VBJ December 21

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THE VALLEY BUSINESS JOURNAL 10 www.TheValleyBusinessJournal.com December 2021 Professional Women Toastmasters Participates in Playhouse Blitz for Habitat for Humanity Inland Valley ECONOMIC DEVELOPMENT COALITION HIRES EXECUTIVE DIRECTOR Award-winning economic development veteran to bring new direction to the regional economic development organization Temecula - The Economic Development Coalition has hired long-time Idaho economic leader Connie Stopher as its new executive director after an extensive nationwide search. Stopher had been the Executive Director of Southern Idaho Economic Development, based in Twin Falls, prior to taking the top spot with the Coalition. “As soon we met Connie, we knew she had that special Economic Development Sauce that we need here in Southwest Riverside County,” said Diane Strand, the Executive EDC Board Member and Search Committee Chair in announcing Stopher’s hiring. “She will be a dynamo for our region.” Stopher will have an opportunity to provide direction on where to take the Coalition, which has served as a marketing organization in Southwest Riverside County for more than two decades. Comprised of member cities, tribes and local businesses, the Economic Coalition’s mission is to leverage the region’s competitive advantage, attracting business, and supporting a high quality of life. “I am incredibly honored to have been chosen for this position and to have the opportunity to further the Economic Development Coalition’s mission. Be- tween the assets and resources in the region, there is an immense amount of potential to be found and I cannot wait to get started,” said Stopher. Stopher brings an extensive background in economic development with her to Southwest Riverside County. As Executive Director of Southern Idaho Economic Development, SIED, she developed and launched a new talent recruitment campaign, completed an organizational merger that added new staff and regional services, expanded the regional footprint of her organization, increased membership, launched a digital marketing campaign to reach target industries – including an award-winning virtual business recruitment tour. Prior to her time at the SIED, she served as the Executive Director of the South Coast Development Council (SCDC), a regional non-profit economic development organization for the communities along Oregon’s South Coast. Stopher holds a bachelor’s degree in political science and a master’s degree from Idaho State University in public administration with an emphasis in state and local government, and non-profit organizations from Idaho State University. Professional Women Toastmasters participates in Habit for Humanity Playhouse build with Eric Bunge, Outreach Director and Tammy Marine, Executive Director for Habitat for Humanity Inland Valley benefiting local first responders and healthcare families. Participants are gifted these playhouses as a surprise and proceeds raised by playhouse builds provide direct support to Habit for Humanity programs that helps struggling families obtain safe, affordable housing. Toastmasters members are guided by a set of essential core values: Integrity, Respect, Service and Excellence. These values allow member achievement through club excellence. These core values are the root belief that Professional Women Toastmasters operate from for the past several years. Having an opportunity to make a real impact in people’s lives Toastmasters members agree to help other people and give their time and energy to inspire others to grow. Professional Women Toastmasters was founded in 2016 in Temecula, California, which is part of District 12, Area C3. After 5 years of outstanding achievement as a President’s Distinguished Club, the Professional Women Toastmasters continues to provide a mutually supportive and positive learning environment that empowers members to develop communication and leadership skills while making an impact in their community. Courtney Fletcher, VP of Education from Professional Women Toastmasters said “Toastmasters is also an opportunity to make life long, and lasting friendships. Where you can meet a melting pot of personalities, from a wide range of backgrounds, with a collaborative goal of bringing one another and the community together. It was an honor to be able to work alongside my fellow club and community members to accomplish such a special project.” “Thank you Eric Bunge and Tammy Marine from Habit for Humanity Inland Valley for allowing Professional Women Toastmasters to be part of your playhouse community blitz. A unique building opportunity for our teams to work together to construct playhouses and use our creative talents to bring joy in a much-needed time to our community of first responders and healthcare families. Being a Toastmaster is not only about improving yourself it involves transforming what you know (or what you have learned) to others to help them improve” said Monique Payan, Commercial Banker, Vice President of Public Relations for Professional Women Toastmasters. Join us every week and be part of our online community. The Professional Women Toastmasters Club meets each Monday at 12:30 pm to 1:30pm via Zoom. For more information about this event and the club, please email Monique Payan at vppr-5077319@toastmastersclubs. org or visit www.professionalwomen. toastmastersclubs.org. About District 12 District 12 serves approximately 100 Clubs and 1700 members in the large Southern California region East of highway 57, South of Barstow, West of the Arizona border, and North of Temecula. District 12 includes two of California’s largest counties (by square miles) – Riverside and San Bernardino. To learn more about District 12, please visit http://www.d12toastmasters.org. Toastmasters International is a worldwide nonprofit educational organization that empowers individuals to become more effective communicators and leaders. Headquartered in Englewood, CO., the organization’s membership exceeds 352,000 in more than 16,400 clubs in 141 countries. Since 1924, Toastmasters International has helped people from diverse backgrounds become more confident speakers, communicators and leaders. For information about local Toastmasters clubs, please visit www.toastmasters. org. Follow @Toastmasters on Twitter. “ Thank you Eric Bunge and Tammy Marine from Habit for Humanity Inland Valley for allowing Professional Women Toastmasters to be part of your playhouse community blitz.
