When running a business it’s important to have all your ducks in a row, cross every “T” and dot every “I” in order to protect yourself and your business. Taxes are especially time consuming, but important especially considering that the IRS can go back as long as three years with their audit process and 10 years for back owed taxes. Along with $3.4 trillion collected from the IRS in taxes they paid $436 in refunds, but audited over one million returns. The chances of an audit are pretty high, which is why proper documentation and paperwork is even more important. When working with companies overseas things get a little more tricky, but that doesn’t mean the IRS will take any mercy on you if you’re one of the unlucky ones to get audited. This is when using business advisory services in China can become beneficial and help business owners. See below for some other tips for business working with companies overseas.
Protection
No matter where you work or where you plan to work protecting your property is vital. Not just personal property but intellectual property as well. Patents and copyrights should be your first concern. Although this can be a lengthy process, it is a vital one nonetheless.
Service Contracts
When drawing up contracts, it only makes sense that you want to include all information so there are no questions, no errors and no quarrels later down the road. Inquiring help from international tax and accountancy services for Chinese businesses, international tax and accountancy services for China, Chinese accounting firms, corporate audit and assurance services or business advisory services in China can help ensure that all your bases are covered. Things like taxes can get especially tricky. Taxes are expected to be paid, and most times unless it’s listed in the contract then there is no disputing your responsibility for these taxes.
Presentation
Presentation and take away are important and how you handle them is just as important. Take precise notes and document everything so that you can go back and look it over at a later time. When a lot of information is shared and exchanged it is good to review information again at a later time. Also consider presentations. Consider presenting in stages. Incorporate pictures and words into your presentation and don’t forget the use of visual aids.
Things don’t have to so complicated that they’re not understood or people get into trouble. If you have a hard time understanding don’t be afraid to reach out for help. Places like business advisory services in China are there to help clarify, help you understand and help ensure that all business is done legally, ethically and like it should be done.