Page 24 – North Central News, December 2012
TAKING CARE OF BUSINESS MONEY MATTERS
Is incorporating a good move? By Harvey Amwake, C.P.A.
There are many reasons why people feel they should incorporate their businesses. Very often these reasons are based on misinformation about the advantages of being a corporation. There are a number of things that being a corporation will not do for you. It will not automatically make you more profitable. It will not necessarily limit your liability on all transactions. It will not necessarily reduce your overall tax bill; it may, in fact, increase it. If you incorporate an existing business, you may find that your long established suppliers now require new financial statement information. They may also request that you sign a personal guarantee that you’ll pay amounts owed if the corporation cannot. Most
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closely held corporations are required to give the personal guarantee of the major shareholders in securing a line of bank credit for corporation purposes. This guarantee has the effect of not limiting your liability in reference to those bank loans. With a regular “C” corporation, business profits may be taxed twice—once at the corporate level and again at the shareholder level when paid out as dividends or a liquidation distribution. The double taxation that regular corporations face is generally avoided by making a special tax election known as a Subchapter “S” election. But not every corporation qualifies for S corporation status. You may find that the incorporation of your business has not only increased your income tax bill, but also increased payroll taxes because the previous proprietor is now an employee of the corporation. Incorporating your business can make a difference in the taxes you pay, the costs of doing business, and the amount of paperwork and red tape you’ll have. Because of the many legal and tax considerations, anyone considering incorporating should discuss the matter with both their accountant and attorney. For assistance, call us. This article is for general information only and does not constitute financial advice. If you have any questions about financial matters, consult a professional tax adviser. Harvey Amwake, CPA, is a tax and small business consultant with the accounting firm of Harvey E. Amwake, PLLC, at 6232 N. 7th St., Suite 105. He can be reached at 602-753-0377 or by e-mail at Harvey@AmwakeCPA.com.
Business Briefs Local biz combats computer viruses Identity thieves are constantly coming up with new and inventive viruses. Keeping up with the new attacks is a full-time job for Michael Sicard of DataFast. He currently is combating a new virus that pretends to be the FBI. This virus locks up your computer, accuses you of having child pornography and demands payment with Green Dot Money Pak cards to release your computer. “Then the virus attempts to hijack your computer and steals your information and all your money out of you accounts,” says Sicard. It’s been dubbed
North Central News, December 2012 – Page 25
TAKING CARE OF BUSINESS
the FBI Money-Pak virus. Some computer owners who realize it is a virus have caused data loss, and even the inability of the computer to run, by attempting to clean the computer without professional help. DataFast has serviced more than 3,000 computers in five states. If you think your computer is infected with this or any other invasive virus, Sicard recommends the computer be professionally cleaned so that you do not lose data. Data loss costs as much or more than money loss from viruses, he points out. For more information, visit the office at 742 E. Glendale Ave., call 623-486-9200 or go online to www.datafast.net.
Diamond Jim’s offers free gift certificates Diamond Jim’s, a jewelry store that also offers an eclectic mix of gently used collectibles, décor and more, is giving away store gift certificates, and everyone will have at least a $5 balance with the luckiest recipients receiving up to $50 to spend in the store. From now until Dec. 13, visit Diamond Jim’s, 6005 N. 16th St., and claim your free gift certificate by registering for the store’s $300 December Shopping Spree. Only one gift card per household. In times like these, who doesn’t want a bit more shopping money? Diamond Jim’s features fine jewelry, select Southwest items, on-site jewelry repair and much more. For more information, call 602-466-1772 or visit www.DiamondJims4Cash.com.
Office complex adds new tenant Recent upgrades by new owners of the Camelback Arboleda office complex at 1661 E. Camelback Road have attracted new leasing activity. The recent lease by Rimkus Consulting Group, Inc. for 6,124 square feet over a seven-year term brings the office property to approximately 80 percent occupancy. Camelback 1661 LLC, an affiliate of Westport Capital Partners LLC of El Segundo, Calif., and Wilton, Conn., recently acquired Camelback Arboleda, a 178,792-square-foot office property. “The new owners have invested substantial capital in the property, renovating common areas, painting the exterior and generally upgrading the project,” says Chris Latvaaho of Cushman & Wakefield of Arizona, one
of the leasing agents for the Camelback Arboleda project. “This modernization has attracted noteworthy tenant activity, which appealed to the Rimkus Consulting Group. The company selected Camelback Arboleda because of its renovated finishes and the appeal of the Camelback Corridor amenities.” Rimkus Consulting Group, Inc. is a Houston-based international consulting company. The company is one of the world’s foremost forensic engineering and consulting firms, operating 39 offices throughout the United States and Europe. Rimkus Consulting Group will relocate its Phoenix office from 7600 N. 15th St. to Camelback Arboleda in May 2013.
