The Launch Blog
The CorpNet blog offers expert advice for launching and operating your business. From start up information to ongoing compliance, the CorpNet team keeps you up to date!
Five Ways to Optimize Your Accounting Firm Operations
If you’re like most entrepreneurs, you frequently get the urge to change the way you do things and replace them with new systems and fresh ideas. After all, spring is the time for new beginnings, and your accounting firm operations could probably use a bit of a refresh. As you well know, your operations are the crucial activities of your business, from sales and accounting to marketing and customer service. It’s important for all parts of your operations to balance and support each other. Keep reading to learn how to optimize your accounting firm operations and boost your bottom line. 1....
Are Your Accounting Clients Worried About a Recession? Why They Need You Now More Than Ever
As far back as October 2019, half of Americans were already concerned a major recession was on the horizon and now that concern has become a reality, according to top economists. According to the National Bureau of Economic Research, the U.S. economy actually stopped growing in February this year, following an economic expansion that lasted more than 10 years. And, it all happened fairly quickly as the COVID-19 pandemic effectively shut down the economy and compounded unemployment. So, it’s not at all surprising your accounting clients are worried about the recession. It’s up to you then...
How to Find Your First 10 Accounting Clients
Searching for the first clients for your startup accounting business might seem like finding a needle in a haystack (or, for you Harry Potter fans, like finding a Horcrux in the Room of Requirement). In reality, however, it can actually be pretty simple, thanks to powerful apps and social media marketing. Or, you might have better luck finding your first ten accounting clients the old-fashioned way, via face-to-face interaction. Better still, why not combine both types of marketing to find those first customers? If you're looking to start or grow your accounting firm, I'd like to share...
How to Hire a Ghostwriter for Your Accounting Blog
Does your accounting business need a blog? The answer is yes! Website content like service pages and blog posts help your business rise in the search engine rankings and this means more people will find your website and inquiry about your service offering. So, if your business website doesn’t have a blog, it’s time to create one. If you already have a blog, are you keeping it current? When potential clients see a website with an outdated blog, it immediately gives them cause for concern. But, you may be thinking, you’re so busy running your accounting business, you don’t have the time to...
What to Look for in an Accounting Partner Program
Whew! You made it through the crazy-busy tax season, and I hope you and your fellow accounting professionals are enjoying some much-deserved time to relax. With the lion’s share of your firm’s revenue secured in the first four months of the year, you may now be considering ways to augment your services and keep cash flowing. Enrolling in a partner program may be an ideal answer! A partner program provides an opportunity to create additional revenue streams for accounting and CPA professionals. So, after high tax season has passed, accountants can continue to earn income steadily all year...
How to Break the Ice at a Networking Event
It’s a classic scenario: you arrive at a networking event armed with business cards and ready to make connections. But once you get there, you can’t seem to pull yourself away from the wall and mingle with everyone who acts more confident than you feel. Get to Know People Before the Event - It’s much easier to network if you have one or two points of contact at the event. Connect with the event planner, who will do her best to make you feel at ease, and consider linking to a few participants through social media and starting a conversation before the event. This way, you can make a point...
Do You Need a Startup Advisor?
A startup advisor is a person who provides industry or subject matter advice, mentoring, and/or networking connections to a startup entrepreneur or startup business. A startup advisor can be invaluable to help you navigate through startup pitfalls, structure your company, find funding or scale up your business for profitable growth. A good startup advisor also acts as a sounding board. He or she is someone the founder of a business can bounce ideas off of -- and talk through problems with. You probably won’t find everything you are looking for in one person. For that reason, some...
Choosing the Best State to Start a Business
Choosing the best state to start a business is an important detail in your overall business plan. When it comes to launching a small business, “Location, location, location” is part of the formula for success. If you’re wondering if a specific location would give your startup an extra advantage over the competition, you should check out WalletHub’s latest report on 2022’s Best & Worst States to Start a Business. With a bad location ranked as one of the top reasons for business failure, choosing where to launch your business can be almost as important as choosing what business to...
Everything You Need to Know About Starting a Partnership
If you’re thinking about starting a Partnership, there are some important considerations to keep in mind. As with every business venture, there are advantages and challenges involved with operating a Partnership, and it’s best to understand what you’re getting into before you invest your time and money in a new venture. In this article, we’ll explore some pros and cons of this type of business structure, steps to keep in mind when setting up a Partnership, different types of Partnerships, and tax information that applies to this type of business entity. Let’s start by defining exactly...
Are Accounting Franchises Worth the Money?
Traditionally, when you think about starting an accounting business, you envision building the business from scratch. You'll be responsible for doing market research, financing your startup, differentiating your business in the marketplace, etc. That's a lot of work! But there’s another option you may not have considered: buying a proven concept of accounting franchises. The decision to start an accounting business on your own or with the support of a franchise system depends on what kind of operation and lifestyle you want to have. As a franchisee for one of the accounting franchises,...
