The Launch Blog: Expert Advice from the CorpNet Team
Seven Steps to Creating a Business Emergency Preparedness Checklist
It's an understatement to say that 2020 has been a tumultuous year. Nearly every business has felt the pandemic's economic effects, and many have faced natural disasters (such as hurricanes, tornadoes, and wildfires). With CorpNet's location in southern California, I relate first-hand to the challenges that entrepreneurs have faced. Our office had to temporarily close last year because of a wildfire. Then this year, COVID-19 hit, and we again had to shut down work at our business location and pivot to operating remotely. Currently, I, my husband, and our 20+ employees are still working [...]
CorpNet Named to Inc. 5000 List for 2020
CorpNet is proud to announce that it has made Inc. Magazine’s prestigious “Inc. 5000” list for 2020. As an Inc. 5000 honoree, we have been recognized as one of the fastest-growing private companies in America. During a stretch when the economy grew only 15 percent, CorpNet achieved 58 percent revenue growth over the past three years. “We are thrilled and humbled to be included on the list this year,” shared CorpNet CEO Nellie Akalp. “Some of the most successful, well-known companies in America—such as Zappos, Under Armour, and Microsoft—have enjoyed this distinction. My business [...]
How to Legally Start a Food Truck Business
According to IBISWorld, the food truck industry has 25,476 businesses in 2020. Growth in the industry from 2015 to 2020 averaged 8.7 percent. With the COVID-19 crisis a reality now, arguably, the food truck industry may be better suited than brick and mortar restaurants to navigate the challenges. With more people consuming take-out food and spending less time in sit-down establishments, food trucks may appeal to customers' desires for getting good food fast and with less person-to-person contact. In this article, I’ll share insight to get you headed down the right road on your [...]
7 Ways Your Business Can Crush It During COVID-19
Every business owner hopes to reach the peak of business success. You know, when you’re just crushing it—when smooth operations and growing profits allow you to breathe a satisfied sigh of contentment and pride. This year that feeling may seem farther from your reach than ever. A slower economy and a world trapped in daily self-distance protocols may leave you feeling directionless and disconnected. But, remember what Albert Einstein once said, “In the midst of every crisis, lies great opportunity.” Here are seven ways to ride out the pandemic and come out on top. [...]
Back to School, Back to Your Business
For most of the country, school is back in session or at least just a few weeks away. In some cities, students may be returning to a hybrid model, which is some in-class time combined with online learning. Others may remain completely virtual until 2021. For entrepreneurial parents, that means performing a balancing act of running your own business and making sure sales are on the rebound, while also ensuring your child is engaged online, following new protocols, and keeping up with assignments. When COVID-19 shut down most schools last March, teachers and administrators [...]
3 Ways to Grow Your Accounting Business Post Tax Season
Now that the delayed tax season is mostly over for accountants and other business professionals, the real work is just beginning! I am referring to showing your clients they still need you to help make their businesses a success. Obviously, doing taxes is an important component of your services, but now is the time to show how you can provide so much more. Here are three things you can do post-tax season to bring value to your customers. 1. Become an Industry Expert The more you know about the specific industries your small business [...]
Looking for the Silver Lining Under COVID-19
It is really a guessing game to predict when we'll all be able to return to some sort of pre-pandemic normalcy, so it’s important to find the positives in our current situation. We’ve all heard it, right? When life gives you lemons, you need to turn it into lemonade and something positive. Sometimes, however, it's hard to find the ingredients for whipping up that lemonade! Phil and I have tried really hard to stay positive at home and at work. We've found a few core ingredients to help us stay focused on keeping our [...]
Virtual Companies and Nexus: What Small Businesses Need to Know
The coronavirus continues to impact small businesses. Many businesses have chosen to go virtual, either temporarily or on a permanent basis. But that decision can impact the business’s nexus status. Companies with remote employees in other states may also need to register for foreign qualification, register for payroll taxes in those states, or they may need to start collecting sales tax from places they never have before. Business Compliance Consequences for Pivoting to a Virtual Company Many businesses have pivoted to a remote working model to keep employees safe and many may continue to do [...]
How to Start a Daycare Business
Daycare businesses provide a critical service to working families. Parents and guardians need reliable, responsible child care services to ensure that their children are well taken care of while adults in the household work hard to earn a living. Even during the COVID-19 crisis, with many people working remotely from home, daycares provide a necessary service. Parents still need someone to care for and provide enrichment to their infant and pre-school children. Before starting a daycare, I recommend that you seek resources—such as an attorney, tax advisor, accountant, and business consultant—who can help with [...]
Top FAQs for Small Business Licenses and Permits
When you’re starting a business there’s so much to know, it can be overwhelming. Let us take some of the complexity out of the startup process by answering the top FAQs entrepreneurs have about small business licenses and permits. Is a business license the same as a permit? Although most businesses likely need various licenses and permits to operate legally, a business license and a permit are different. A business license from the city in which your company operates, confirms your business has complied with the city’s rules and regulations for legal operation. Other [...]
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 Corporation, Limited Liability Company, or a partnership, you and your business clients are required by [...]
How to Start a Restaurant Business
Are you thinking about how to start a restaurant business? Without a doubt, it's an industry that contributes immensely to our economy. According to statistics from the National Restaurant Association, there are over one million restaurant locations in the United States, and they collectively employ 15.6 million people. What I think is especially encouraging about the restaurant industry is that it has a track record of opening the door to entrepreneurship to people with humble beginnings who are willing to work hard and learn. Many people who start a restaurant begin by working in [...]
LLC vs. Partnership
When deciding between an LLC vs. partnership as your company's business structure, you'll have many considerations to address. There are ramifications legally, administratively, and financially when choosing a business entity type. Rushing to a decision can have consequences—BIG consequences—so it’s critical to review your options carefully and seek professional guidance such as from an attorney and accountant or tax advisor. Comparing the LLC vs. Partnership Business Structures An LLC (limited liability company) may be owned by just one person (“single-member LLC”) or by multiple owners (“multi-member LLC”). By the nature of its name, a [...]
LLP vs. LLC
When you’re starting a small business that has more than one owner, you and your partner(s) may have concerns about your personal liability risks. If this is the case, it would be wise to compare LLP vs. LLC business structures. Limited liability partnerships (LLP) and limited liability companies (LLC) combine some aspects of general partnerships and corporations. As sorts of hybrid entity types, they provide a level of liability peace of mind for their owners while preserving some of the simplicity of operating as a general partnership. Although they have some things in common, [...]
What Kinds of Liability Should Accounting Professionals Be Concerned About Right Now?
Minimizing legal risks to your business has always been important. However, with so much uncharted territory and change within the current environment, it has become especially critical to look out for situations that could become problematic liability issues for your firm. Stephen Covey once said, “If there’s one thing that’s certain in business, it’s uncertainty.” That has never been more accurate than now. With the coronavirus pandemic persisting, nearly every company in every business sector faces uncertainty. As accounting professionals, these times of uncertainty bring a double dose of challenges your way: Your own [...]