Pratt and LeFevre Corporation
https://prattandlefevre.com/contact-us/
450 Simmons Way, Suite 760,
Kaysville, Utah 84037
833-722-8848

A monthly newsletter brought to you by your Pratt and LeFevre Corporation Team
VOL. 1, ISSUE 9 September 2022

ARE YOU KEEPING
YOUR ACCOUNTING RECORDS CORRECTLY?

It is essential to keep records of money spent and to understand how the cash flows from your Corporation to your new LLC.

Remember your Corporation is the publicly visible structure in the Pratt and LeFevre Corporation O.N.C.E. Strategy. Your LLC is private.

Therefore, income is earned by the Corporation from the public and is expensed to the LLC. This is only possible if the two companies are contractually connected. The LLC pays its expenses: Mortgages, utilities, maintenance and repairs, interest, insurance., etc. For your personal income (1099) you then take an owner’s draw, which is not expense to the LLC but is self-employment income to you. If you want a payment from the corporation, own a DBA which invoices the corporation for services other than for management or as an officer. The services are invoiced to the corporataion by the DBA. This keeps you at arms length.

As you are learning our process, it can be very confusing. The team at Pratt and LeFevre Corporation are here to help you. Check out our newest team members on our website: https://prattandlefevre.com/our-specialists/.

For more information, just drop us an email at info@prattandlefevre.com


Question and Answers

What are all these documents I am getting from the state and IRS?

With your new business entities set up and recorded with your perspective states and the IRS, you will be receiving some important documents sent to you through the mail and unfortunately some scam documents as well.

These scam documents look official however, they do not have the correct address of the state. for example, if the document wants you to send money for employee posters and certificate or send money for a certified copy of your business registration with the state, these are typical scams. Don’t send these companies any money.

Call your Account Executive or Corporate Strategic Advisor to make sure before you send any money or give any financial information.

You will receive notifications for your annual business renewal from the State and this are very important to be filed on time. We can help you with that filing.

Remember, the Pratt and LeFevre Corporation team are here to help you with your accounting, your tax filings, your tax strategies, and more. You never want to let these important steps go unnoticed.


Have you been to our website lately?

We have added more team specialists. https://prattandlefevre.com/our-specialists/

Each of our specialists follow the O.N.C.E. (Own Nothing, Control Everything) Process in their own business. Our team has their own successful business and contracts with Pratt and LeFevre Corporation to work with clients, bringing their expertise in business, accounting, taxes, financing, marketing and more. Visit our website today to learn more about Pratt and LeFevre Corporation team of specialists ready to work with you.


DISCLAIMER: Pratt and LeFevre Corporation has several attorneys on retainer. Any information contained herein should not be considered legal advice. The above is only an explanation of instructions given to Pratt and LeFevre Corporation by our attorneys which we have been given permission to explain from a lay-person’s point of view only. Any clarification or questions must be answered directly by an appropriate attorney.

Pratt and LeFevre Corporation
https://prattandlefevre.com/contact-us/
450 Simmons Way, Suite 760,
Kaysville, Utah 84037
833-772-8848

Memberships & Affiliations

NATIONAL SOCIETY OF ACCOUNTANTS

AMERICAN COLLEGE OF FORENSIC EXAMINERS, INTERNATIONAL

UNIVERSAL ACCOUNTING

BYU MANAGEMENT SOCIETY

Get In Touch

    Corporate Headquarters:

    Pratt and LeFevre Corporation
    450 Simmons Way, Suite 100
    Kaysville, Utah 84037
    (By appointment only)
    833-772-8848
    info@prattandlefevre.com