 1977 when the State of Wyoming enacted special legislation to accommodate the needs of oil companies. Prior to LLCs, real estate investors seeking limited liability protection were largely limited to using corporations to acquire title—a form of entity that has potential drawbacks. Florida followed Wyomings lead a few years later by enacting its own LLC statute in 1982 and now all 50 states have enacted legislation creating some form of the LLC business structure. The insulation from personal risk exposure for real estate investors provided by LLCs, coupled with the relative ease of administration and potential tax benefits, make ownership of investment property through an LLC a very desirable option in most instances.
Back in the days before e-commerce, every job was billed using paper invoices, everyone was paid with paper checks, and all those paper records were delivered in person or sent in the mail. Back then it was easy to put together the information needed for an invoice. For the self-employed freelancer in the 21st century, things are no longer that simple and it affects what you put on your personalized invoices. You may still be mailing paper invoices or you may be doing all your billing and payments over the internet, either using a website that accepts charge cards or an online payment system that uses email like PayPal. As a freelancer, this affects the part of your invoice that lists how you want to get paid. You may even offer your client a variety of payment options, and all of those should be mentioned on your invoice
Whilst we have provided you with templates in Word and Excel below, the accounting system you use should do all of this automatically for you. Gone are the days when you need to use spreadsheets or type invoices out in Word. Most contractors will choose an accounting firm who specialises in the contracting industry-see our 10 tips for choosing an accountant. Your chosen accountant will be able to guide you through our 10 easy steps to setting up your company and getting started. One of these steps will be to set up your accounts online using one of the popular cloud based systems like FreeAgent or Xero. If you are just starting out and have not yet chosen your accountant them please consider our chosen accounting partner who we recommend for providing specialist accounting services for contractors and small business.
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