Drybar blows into Phoenix Drybar brings its refreshingly simple “No cuts. No color. Just blowouts” concept to Phoenix with the opening of its second Arizona location, at 3172 E. Camelback Road. “We are thrilled to be opening our second Drybar in Arizona,” said Alli Webb, Drybar founder and longtime stylist. “Our existing Scottsdale shop in the Scottsdale Quarter has been warmly embraced by the lovely ladies in Arizona and we are ecstatic to open Drybar in Phoenix.” With blowouts at a flat price of $35 regardless of hair length or thickness (wash included), Drybar’s style list reads like your favorite cocktail menu: the Cosmopolitan (lots of loose curls), the Straight Up (simple and straight), Southern Comfort (big hair with volume), Mai Tai (messy and beachy), Manhattan (sleek and smooth) and for the little ladies, the Shirley Temple at $24. Drybar offers custom Italian chairs, tufted fabric walls, marble bar with built-in iPhone docking stations, and flat screens featuring your favorite chick flicks. Appointments can be booked online at www.thedrybar.com, through the Drybar iPhone App, or by calling 480-607-5064.
Phoenix Hosts GoGreen Conference GoGreen Phoenix takes place Thursday, Dec. 6, at the Phoenix Convention Center West Building, first floor, 100 N 3rd St. During the second-annual sustainable business conplease see GOGREEN on page 26
The Importance of a Revocable Living Trust as Part of Your Estate Plan The Revocable Living Trust is often the primary legal document in an Estate Plan and controls the management and transfer of your assets. An Estate Plan should also include a Will, Durable Power of Attorney, Health Care Power of Attorney, and Living Will. A Revocable Living Trust is designed to accomplish several things, including: s Provide the security to know that your affairs are
By: Hillary P. Gagnon
s Reduce the burden on your family in the event
Partner 602.234.7844 email@example.com
of your disability or death. s Provide for management of your assets by a
Successor Trustee in the event of your incapacity and avoid the need for a court appointed conservator.
s Ensure that your wishes as to the transfer of your assets at your death are
honored and carried out. s Allow children and loved ones to grieve without conflict and added stress of a
probate proceeding and forced decisions as to the distribution of your assets. s Hold your assets in Trust following your death for your minor children, avoiding
the need for a minor conservatorship court proceeding. s Provide for the management of your assets in Trust following your death for
the benefit of a disabled minor or adult child, spendthrift beneficiary, or adult beneficiary needing oversight over finances. s Provide protection of your assets following your death from your children’s or
beneficiaries’ potential creditors. s Leave specific gifts at your death. s Implement planned giving strategies and/or leave specific charitable gifts. s Provide for simpler and quicker asset distribution - avoiding probate on all
assets transferred to the Trust. s
Avoid or reduce estate taxes (depending on the size of your estate).
s Protect the privacy of your estate plan.
When properly prepared, a Trust and Estate Plan will clarify your wishes and simplify the process of managing and transferring your assets in the event of your disability and upon your death. It can provide you with the security to know that you and your family will be protected and provided for and your wishes honored.
About the author: Hillary P. Gagnon is a partner with Jennings, Haug & Cunningham, LLP. Her law practice is focused in estate planning and probate law where she assists clients with developing and preparing a personalized estate plan appropriate for their individual and family needs and also assists families and individuals with guardianshipes, conservatorships and post death administration of trusts and estates in both contested and uncontested matters. The information provided in this article is offered for informational purposes and does not offer legal advice to readers about specific situations. You should consult an attorney for advice regarding your individual situation.
www.JHC-LAW.com 2800 N. Central Ave
Phoenix, AZ 85004
Page 26 – North Central News, December 2012
A nd She Was . . . Boutique
TAKING CARE OF BUSINESS
GOGREEN continued from page 25
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ference, brought to you by the city of Phoenix and presented by Arizona Public Service (APS), the city will showcase its extensive green business initiatives, incentives and programs. Phoenix Mayor Greg Stanton will kick off the event with opening remarks and host The Mayors Challenge: Urban Sustainable Development Solutions panel, alongside the mayors of Mesa and Tempe, from 12 to 1 p.m. The city of Phoenix was recently announced as one of 20 finalists in the Bloomberg Philanthropies Mayors Challenge for its proposal to transform Phoenix into the smartest energy city in the world. City officials also will host a gallery of experts from 10 a.m. to noon at the city of Phoenix Eco-Hub: Advice & Incentives For Local Businesses Going Green. Experts from the city will offer actionable next steps for attendees. The city of Phoenix offers local businesses a variety of services to implement sustainable practices that benefit the community, the environment and their own bottom line.
