A profit share agreement, sometimes called a profit share contract, is an important legal contract between two or more parties, such as individual business partners, businesses, employers and employees, or investors and entrepreneurs. A profit share agreement is...
Sole Proprietorships and Limited Liability Companies (LLCs) are popular business entities for entrepreneurs. If you’re thinking about starting a business, you might be wondering which of these entities would be a better choice. Let’s look at how Sole...
If you own multiple businesses, you might be wondering if it is safe to operate them under the same LLC. Although it’s possible, this approach has a potentially significant downside. If someone sues one business, not only will that business’s assets be at risk but...
If you have your sights set on incorporating your business, you may be wondering if a C Corporation or S Corporation is the better option. While both are popular choices, nuances exist that may make one or the other more advantageous for your situation. The...
Besides the questions of when and how to start a company, many entrepreneurs want to know where to incorporate a business. Each state has its own business laws and tax codes, so deciding where to form an LLC or a corporation should not be taken lightly. I recently...
If you’re considering retiring, looking for a new venture, or bringing a partner into your business, you may be wondering about the process of transferring business ownership. There are various ways to sell part or all of a business, and regulations you’ll need to...
Hiring remote workers as part of your team comes with a lot of advantages for both employers and employees. Employers who hire remote workers get access to a much larger pool of qualified employees than those who require in-person work. Instead of attracting...
Yes, it is possible to set up a Limited Liability Company (LLC) in another state, and there are two possible scenarios for doing so: Form an LLC in a state different from where the business owner lives and works. Register an existing LLC formed in one state to...
The Series LLC is also known as a Series Limited Liability Company or SLLC for short. It allows multiple Limited Liability Companies (LLCs) within a master LLC to operate as separate entities with their own names, bank accounts, and record keeping. Each series can...
CorpNet is proud to announce that it has made Inc.’s prestigious Inc. Regionals Pacific list in 2025 as one of the fastest-growing private companies in the country. This is the fourth year CorpNet has been honored in the regional awards. CorpNet's Inc. profile can...
There are a whole host of reasons to incorporate as a C Corporation and it is the preferred entity type if you intend on seeking VC funding or taking the company public. However, forming a C Corporation involves more paperwork, legal fine print, and potential...
The United States an ideal location for foreigners to start a business and capture that elusive American dream pushed so hard by the media and social media. It’s no wonder many international entrepreneurs dream about starting a business in the USA. Nonresidents can...
The short answer is, yes, you can operate multiple businesses under one LLC. However, before you jump in, you have multiple options to consider. The route you choose can impact you in several ways (including your liability and tax obligations), so it's critical to...
Today’s business owners have more options for business financing than ever before. But some methods to finance your business may cause you to toss and turn at night more than others. Of course, stress can be subjective. One person’s definition of stress may be...
It is legal to use your home address for your LLC, C Corporation, or other business entity. You do need a physical address to register a business, but many sole proprietors and various types of professional services businesses don’t have a separate business...
In a press release issued late in the day on March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced an “interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to...
Payroll refers to the various tasks and responsibilities businesses must perform to pay their employees accurately and on time. It encompasses calculating wages and salaries; preparing checks or paying employees via direct deposit; withholding taxes and other...
I regularly speak to business owners about entity types and their potential impact from a tax perspective. A while back, I created a webinar for accountants (and other professional services providers that work with businesses) on the topic of business structures...
Tax implications are among the most important factors to think about when deciding on a business entity type. Some business owners are attracted to the simplicity of pass-through taxation, which is how a Sole Proprietorship, Ppartnership, LLC, and S Corporation are...
The name you choose for your Limited Liability Company (LLC) is important, as it conveys a first impression to potential customers and serves as the cornerstone of your brand identity. When selecting a business name it is important to remember that no two...
IRS Form 8832 (Entity Classification Election) is the form an eligible business entity uses to elect federal income tax treatment other than its default treatment. Eligible entities include: Limited Liability Companies (LLCs) Partnerships (a business entity that...
There are stories all over the internet about kids and teenagers who have started businesses and are operating successfully as entrepreneurs. Sisters Caroline and Isabel Bercaw started making bath bombs in their basement in Minneapolis when they were 11 and 12...
A DBA - or Doing Business As is a name different from a company's legal name. It is also referred to as a trade name, assumed business name, or a fictitious business name. Typically, businesses use a DBA name when they want to market their products or services...
While most entrepreneurs choose to register a Limited Liability Company (LLC) in the state where they live and plan to operate, some decide to expand their operations into one or more other states by registering it as a “foreign LLC”. The LLC is considered a...
Tax season comes to all businesses big and small, and can be a headache no matter how well you think you’ve prepared. For a small business owner wearing many (or all) hats in the business, it’s an unwelcome extra task sure to cause late hours and frayed nerves. To...
A lot of new small business owners assume that creating an LLC is a complicated thing. It’s not, actually. But it is one of the best things you can do to protect your personal assets and your business. Let’s take a look at what it takes to set your business up as a...
If you’re starting a business and planning to operate it as a Limited Liability Company (LLC), you may be struggling to decide what to name your company. Should you include your personal name, or would it be better to register a more conceptual or catchy name as...
A single-member LLC can be taxed as an S Corporation if it meets the IRS’s eligibility criteria. In fact, both single-member and multi-member Limited Liability Companies can elect to be treated by the IRS as either an S Corporation or a C Corporation if they meet...
Since a Limited Liability Company (LLC) can have one owner or an unlimited number of members, it’s not uncommon for an LLC to experience the death of one of its members. What happens to the ownership of the LLC when a member dies? First, let’s define some important...
People often use the terms “nonprofit corporation” and “501(c)(3)” synonymously. However, they don’t necessarily mean the same thing, and it’s important to know the distinction if you plan to operate as a nonprofit organization. A Nonprofit Corporation is a...
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