People, Places & Events

     

 
  Ask SCORE
Identify the pros and cons of incorporation
Special to The Monitor
CEDAR CREEK LAKE–Deciding whether to incorporate your business is one of the first decisions a new business owner faces. It is a complex decision with both significant benefits and significant drawbacks.
One of the benefits of incorporation is that it limits the owner’s financial liability, because the firm is responsible for its own taxes and debts.
If the firm is sued, if debts are unpaid, or if financial difficulties force bankruptcy, the owner’s liability is limited to the value of the stock he or she holds in the corporation.
Personal assets are not at risk, with certain exceptions, of course.
The owner may be personally liable if negligence is at issue or if the company is the subject of civil litigation. Additional personal insurance can help protect the owner against civil penalties.
A corporation also makes it easy to transfer ownership in the company. Stock shares may be distributed to family members or sold to investors. A corporation may also encounter fewer difficulties in raising capital, borrowing money and obtaining credit. And with multiple owners, a corporation affords greater stability for the firm’s short- and long-term prospects, especially in the event of a principal owner’s untimely death.
The chief financial drawback of incorporating is double taxation. A company structured as a corporation first pays taxes on profits. Stockholders – who in the case of the typical small corporation are likely to be the owner-operators – then pay income taxes on the dividends they receive.
However, an S corporation (sometimes called a “subchapter S” or “small business” corporation) is not taxed as a corporation unless its capital gains exceed $25,000, while also providing limited personal liability protection. Stockholders report their share of business profits or losses on their individual tax returns.
This form of incorporation is common with small companies. In either case, bookkeeping requirements are more extensive due to the higher level of detail required in tax filings.
Corporations are subject to both state and federal regulations. If you plan to expand your business to other states, you may have to pay additional fees in each jurisdiction. In addition, the corporate charter or articles of incorporation must specifically state the firm’s business activities. If you want to expand the activities of the business, you may need an amendment to the charter.
One final drawback of incorporating is the cost, which will be substantial even for a simple incorporation. If the state in which the incorporation takes place requires a permit before issuing stock or securities, legal fees may increase substantially.
Lastly, you can expect recurring costs, such as annual franchise or corporate income taxes as well as federal corporate income taxes.
Before you make a decision about incorporating your small business, consult a tax attorney. Other sources of expert advice will help you keep both your business and personal goals on the right track.
A great place to start is SCORE “Counselors to America’s Small Business.” More than 10,500 volunteers provide free, confidential counseling to aspiring entrepreneurs and business veterans alike.
There is a SCORE Chapter at The Greater Cedar Creek Lake Area Chamber of Commerce. Call (903) 887-3152 for an appointment.

Program on federal loans and grants to be presented
Special to The Monitor
CEDAR CREEK LAKE– Anyone wanting help from their Uncle Sam to fund worthwhile community programs will want to attend this very important presentation.
The Rural Development Center will walk you through the U.S. loan and grant program process during a presentation 5-7 p.m. Tuesday, May 15 at the Library at Cedar Creek Lake, 410 E. Cedar Creek Parkway in Seven Points.
This is a unique opportunity for all private, public and non-profit entities to learn about all the grant, loan and loan guarantee opportunities available from the federal government.
The development center assists citizens, cooperatives, cities and non-profits, including faith-based charities, in their search for funds. It is an agency of the Federal Department of Agriculture (USDA).
The United States Department of Agriculture is responsible for coordinating all federal assistance to rural areas of the nation.
It seeks to improve the quality of life for all rural Americans. USDA seeks to “make sure that rural citizens can participate fully in the global economy – with technical assistance and programs that help rural Americans build strong economies to improve their quality of life. USDA helps rural communities in many ways.
• Building water and waste water systems
• Financing decent, affordable housing
• Supporting electric power and rural businesses, including cooperatives
• Supporting community development with information and technical assistance
• Providing loans and grants for working capital for: construction or expansion, purchase equipment, stock acquisition for cooperatives, business incubator facility, and economic development planning, etc.
Cooperative Development Programs provide technical assistance and grants to:
• start or expand a cooperative
• write a community strategic plan, etc.
Rural Housing and Community facility programs provide for such things as:
• municipal buildings
• health and safety buildings
• daycare, schools and libraries
• infrastructure, roads, bridges, storm sewers
• fire and rescue
Rural Housing Service Provides opportunities for many low-income people to obtain desirable housing or repair their current home to make it livable.
The agency also provides help for multi family housing programs.
Who should attend?
Private citizens, school, library, city, cooperative officials, nonprofit agencies, churches and all who are interested in getting a piece of the action from Uncle Sam should attend this meeting.
Admission is free and refreshments will be served.