Tax Registration: What Your Business Needs to Know
Whether you’re a business accountant serving entrepreneurs or you’re a business owner, it’s critical to understand sales and employment tax registration and ongoing requirements. Federal payroll taxes are the same no matter where a business is located, but state employment taxes and sales taxes differ according to tax rates in the various states. I presented a webinar for CPA Academy on this topic, and this blog article will cover what I discussed. So, get ready for a lot of helpful info about various types of employment taxes, payroll tax registration and processing, sales and use tax,...
20 Characteristics of Successful Entrepreneurs
There's a never-ending debate on whether entrepreneurs are born or made. I don't claim to be able to make the call one way or another, but I have noticed several characteristics of successful entrepreneurs that business owners seem to share. While we're all unique as business owners, you've got to admit that we share certain characteristics that help us have the drive we need to succeed. Which of these do you have? Drive to Succeed - I guess without this, there'd be no reason to start a business. But every entrepreneur I've met (including myself) has something in them that won't settle...
How to Start a Daycare Business
Daycare businesses provide a critical service to working families. Parents and guardians need reliable, responsible childcare services to ensure that their children are well taken care of while adults in the household work hard to earn a living. Before starting a daycare, I recommend that you seek resources—such as an attorney, tax advisor, accountant, and business consultant—who can help with your legal, accounting, and industry-specific questions and decisions. In the meantime, I've created this step-by-step guide that provides key considerations and action steps for starting your own...
A Mid-Year Business Checklist to Get You Back on Track
Tax season is over (for most of us). So, what’s next for business owners and professional advisors with business clients? With so much disruption and distraction this year, you may have fallen behind keeping up with compliance for business licenses, permits, and identification numbers. Here’s a mid-year business checklist to get you back on track. Federal Tax ID Getting a Federal Tax ID number (or an Employer Identification Number—EIN) is optional if you’re a Sole Proprietorship, but if your business acts as a C Corporation, Limited Liability Company, or a Partnership, you and your...
CPA Burnout is Real: Take These 5 Steps to Push Through
Are you distancing yourself from relationships, feeling a loss of personal accomplishment or just overall suffering from emotional exhaustion? You could be on the dangerous road to CPA burnout. Whether your accounting firm is just starting out or growing by leaps and bounds, running your own business can be extremely stressful. You may never have imagined that your entrepreneurial dream could turn into an entrepreneurial nightmare, but CPA burnout is real. Running your own CPA business means being all things to all aspects of your business. Not only are you the boss (the buck does stop...
How Pennsylvania Has Changed Annual Reporting in 2025
This year, Pennsylvania retired its decennial report requirement and now requires many business entities to file annual reports. Going from reporting every ten years to every year is a result of the 2022 Act 122, which Governor Tom Wolf signed into law on November 3, 2022. Annual reports will help ensure the state has the most up-to-date information about Corporations, Limited Liability Companies, and other entities created in or registered to conduct business in Pennsylvania. Annual report filings are a critical business compliance requirement that business owners should not ignore!...
Business Closures, Dissolutions, and Withdrawals
It has been a rough few years for businesses across the country, but especially so for small businesses. From inflation to tariffs, companies of all sizes have had to close some or many of their locations. Whether you’ve had to close down entirely or shutter locations in other states, it’s crucial you legally close your business so there are no repercussions down the road. I want to help keep you and your business in compliance. If you've had to close part of all of your operations, here are five critical steps you need to tackle so that your business is compliant with closures,...
What Is a Corporate Veil and Why Do You Need One?
What Is Piercing the Corporate Veil? A corporate veil, the legal shield of separation between a business and its owners, helps to protect individuals from being held personally liable for their company’s debts and legal disputes. Businesses formed as a Limited Liability Company, Corporation, or other form of registered business entity have a corporate veil and therefore safeguard their owners’, corporate officers’, and directors’ personal assets. However, personal liability protection is not guaranteed if entrepreneurs do something (or fail to do something) that a court considers reason...
Creating Your Own Business and Loving What You Do!
The entrepreneurs you read about or see on TV may seem like overnight successes—but in reality, creating your own business doesn’t happen overnight. Behind every successful business idea, months (or even years) of thought and planning have gone into launching it. After all, who wants to risk the money, time and effort required to start a new business on a mere whim? One of the keys to success is creating a business you’re excited about. Your passion will help you persist through all the obstacles. Here are three ideas for creating your own business and loving what you do. 1. Convert Your...
