The Launch Blog: Expert Advice from the CorpNet Team
How to Legally Franchise a Business
Subway, Snap-on Tools, MaidPro, ACTIONCoach. They're all very different types of businesses with one significant thing in common—they began as small businesses and increased their revenue exponentially by franchising. If you've considered how to grow your business by leaps and bounds without starting and running dozens or hundreds of locations yourself, you may have wondered how to franchise a business. In this article, you'll learn more about what franchising means, how to determine if franchising makes sense for your business, and what's involved in franchising a business. What Does Mean to Franchise a Business? [...]
How a Shareholder Loan Affects Your Taxes
If you’re a principal or shareholder of an S-corporation, you already know the many tax advantages the structure provides you—and the few disadvantages you have to deal with. Being part of an S-corp means your shareholder assets are protected and you can take advantage of pass-through taxation and other tax benefits, making the S-corp entity a good choice for both you and the business. But what happens when the corporation needs an influx of money? The business may need to replace an expensive piece of equipment or grab a larger lease space that suddenly [...]
Setting Up LLC Partnership Agreements
The Limited Liability Company (LLC) business structure is one of the most flexible and simple business entity types that entrepreneurs may choose. LLCs aren't usually required by states to have an LLC partnership agreement; however, it's something to consider–especially when an LLC will have multiple owners (a multi-member LLC). What Is an LLC Partnership Agreement? An LLC partnership agreement (also called an LLC Operating Agreement) lays the ground rules for operating a Limited Liability Company and protects the legal rights of its owners (called members). It’s written by the LLC’s members and describes the [...]
Prepping Your Business for a Busy Holiday Season
Happy holidays! Too soon? Not really, especially because the National Retail Federation (NRF) estimates 2019 holiday retail sales will grow between 3.8% and 4.2% over last year. In dollars, that means between $727.9 billion and $730.7 billion. With numbers like those, your business had better be well-organized for the frenetic holiday season ahead. Here are five ways to make sure your business is positioned to take the holidays by the reins! Get Your House in Order I don’t know about you, but I can always think clearer with a clean office and ample supplies. The holidays [...]
How to Start a Business as a Kid or Teen
Starting a business as a kid or teen is exciting! With it, comes an opportunity to learn life-long skills that will help you become a successful adult. And, of course, there's the money you can earn! But how do you start a business as a kid or teen? Well, regardless of your age, you will need to follow pretty much the same business-related rules as when starting a business as an adult. Your parent or guardian will be one of the most important resources in your journey. While you’re their dependant in their household, [...]
LLC-5 and the California Foreign Limited Liability Company
What is an LLC-5? The LLC-5 is a California State form used when a domestic limited liability company formed in another state (or country) wishes to become a foreign limited liability company in California. The official name of Form LLC-5 is “Application to Register a Foreign Limited Liability Company.” Approval to operate as a foreign LLC is known as "foreign qualification." As a business owner, learning more about the LLC-5 and the process of becoming a foreign LLC in California will serve you well if you're thinking about expanding your company. If you have [...]
How to Start a Trucking Business
If you’ve always wanted to start a trucking business, now could be the perfect time to put your plan into action. The trucking industry has an immense impact on the U.S. economy. According to American Trucking Associations, 71 percent of the freight tonnage moved in the United States goes on trucks. If you’ve been thinking about how to start a trucking company so that you can become a part of this booming industry, you may also be wondering, “Where do I begin?” Whether you’ve been a driver for another company and desire to start [...]
Can I Use My LLC for More Than One Business?
There may come a time when you decide to expand your business into an additional area of focus or take an online business to a storefront (or vice versa). Can you run both businesses under your existing LLC? The short answer is, "Yes, you can." However, you have other options to consider before jumping in and handling things that way. The route you choose can impact you in several ways (including your liability and tax obligations), so it's critical to do your homework and weigh the pros and cons. I recommend talking with an [...]
LLC with S Corp Election or Corporation with S Corp Election: Which is Best?
You've probably heard that being an S Corporation has some perks. It certainly can for some businesses. Might it be the right option for you? Let's take a moment to chat about all things S Corp so that you can gain a better understanding of what it is and its potential advantages. First, an S Corp isn't a type of business entity; it's a special tax election that an eligible limited liability company (LLC) or corporation may choose. In other words, business owners must decide whether their company will form as an LLC or [...]
How to Avoid Double Taxation: LLC or S Corp?
Creating a legal entity for your startup will establish much-needed separation between you and your business. Shielding your personal assets is the first and foremost reason to think about incorporating. But let's face it. When it comes down to choosing a business structure, small business owners are typically concerned about one thing: taxes.
Improving the Startup Content Marketing Plan
Wouldn’t it be nice if content marketing was a science? It would mean you could create a plan, follow the steps, and instantly see amazing results. But sadly, content marketing isn’t a science; it’s more like an art. And that means you can do everything right and still not quite achieve the results you were hoping for. It’s frustrating for startup companies. However, one of the advantages of being a startup is that nothing is quite set in stone just yet. The business is at a stage where processes are flexible and where you [...]
How to Legally Dissolve a Corporation or LLC
“Dissolution” is the act of formally dissolving (closing) a business entity with the state. It involves far more than just stopping to sell products and services. Dissolution is a process for wrapping up all legal and financial aspects of the business and legally terminating its existence in the state(s) where it is registered. Business owners, and professional services providers who offer accounting, tax, or legal services to entrepreneurs, should know how to legally dissolve a Corporation or LLC. Just like life, running a business has its share of ups, downs, and surprises—and there are [...]
How to Start an Accounting Business
Whether you’re a finance major fresh out of college or have been working in an accounting firm or department for years, I’ll bet you’ve thought about being your own boss. There’s a lot to consider when exploring how to start an accounting business. Let's dig into the necessary steps and mistakes to avoid. Starting an accounting business offers an opportunity to chart your own professional course and enjoy the flexibility and control of self-employment. Of course, there's plenty of research and work involved in the process. You'll want to be thorough and well-informed as you [...]
4 Real Reasons Why You Need a Dedicated Business Bank Account
One of the most important decisions you can make that determines the long-term success of your business is figuring out how to stay on top of your finances. In the beginning, as you get your business up and running, it might seem easier to keep your personal finances and business transactions together in a centralized place. That way, you only need to check one place to track your daily cash flow. As the business grows, however, having a separate business bank account is what you need to set yourself up for long-term financial success. Before [...]
How to Start a Consulting Business
If you have a high level of proficiency, expertise, and experience in a field, you may have thought about how to start a consulting business. Starting a consulting business can be a wonderful career option for individuals who want to leverage their knowledge and skills while enjoying the flexibility and autonomy of self-employment. Even if you don't presently have experience doing the type of work you're interested in, you may be able to achieve your dream with hard work, education, training, and attention to complying with the professional and legal requirements. In today's post, [...]