As the Summer season quickly approaches it is nice to have a list of books to read in case your busy life allows you to head to the beach. I often find that entrepreneurs usually don’t have the time or interest in reading the latest novel to hit the shelves, so here is a great list of essential business books from Forbes.com. So sit back and relax with a book and a beer and call it “work research”!

Click HERE for the list of books.

Small business owners need to read this recent article from The Washington Post. It does a very good job explaining the new law buried in the healthcare bill requiring small businesses to issue 1099 forms to people or companies that sell them more than $600 worth of goods or services and it offers ideas on how to handle all this new paperwork. Read an excerpt below:

Tucked away in the health care overhaul bill that became law this year was a provision that will require small business owners to keep better records of what they buy. They’ll also have to report some purchases to the government.

This new law requires small businesses to issue 1099 forms to people or companies that sell them more than $600 worth of goods or services. It takes the 1099 beyond its most common business use, which is to report money paid to independent contractors or freelancers.

The law doesn’t take effect until Jan. 1, 2012, which means owners won’t have to worry about the paperwork until early 2013, when they’re compiling their 2012 returns. But owners whose books and finances are chaotic might want to get themselves organized in the meantime so keeping track of such payments and reporting them becomes routine.

The law, called a revenue provision, was attached to the health care legislation that Congress passed and President Barack Obama signed into law in March. According to Congress’ Joint Committee on Taxation, under the new law a business is required to file a 1099 form “for all payments aggregating $600 or more in a calendar year to a single payee.”

Between now and the Jan. 1, 2012 effective date for the law, the IRS will be formulating regulations that spell out what businesses must do under the law. Eric Smith, a spokesman for the agency, said that as with any regulations, the public will be able to comment on those regulations before they also take effect.

Because the regulations don’t yet exist, it’s hard to predict exactly what businesses will have to do to comply.

The law is designed to stop businesses, in this case vendors, from evading taxes on their income. The fact is, there are companies that don’t report all their sales, particularly small transactions. But if a customer has to issue a 1099, which reports a payment to the government, the vendor that doesn’t report a matching sale could get a letter from the IRS questioning the discrepancy.

PAPERWORK OVERLOAD?

There’s no getting around the fact that a requirement that companies issue 1099s for purchases will create more work. How big the burden is will depend in part on how many purchases a business makes. But the greater determinant will be how organized the company is. Owners whose accounting system is a pile of receipts jammed into file folders are going to have a miserable time.

The easiest way to keep records of your business purchases is with software that tracks all your expenses. But while software to help small businesses keep their books is relatively inexpensive – some programs cost less than $200 – accountants say many owners are still shy about going high-tech.

The new 1099 requirement might persuade some of the reluctant ones to make the change. Software designed to help run a small business includes payroll applications that can generate 1099s. The companies that make the software will have updated versions that comply with the new law by the time it goes into effect. So the same software that tracks your purchases will be able to create 1099s and make it easy for you to send them to the IRS.

Read the full article HERE.

To read another informative article on this same topic click HERE.

Every day thousands of people travel by airplane, but only a few of them own their own plane. Question, “How many airplanes does U.S. Airways own? Or Delta, or Continental, or American Airlines? The answer is ZERO. No airline owns its own planes. Airlines are structured as multiple entity operations with a central operating company which leases each airplane from its own separate entity.

Why? Although the airplane is one of the safest ways to travel, accidents do happen. If you own an airplane you should consider using this same technique to maximize your liability protection. By owning the airplane in a Delaware LLC you shield your personal assets from creditors in case of an accident and/or lawsuit. For the best protection, let’s take a look at how Harvard Business Services, Inc. can help.

Bill, the owner of an airplane calls up HBS and asks “I own my own plane and I want to protect my other assets from liability arising from the plane? They tell me a Delaware LLC is one of the best asset protection entities, is that true?”

Yes it is, Bill, and here’s how we can help:

• We can form a Delaware LLC for you which will own the plane and provide you with asset protection and anonymity of ownership.

• We can form separate LLCs for your other major assets, to keep them out of your name alone.

• If you are sued for an accident, we can supply you with Certificates of Good Standing proving the validity of your multi-entity structure. With the strongest asset protection by law, a Delaware LLC will help provide another layer of protection that will make lawyers reconsider suing you personally.

• If you own a home, having a Delaware LLC could help provide protection from someone coming after your home and causing you to loose it. Also, be sure to check your State’s “Homestead Laws” as these laws vary from state to state.

• If you own any other real estate such as a farm, beach house, etc. be sure to put these in separate Delaware LLCs. This will place a big brick wall up helping you to protect each individual asset you own, and it will help you with your estate planning, as well.

• There may also be tax advantages to using multiple entities depending on your individual tax bracket and situation. For tax information you should consult with your accountant or tax professional.

Many of the major airline companies worldwide are incorporated here in Delaware to protect their assets. Why Delaware? Because Delaware’s legal infrastructure will stand behind you if you’re sued.

For detailed information on how HBS can help protect you as an aircraft owner click HERE.

We also understand the special needs of an aircraft owner as HBS offers a unique FAA Mail Forwarding Service, for detailed information click HERE.

To start protecting your assets, call Harvard Business Services, Inc. to get your aircraft and other major assets into separate Delaware LLCs today. 1-302-645-7400