8 Payroll Mistakes That Can Hurt Your Small Business
All businesses, of any size, that hire employees must manage payroll. It’s a responsibility not to be taken lightly! Careful attention to accuracy and compliance with federal, state, and local laws for withholdings and deductions is imperative to avoid mistakes and steer clear of costly consequences. So, what are some common payroll mistakes businesses make? My list below will help you know what to watch out for as you process payroll for your employees. 1. Miscalculating Employees’ Pay This can happen for various reasons, such as tracking time inaccurately, not applying overtime rates...
LLC vs. C Corporation
Is it better to form a Limited Liability Company (LLC) or a C Corporation? Many entrepreneurs ask that question as they work through the many facets of transforming their dream of business ownership into a reality. The business structures have similarities and differences, as well as advantages and disadvantages, so it’s important to consider all of them when deciding on the right business entity type for your company. So, how do LLCs and Corporations compare? 1. State Registration Both LLCs and Corporations are formed by filing registration forms with the state. The paperwork required,...
Business Name Registration Or Trademark: Which Is Best?
One of the most valuable assets your business will ever have is its name. Your business name is more than what your company is called—it represents your brand’s identity and it’s a way for you to distinguish yourself from your competition. With your business name carrying that much weight, it makes sense to protect it. As you start your business, consider these two approaches to prevent other companies from using your name and confusing your customers: Business Name Registration If you form an LLC or apply to incorporate a business in a state, your business name is automatically protected...
What Comes After Incorporation? 12 Steps to Keep You On Track
Congratulations! You have officially registered your Limited Liability Company or Corporation with the state. But now what? What happens next? While forming an LLC or Corporation is a critical first step to operating a formal business entity, there's more work to do to keep it legitimate and in compliance. The tasks and filings vary depending on a company's growth objectives, type of business activities, and location. In this article, I talk about what comes after incorporation and I'll share some of the obligations that entrepreneurs must fulfill. However, keep in mind that your...
Can I Covert a Multi-Member LLC to a Single-Member LLC?
Ownership of Limited Liability Companies (LLCs) changes frequently for a variety of reasons. If you have a multi-member LLC, which has two or more members, and are looking to convert it to a single-member LLC, you’ll need to understand how the process works and what’s required to do so. In this article, I’ll walk you through the process of changing the ownership of your business from more than one person to a single owner. But first, let’s look at some issues you’ll need to consider. Considerations When Converting to a Single-Member LLC If you’re converting your business from a...
LLC vs. Partnership
If you’re considering a Limited Liability Company (LLC) or Partnership as your company’s business structure, you’ll have many considerations to think about. Choosing a business entity type has ramifications legally, administratively, and financially—all of which can potentially have a significant impact. Rushing to a decision when weighing the pros and cons of an LLC vs. Partnership and making a poor choice can have big consequence. It’s critical to review your options carefully. An LLC may be owned by just one person (single-member LLC) or by multiple owners (multi-member LLC). By the...
How to Start a Cleaning Business
If you're looking to start a cleaning business, there's plenty of opportunities to go around. In fact, the role of professional cleaning specialist is slated to be the fastest growing occupation for the next ten years. Whether you plan to buy an existing franchise cleaning service or go out on your on, there are a few things you need to take care of before you can start accepting clients. Get Licensed and Bonded - Whether you will be the sole cleaner of personal or commercial properties, or whether you plan to hire a team, you absolutely must be licensed and bonded. Your state may or may...
How Do I Maintain a Business?
After a business is up and running, it's critical to maintain it by fulfilling all of the required business compliance tasks on time. Of course, businesses grow and evolve over time, and therefore, the actions they must take to maintain a business entity also may change. Fortunately, CorpNet is here to help you learn how to manage your business effectively every step of the way. What are some of the business considerations entrepreneurs should keep in mind? Below, I’ve listed several situations where changes in a business will involve business compliance filings. 1. Hiring employees...
As a Business Owner, Can I Have Multiple LLCs?
Once entrepreneurs taste what it's like to be their own boss and carve their own career path, some decide to pursue starting multiple businesses. Depending on the situation, owning multiple Limited Liability Companies (LLCs) might make sense. Which leads to the question, how many LLCs can someone have? The short answer is there are no particular limits on how many LLCs someone may form, provided they meet all of the eligibility criteria to be an LLC member and comply with all of the federal, state, and local government rules and regulations for operating an LLC. In this article, I’m going...
What is a Profit Share Agreement?
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 particularly important when two parties agree to undertake a joint venture as partners without creating a formal business entity, such as a C Corporation or Limited Liability Company (LLC). The agreement states how profits generated through a shared effort or project will be divided. It also details the responsibilities of each...
Sole Proprietorship vs. LLC
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 Proprietorships and LLCs operate and consider some of the advantages and disadvantages of each business type to help you decide which is right for you. Highlights of the Two Business Structures When an individual (or married couple) starts a business, it is, by default, considered a Sole Proprietorship. Operating as a sole proprietorship...
