The Firm of Gardner & Billing, CPAs PLLC

Of all the choices you make when starting a business, one of the most important is the type of legal structure you select for your company. Not only will this decision have an impact on how much you pay in taxes, it will affect the amount of paperwork your business is required to do, the personal liability you face and your ability to raise money. It's not a decision to be entered into lightly, or one that should be made without sound counsel from business experts. It's important for business owners to seek expert advice from business and legal professionals when considering the pros and cons of various business entities. That advice can come from a variety of sources, ranging from the no cost/low cost, such as the SBA, to professional attorneys and accountants who can serve as valuable sources of information throughout the life of your business. The decision should be based on several factors: 1. Legal liability To what extent does the owner need to be insulated from

By Amorette Allison, Miles City Star Many property owners in Custer County and throughout Montana received a letter in the mail recently from the Montana Department of Natural Resources that had something to do with water rights.   The letter has confused more than a few people. The letter was sent to property owners throughout the state who might have either an in-stream or groundwater right on their property.   The letter is giving holders of water rights an opportunity to formally file for that right if they have not done so previously.   According to the state officials, if property owners know that they have a water right and it was filed for at some time in the past, they can ignore the letter.   And if the property has neither a stream nor a water well, the letter can also be ignored.   State Rep. Brad Hamlett (D-Cascade), formerly a four-term state senator, introduced a bill in the 2017 legislature with the short title o

In Part 3 of our New Business Series, we're looking at the concept of a formal business plan.  A business plan describes the business: how it operates, how it is managed, how it interacts in the marketplace, how it functions financially and what its strengths and weaknesses are.  The following excerpt from the SBDC Small Business Start Up Guide explains the importance of a well thought-out business plan.  The process may seem intimidating, but the benefits of a formal business plan aren't just limited to new businesses; it can also help owners of existing businesses re-evaluate and solidify their goals. So, here are five reasons why you should write a business plan: 1) To test the feasibility of your business idea. Writing a business plan is the best way to test whether or not an idea for starting a business is feasible, other than going out and doing it. In this sense, the business plan is your safety net; writing a business plan can save you a great deal of time and mone

In Part 2 of our series, we're exploring the SBDC Business Start-Up Guide.  Did you know that only 20% of new businesses survive past their first year? And only 50% of those will make it to 5 years!?  (Source USA Today).  If you want to be one of the success stories, then you need to be prepared.  Let's look at the SBDC new business checklist: If you're starting a new business, you probably have enthusiasm and what you think is a good idea to make you some money, but part of making a successful business is evaluating both your idea and yourself before going off with nothing but blind ambition. The SBDC guide recommends conducting market research as part of your business development process so that you understand your proposed market and the potential demand for your product or service.  This might mean using your own experience and the connections within your industry or conducting interviews or surveys of potential customers.  Regardless of how you go about it, here a