For more information and tickets, visit phoenix.gogreenconference.net. Single full admission tickets are $150 and group rate full admission tickets are $125 (groups of two or more).
Hampton revamped in Camelback Core Hotels recently Hampton announced the conversion completion and official opening of the 120-room Hampton Inn Phoenix-Biltmore, at 2310 E. Highland Ave. The revamped property is the product of a $1.8-million renovation to the hotel’s lobby, breakfast lounge and guestrooms, which follows its recent $5.5 million hotel-wide renovation in 2009. The Hampton Inn PhoenixBiltmore offers 2,700-square-feet of flexible meeting and event space, including the Phoenix Room, capable of hosting 100 guests. The property is operated by Concord Hospitality Enterprises; the hotel is owned by MIG Real Estate Services LLC, and it is the 16th Hampton property in Phoenix. To find out, visit www.hampton.com.
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North Central News, December 2012 – Page 27
TAKING CARE OF BUSINESS
New store offers gift, home selections NeNe Unique, featuring an eclectic mix of antique, vintage and new items for the home, has opened at 6042 N. 16th St., just north of Bethany Home and next door to Hobe Meats. NeNe Unique offers an array of furniture, original oil paintings, prints, candles, unusual decorative items, seasonal specialties and more. The store is locally owned by KEZ radio morning show host Beth McDonald and husband Mike, her sister Erin Lazoff and husband Tom, and family friend Jim Ifflander and wife Lauren. Beth’s sister, Kelley McNeill, manages the store. The store is named after Beth and sisters’ maternal grandmother Anesa Geha, lovingly known as “NeNe.” Store hours are 10 a.m.-6 p.m. Tuesday through Friday; 10 a.m.-5 p.m. Saturday, and 12-4 p.m. Sunday. For more information, call 602-6331760 or visit www.neneunique.com.
New PWA group hosts ambassador In an effort to connect, inspire and advance Valley businesswomen, the Greater Phoenix Chamber of Commerce announced the introduction of its new professional development and networking program, the Professional Women’s Alliance (PWA). Formerly known as the Professional Women’s Roundtable, the revamped program will now focus on unique presentations from inspiring business women in the community who will share insight into leadership, career growth, community involvement and women-specific issues. The program will launch with Ambassador Barbara Barrett from 11:30 a.m. to 1 p.m. on Thursday, Dec. 6 at Phoenix Children’s Hospital, 1919 E. Thomas Road. Ambassador Barrett will be discussing global issues affecting women today and any interested parties may RSVP online. The event is free to attend; lunch precedes the talk at 11 a.m. and is $15 for chamber members and $25 for nonmembers. Christine Aguilera, President of Skymall, will follow Ambassador Barrett on Tuesday, Jan. 8, 2013, speaking on strategies for success in business and life. Each month, the chamber will host different women leaders who will present on a variety of topics related to leadership and growth.
For more information or to register for the Dec. 6 event, visit www.phoenixchamber.com/barrett or call 602-495-2194.
McNamara wins ATHENA Award North Central resident Dr. Anne McNamara recently was awarded the 2012 ATHENA Businesswoman of the Year Award in the Private Sector by the Phoenix Chamber of Commerce. McNamara is dean and professor of Nursing in the College of Nursing and Health Sciences at Grand Canyon University. A trailblazer, leader and vocal proponent of the nursing profession, McNamara is committed to healthcare issues and helping inspire women to dream and achieve. She touches the lives of her students on a daily basis, offering encouragement, advice and perspective. As a leader on in-state and national nursing associations, she is a champion for the more than 3 million registered nurses throughout the United States. “Nurses are the unsung heroes. Can you imagine a Dr. Anne McNamara world without nursing?” McNamara asks. “What would your schools look like? What would hospitals and clinics and mission fields look like? My former dean, Dr. Lillian Goodman, told me, ‘If you want to be a leader, you must get involved in your professional association and be the voice of the profession.’ “I’m a student advocate and faculty advocate, that’s my job,” McNamara says. “And then my profession is different: I’m a nurse’s advocate.” The event marks the 25th year the Greater Phoenix Chamber has honored Valley businesswomen. The ATHENA Awards, named after the Greek goddess of courage and wisdom, is a program of ATHENA International, a foundation dedicated to creating leadership opportunities for women.
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Published on Nov 25, 2012