What advantages does the merchant derive from book-keeping by double entry? It is amongst the finest inventions of the human mind. – Jahann Wolfgang von Goethe If you can carry around all your worldly assets in your pocket, and you spend all the money you receive every day on basic living expenses, then you don’t...Read More

The major effect of computer technology on U.S. tax administration from the taxpayer’s point of view has been a staggering increase in complexity. Aside from the single individual with no source of income other than wages, taxpayers have been forced to either retain the services of a paid tax return preparer, or to use tax...Read More

The following invented scene is based on many disheartening real-life encounters with clients: MR. CLIENT: I’ve been going to a business consultant, and I’m just not sure about the advice he’s been giving me. I just felt sort of uncomfortable with some of it and thought it would be good to get a second opinion....Read More

CharacteristicsSole ProprietorshipGeneral PartnershipLimited Liability CompanyS CorpCorporationFormationJust one owner. No state filing requiredTwo or more owners, called partners. No state filing required.State filing required; most states do not require more than one owner. Owners are called membersState filing required. One or more owners, called shareholders. Restrictions on who can be an owner.State filing required. One or...Read More

There have been numerous studies of small business failure rates resulting in almost as many different conclusions. I’ve seen figures as high as 50% within the first year and 95% within the first five years. Some of the studies counted such indicators as abandoned assumed names as failures. But there are many reasons for abandoning...Read More

I recently viewed a video called Forty-Five Days. It was about the short, hellish life of broiler chickens that have been genetically engineered to put on weight much faster than normal chickens. The poor creatures had trouble standing on their spindly little legs, whose growth does not keep up with their bloated bodies. During the...Read More

A couple of months ago, I completed an online driving course. Two days ago, as I was filling out an application for auto insurance, I realized I had misplaced the certificate I needed from the driving school to get a discount on my insurance. The school’s website advertised 24-7 support. Without a great deal of...Read More