KC clean-up locations listed
Special to The Monitor
KAUFMAN–Kaufman County Clean-up has been set for 8 a.m.-4:30 p.m. May 17, 18 and 19 at various locations around the county.
Items that will not be accepted are paint, pesticide containers, and hazardous household waste.
The clean up is free to all Kaufman County residents. Proof of residency will be required at all locations (drivers license or water bill).
No cattle trailers or closed top trailers allowed.
Below are clean-up locations, times and dates.
If you have any questions about what you can and cannot take to the sites, please call your county precinct.
Kaufman, Precinct 1 – Kaufman Trash Disposal and Recycling Center, 701 Alton Street, (972) 932-2161 or (972) 932-2216.
Trash and four tires allowed (residential only) at this location.
Forney, Precinct 2 – Precinct 2 Maintenance Barn, Farm-to-Market 2932 and Farm to Market, 741 (972) 564-7282 or (972) 564-4054, Ext.3. Trash and four tires allowed (residential only) at this location.
Poetry, Precinct 2, – Poetry Baptist Church, 19311 Farm-to-Market, 986 (972) 564-7282 or (972) 564-4054, Ext. 3. Trash only allowed at this location.
Terrell, Precinct 3 – Citizen Convenience Station, CR 319 (N. on State Highway 34) (972) 563-5362 or (972) 551-6628. Trash and four tires allowed (residential only) at this location.
Elmo, Precinct 3 – Elmo Food Stop. (972) 563-5362 (7938 E. U.S. Highway 80). Trash only allowed at this location.
Kemp, Precinct 4 – Precinct 4 Maintenance Barn, 709 S. Dallas St. at 15th (Business U.S. 175) (903) 498-2121 or (903) 498-2013. Trash and four tires allowed (residential only) at this location.
Mabank, Precinct 4 – Rodeo grounds. (903) 887-3241 or (903) 498-2121. Trash only allowed at this location.
Combine, Precinct 4 –,
Fire station (Off Farm-to-Market 1389 on Davis Rd.) (903) 498-2121. Trash and four tires allowed (residential only) at this location.
Scurry, Precinct 4, – Across from Sloan’s Grocery (on State Highway 34). (903) 492121. Trash only allowed at this location.
Peeltown, Precinct 4 – Across from Peeltown store. (903) 498-2121. Trash only allowed at this location.
Terrell Iron and Metal,
1031 S. Delphine, Terrell,
(972) 563-5386. Appliances, batteries, aluminum, steel cans, metals including wire and wire fencing.
CMC Recycling, 11485 County Road 212
Forney. (972) 564-2744
Appliances, steel cans and all metals including wire and wire fencing.
Lake June Scrap Metals, 11511 Lake June Road
Balch Springs, (972) 288-0174.
Appliances, batteries, copper, aluminum, tin and iron, brass, metal fencing and wire.
Please call about requirements on cars.

Old Bethel Cemetery Association to hold meeting
Special to The Monitor
MABANK–The Old Bethel Cemetery Association will meet at 10 a.m. Saturday, May 19.
The memorial service will be held at the Old Bethel Church, adjacent to the cemetery.
Bro. Steve Glosup, pastor of Clearview Bible Church, will be the guest speaker.
A business meeting will follow the message. A covered dish luncheon will follow the memorial service.
The Daughters of the Republic will present a special program at the cemetery the same day as the memorial.
Beginning at 9 a.m., a confederate marker will be placed on the graveside of Elijah Binson.
Vida Durell Sloan will be the speaker at the dedication.
The ceremony will be patriotic with flags, rifles, Confederate era costumes and a cannon.
If you are unable to attend the service, you may send a contribution for the cemetery’s upkeep to Donna Wilkerson, 1310 Farm-to-Market 316, Mabank, TX 75147.

 

Come Adopt Us At
The Humane Society of Cedar Creek Lake
ABOVE–My name is Georgie. I am the sweetest cat ever. I was brought to the Shelter by animal control, so I have no history. My ears have been treated for ear mites, I have tested negative for Leukemia and I have been fixed. I am a wonderful boy looking for a wonderful new start at life.
 
ABOVE–My name is Buddy. I am a male Black Lab. I am fixed and current on my shots. A gentleman fed me and took me to the vet and had me fixed up. He wasn’t able to keep me, but took care of me as long as he was able to. I am a handsome fella looking for a wonderful forever home.
 
ABOVE–My name is Blue. I am a cute little guy. I was brought to the Shelter by animal control so I have no history. I have been fixed and given my shots. I am an adorable little guy looking for my forever home.
 
ABOVE–My name is George. I think I may be a Retriever or maybe Husky? I was born January 3. I have been wormed and had 2 of 3 puppy shots. I am very sweet. I am doing well on potty training and am crate trained. I am looking for a forever home.

Pictured are just a few animals at the Humane Society of Cedar Creek Lake in Seven Points in dire need of a good home. Please call or stop by the Humane Society today and rescue one of these forgotten animals. The Humane Society of Cedar Creek Lake is located on 10220 County Road 2403 in Seven Points. For more information, please call (903) 432-3422 after 11 a.m.
We are closed on Wednesdays.

For further information visit our website at petfinder.com