FREQUENTLY ASKED QUESTIONS

The process for engaging LDS Consulting typically begins with an initial consultation to understand the client's needs and goals. From there, we develop a proposal outlining our recommended approach and scope of work.

LDS Consulting believes that effective change management involves engaging stakeholders, communicating clearly and frequently, and providing support and resources to those impacted by the change.

Yes, LDS Consulting offers customized training and development programs tailored to the specific needs and goals of our clients.

Cash Accounting is reporting revenue & expenses when the cash changes hands. 

Accrual Accounting reports revenue & expenses when the services are rendered or the product is purchased/sold regardless of when it is paid for.

C-Corporations - Corporate Tax Return is required - No tax effect on owners personally unless they take money out.

Sub-S Corporations - Corporate Tax Return is required.  The profit/loss is passed on to the shareholders in proportion to ownership thru a K-1.  The shareholders pay their portion of taxes personally.

LLC's - An annual filing is required for the LLC.  The profit/loss is passed on to the shareholders in proportion to ownership.  The shareholders pay their portion of taxes personally.

Sole Proprietorship - No separate tax return is required, the owner pays the taxes through their personal tax return.

Your agent may not make you aware, but as the owner you can "opt out" of being included on your Workers Compensation policy.  The benefits of this is you aren't paying insurance premiums on your wages.