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Home Automation. Home Security. Swimming Pools. AC Maintenance. Cleaning Services. Electrical Maintenance. Pest Control. We offer ISO quality hand tools, precision power tools and general hardware needs across all aspects of the construction industry.
Our goal is to provide our customers with top service and a world-class selection of the best brands from hand tools suppliers around the world. In our role as established hardware suppliers, each of our outlets across Dubai, the UAE, and Qatar, we provide support, information, and assistance in selecting the right tool for the job. In addition to industry standard hand tools, we also offer a top selection of international brands of power tools as well as carpentry tools, welding supplies and safety and workwear.
We take care to stock each of our hardware store locations with both common as well as hard to find industrial hand tool models and power tool options. We also have a very close working relationship with our suppliers, offering short lead times on orders, which is an important consideration for our customers.
When quality of customer service, tools and hardware materials is important for your business, FKtools is here. Thanks to the grit and determination of our enterprising team and loyal clients, we have achieved exponential growth. Our most invaluable asset remains our dedicated team of highly trained and committed people who drive the company in its pursuit of excellence.
By creating a limited liability company LLC or limited partnership, you can receive the same tax treatment as a qualified trader without having to qualify. This type of legal entity usually receives less scrutiny by the IRS. It's unlikely that anyone would go through the trouble and expense of forming the entity unless they were committed to trading as a business venture. It is extremely difficult for individuals to change an election, such as MTM, once it has been chosen. With the company, if there is an advantage to changing accounting methods or the legal structure, the entity can simply be dissolved and re-formed accordingly.
For highly successful traders, some financial advisors may suggest forming a business structure that includes multiple entities, as a way of maximizing the tax and protection benefits afforded to the business. Even though the actual structure is determined by an individual's financial goals, this type of legal business structure usually includes a C corporation , which exists to be the general partner or managing member of several limited liability companies.
For example, to fund college expenses or to give children money tax-free, family members can become employees.
The corporation can then take advantage of deductible salaries and educational expenses, while also building Social Security and Medicare accounts. Medical reimbursement plans can be created to fund all types of elective health care procedures and medical insurance premiums. Retirement accounts such as individual retirement accounts IRAs and k plans can be transferred into a a , a type of pension fund that allows annual contributions and can never be accessed by creditors or through a legal claim.
This type of business structure also provides excellent asset protection because it separates the business from the individual. Long-term assets can be held by other limited liability companies that can use accounting methods better suited for investments. All assets are protected from creditors and the legal liabilities of the individual because they are held by separate legal entities. However, the amount of legal protection is determined by state law.
Many advisors suggest forming the entity in the state of Nevada because of its lack of corporate sales tax, flexibility to change orders as a sole remedy by creditors, the anonymity of not having to list shareholders, and the nomination of corporate officers.
Although trading through a complex legal structure has obvious benefits, it also can add a significant amount of complexity to one's personal affairs. For traders who have been consistently profitable—but cannot or do not want to qualify for trader status—trading through a simple business is essential.
If you wish to set up a pension fund to defer taxes, pay salaries to loved ones or recoup significant medical expenses tax-free, then the added complexity is a decent trade-off to gain the benefits of a compound structure. Either way, to receive the best tax treatment and legal protection , it is in your best interest to speak with finance professionals who understand the formation and operation of these entities for traders.
Internal Revenue Service. Accessed Mar. Brookings Institute. United States Code. Nevada Secretary of State. Charitable Donations. How To Start A Business. Income Tax. Health Insurance.
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