Tax Preparation

We know what every government department is looking at from your tax returns. Especially in New York where you may have the separate departments of Labor, Sales Tax, Corporate Income Tax, etc all searching your returns for indications of tax non-compliance.

Commercial Insurance

FairCharles acquires Commercial General Liability, Umbrella/Excess, Worker’s Compensation and all specialty insurance required for every type of business and industry. We can get insurance coverage for everyone from independent contractors to large corporations.

Business Services

Starting, operating and even closing a business most of the time requires the filing of paperwork and taxes. We can assist in every way required. Starting a business? We can form your business, maintain and also file required closing documents if you need.

Why FairCharles?

At FairCharles Brokers we like to think of ourselves as partners with our clients. We can be your insurance department, tax & accounting department or assist with human resources in the form of payroll and background screening. We have been forming corporations since 1998, been in the insurance industry since 1999 and filing corporate and individual tax returns since 2006. Whatever your business or personal needs are, we have the resources to serve you. FairCharles is a powerful asset to have at your disposal.

McKennie Charles knows your business.

McKennie has been an employee, owner or executive at organizations providing communications, help desk support, sales & marketing, systems training, systems conversions, European motorcycle sales & servicing, college admissions, yacht charters, home health care and also restaurants. His clients consist of companies in the industries of construction, film and entertainment, medical, staffing, retail, wholesale, internet sales, web design and graphic arts and freelancers of all kinds.

"McKennie is easy to work with and has kept me up-to-date and informed with my business taxes."

– Claudia Reid, President – Choice Matters Home Healthcare

Frequently Asked Questions

Should I Incorporate?
You may want to incorporate if you plan on hiring employees, getting a business loan, having a business partner or want to separate your personal business from your business. You can do all of this without being incorporated, however, you can leave yourself open to missed opportunities and unnecessary liability. You may find that some companies will not deal directly with individuals.

A Limited Liability Company, also known as an LLC., is a pass-through entity. It’s profits and losses are directly passed along to it’s stakeholders or members. Owners are not considered employees. The amounts passed to each member is based on the percentage or stock ownership in the business for that particular year. If an LLC has a sole owner, then the LLC is filed together with the sole owner’s individual tax return. If there is more than one owner then the LLC becomes a Partnership and must file a Partnership tax return with each member receiving a K1 at the beginning of the year as a record of profit or loss.

An S Corp is also a pass-through entity. S Corps must file a corporation return regardless of the number of owners. A main feature of an S Corp is that it’s owners do not pay self employment taxes on it’s profits.

Unlike an LLC or an S Corp, C Corps are not pass through entities. C Corps are an entity onto itself. An owner can also be an employee and receive compensation as an employee. C Corps pay taxes at the corporate level and then the owner will pay income taxes on their earnings from the corporation.

Incorporating isn’t without its potential disadvantages. There are costs associated with setting up your corporation and the tax benefits don’t apply to everyone. We can guide you to make sure that incorporating makes sense for your business.

Overall, though, incorporating can be one of the best business decisions many consultants and freelancers ever make. If incorporating is the next step for your business, give us a call or send an email and we will get you started.

Do I need business insurance?
and, if so, what kind? For certain businesses – for example, construction and health care related industries – it’s an absolute necessity from the get-go, but what if you run a freelance business or engage in low-risk work? Is business insurance a requirement? While it may not seem so from the outset, as your business grows and takes on additional risk, business insurance quickly becomes a must. The problem is that many smaller businesses ignore the issue of insurance until it’s too late.

One reason for this is that many small businesses often assume that by forming a Limited Liability Company they’ll be afforded protection in the event of a lawsuit. However, while this structure can protect you from personal liability for business decisions or actions of the LLC – the liability protection is limited.

For example, if you inadvertently break intellectual property laws or are sued by an employee, you could face a lawsuit and potential losses that being an LLC cannot protect you against.

Of course, LLCs aren’t the only business structure that can benefit from business insurance. Sole proprietors, partnerships, S-Corps and Corporations all need insurance.

Insurance can be a confusing business. A good insurance broker can help demystify this process and put together a package based on your unique needs. Once in place, don’t forget to keep your policies current and under review (for example, if you take on employees or new assets).

Should I collect sales tax?
If you will be making sales in New York State that are subject to sales tax, you must register with the Tax Department and obtain a Certificate of Authority. The Certificate of Authority gives you the right to collect sales tax on your taxable sales and to issue and accept most New York State sales tax exemption certificates.

How often you sell or how much you charge for goods and services does not usually determine whether you need to register for sales tax. For example, if you sell taxable items at a craft fair only once a year, you are required to register, and to collect and remit sales tax, because what you are selling is taxable in New York State. However, if you open an office and provide accounting services, you are not required to register for sales tax purposes because the services you will be providing are not subject to sales tax. We can help you obtain a Certificate of Authority and also file the required sales taxes.

What about payroll and workers compensation?
If you are hiring employees in New York State, you are required to file payroll taxes and also have workers’ compensation insurance in place. The penalties for not filing the payroll returns or having workers’ comp begin at $1,000 and $2,000 respectively and quickly go up from there. Even incorporating will not shield you personally from these penalties. We can help you set up and maintain your payroll and workers’ compensation.

Do you have a question about your business finances?

Our Clients Include


What can we do for you?

Get in touch for a free consultation.