December 2021 THE VALLEY BUSINESS JOURNAL www.TheValleyBusinessJournal.com 11 Do You Own an Inactive Business? Is it Time to Close it Before the End of the Year? With the end of the year fast approaching, it’s time to dissolve any inactive business to avoid having to pay extra fees and paperwork for 2022. When a business entity is no longer needed, has completed its business dealings, has completed its job in a foreign State, or even if it was never used for anything, it is very important that it follows the legal steps in “winding itself up” as a legal entity through dissolution or cancellation or if it is a foreign entity through withdrawal. All corporations, limited-liability companies, limited partnerships, limited-liability partnerships and other business entities are legal entities which can only be dissolved through formal action, not by a letter or phone call. You remain liable for all taxes, assessments, fines, penalties and interest until you receive a certificate of dissolution from the Secretary of State. Here are some of the requirements to legally dissolve a business with the IRS, State and Local authorities: 1. Hold a vote to dissolve the business: If the business was operating as a corporation or limited liability company (LLC), the shareholders or members need to approve the formal dissolution of the business. The first step is to hold a meeting to vote on shutting down the business; the final vote needs to be recorded in the meeting minutes. • For corporations: Two-thirds of the oting shares need to agree to close the business. If shares were never issued, then the corporation’s board of directors need to agree. • For LLCs: Specific rules vary by state and can be found in the state’s Limited Liability Company Act. Or, if you specified a dissolution procedure in your operating agreement, you’ll need to follow that procedure. 2. File Articles of Dissolution paperwork with the state: After the members, shareholders or board of directors vote to dissolve the business, the LLC or corporation will need to file the Articles of Dissolution or Certificate of Termination with the Secretary of State’s office wherever the LLC or corporation was formed. In addition, if you filed a foreign qualification to operate in another state, you’ll also need to close these foreign qualifications. To do so, you’ll need to file paperwork, such as, Certificate of Surrender of Right to Transact Intrastate Business, with that state’s secretary of state office. 3. Settle all debts: Before you can distribute assets among members or shareholders and put money in your own pocket, you need to settle any outstanding business debts. If your business owes any vendors, those accounts need to be settled and paid. 4. Collect accounts receivable: You should work to collect on any past due invoices before announcing you’ll be shutting down the business. It will be difficult to collect after it’s known the business will close. If necessary, an effective strategy is to offer a discount on any outstanding bills in order to collect as much as possible. 5. File Final Payroll Tax Returns: If you had employees, submit the payroll tax returns after you have paid them their final wages and salaries. 6. Submit Final State Sales Tax Forms: If you collected sales tax from your customers, find out what your state tax agency requirements are in order to close your tax account. Submit your final state sales tax forms with the tax that you have collected from your customers. 7. File the final tax return: When a business closes, it needs to notify the IRS. For LLCs and corporations, this is typically done by checking “final return” on the final tax return. In addition, the business will need to report shareholder allocations and losses for members on Schedule K-1. 8. Close all business permits and licenses: Another important step toward dissolving a business is to notify the local business authorities and cancel any business permits. If you don’t cancel these licenses, they’ll still be expected to be paid any associated fees. 9. Distribute the remaining assets: After taxes, debts and final payrolls have been paid, the business distributes the remaining money and assets among the business owners. LLCs distribute money and assets to members according to everyone’s proportional ownership share. Corporations distribute money and assets to shareholders based on the number of shares owned. By following these steps, you can properly dissolve a business with the state and IRS. If you have already moved on from the business, you should close it out before the end of the year to avoid having to pay unnecessary fees in 2022. Esther Phahla is a Certified Public Accountant and Certified Tax Strategist in Temecula. She is the Author of tax planning books: “Why Didn’t My CPA Tell Me That” and “10 Most Expensive Tax Mistakes That Cost Business Owners THOUSANDS”. She also holds a Master of Science in Taxation. She can be reached at (951) 514-2652 or visit www. estherphahlacpa.com
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VBJ December 21

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