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The Launch Blog: Expert Advice from the CorpNet Team
Meet the Go-To Person at CorpNet: Milton Turcios, Director of Operations
Every individual at CorpNet brings unique skills and qualities that make them an integral part of our team. This could not be truer of our Director of Operations, Milton Turcios! We’ve recently featured Milton in a video in our series that highlights various CorpNet team members. In this post, we’re introducing you to Milton and the video that shares more about why his co-workers value him so greatly. Who Is Milton Turcios? Like CorpNet’s founder, Nellie Akalp, Milton is the son of immigrants and the first child in his family to be born [...]
Expanding a Small Business to Another State: What You Need to Know
Extending your small business’s presence across state lines can help your company reach new markets, grow revenue, and boost profits. But how do you expand a small business into another state? And what’s involved in operating a business in multiple states? There are some filing requirements to operate in other states legally and tax-related considerations that need attention. Of course, none of that should be taken lightly, so entrepreneurs should research the requirements of the state(s) where they want to conduct business. It’s also beneficial to consult an attorney and tax advisor or accountant [...]
Meet the Driver and Doer Behind CorpNet: Nellie Akalp, Founder and CEO
Every person on the CorpNet team has contributed to our continued success. Our recently created series of videos features several of our team members to give you a glimpse of “who’s who” and their take on what they do and why they do it. In this post, we’re thrilled to introduce CorpNet Co-Founder Nellie Akalp and the video that features her. Who Is Nellie Akalp? Nellie loves educating and inspiring entrepreneurs and other business professionals. She finds her inspiration to do so through God and her family. Nellie’s husband, Phil, says that Nellie [...]
10 Legal Documents You Must Have to Start a Small Business
If starting a new business is on your 2022 New Year’s resolution list, we’re here to help you begin on the right (and legal) path.Here are 10 must-have legal documents you need to start a new business.1. Business PlanTechnically, a business plan is not a “legal” document, nor is it required to start a business, but developing a business plan before you attempt to secure financing, look for office space, or even pick a business name, is highly recommended. Creating your plan at the beginning forces you to assess your goals and resources, strategize a [...]
Meet the Visionary Behind CorpNet: Phil Akalp, Founder and CTO
CorpNet could never have achieved what we have without our exceptional team members! We’ve recently created several videos to give you a glimpse behind the scenes of our company and allow you to get to know some of the people responsible for guiding our business and fulfilling our vision. In this post, we’re pleased to introduce CorpNet Co-Founder Phil Akalp and the video that features him. Who Is Phil Akalp? Phil says most people know him as “Nellie’s husband.” The couple has been building companies together for several decades. They [...]
How Do LLC Owners Get Paid?
As a small business owner, how you pay yourself depends on your business’s legal structure and how you elect to pay taxes. The Limited Liability Company (LLC) is a popular legal entity offering liability protection to its owners (called members), simple compliance requirements, and tax flexibility. In fact, tax flexibility is one of the reasons the LLC is such an appealing option for small business owners. Should an LLC Owner Be on the Payroll? If you’re thinking about starting an LLC, you have several options for how you want to organize your company regarding [...]
How to Draft Meeting Minutes in the New Year
Along with other annual business compliance responsibilities, corporations (and sometimes LLCs) must hold various meetings and record minutes from those meetings. With the new year ahead, new entrepreneurs and existing business owners need to make sure they understand their responsibility to hold annual meetings and draft meeting minutes. Meetings that Require Keeping Minutes Corporate annual shareholder meeting (sometimes called “annual general meeting”) Board of directors meeting LLC annual member meeting Although not required, many organizations use Robert’s Rules of Order for facilitating discussion and making decisions during their meetings. It can be helpful for [...]
DBA vs. LLC: What’s the Difference?
Do you need a DBA or LLC? While that question may sound like an alphabetically infused riddle, it is an important question many new business owners ask. Fortunately, the answer to that question is not puzzling after you have some basic information about what those acronyms mean and how they may impact a business. And that’s precisely what I’ll be discussing in this blog post. The first thing I want to share is that DBA (doing business as) vs. LLC (limited liability company) is not exactly an apples-to-apples comparison. LLC Definition A limited liability [...]
How Often Does an LLC Pay Taxes?
If you’re considering starting a Limited Liability Company (LLC) or restructuring your business as an LLC, it’s important to know how often an LLC pays taxes and how to file business taxes for an LLC. As an LLC, your company benefits from receiving personal liability protection without the compliance formalities required of a C Corporation. In addition, the LLC structure is flexible about how LLC taxes are filed. For single-member LLC taxes, the sole business owner can file taxes as a sole proprietorship, a C Corporation, or an S Corporation. Multi-member LLCs, which have [...]
LLC’s: Best Biz Structure to ‘House’ Multiple Properties
With any property, there are inherent liabilities — from a broken balcony railing to old electrical wiring or mold. The LLC forms a wall that shields individual owners from personal liability. If sued by a tenant or guest, the defendant is the LLC, not you. And the judgment can be collected only from the LLC's assets, and not from your own personal assets.
Should You Incorporate at Year End or Wait Until Next Year?
Should you incorporate year end or next year? It may depend on the state where a business is located and if the option of a delay effective date exists.
Is an LLC a Corporation?
Many entrepreneurs wonder if an LLC is a corporation. An LLC is not the same thing as a corporation, but it's easy to get the two business entity types confused. In this article, I’ll explain the difference and highlight some of the advantages these structures have over unregistered entities. Limited Liability Companies and corporations are both types of statutory (state-registered) entities. To create them, business owners must file formation paperwork with the state and pay a registration fee. There may be other tasks as well that state law requires to legally form an LLC [...]
How to Formally Close Your Sole Proprietorship or Partnership
Deciding to close a business that you’ve put your blood, sweat, and tears into can be an emotional experience. That’s especially true of entrepreneurs who have operated as sole proprietorships or partnerships. Essentially, they become “one” with their companies, making saying “goodbye” bittersweet even when the time is right for closing. Fortunately, the overall process for closing a sole proprietorship or partnership is relatively uncomplicated (compared to dissolving a corporation or limited liability company). That’s helpful for sure, particularly if you’re aiming to finalize your business by the end of this year. Since the [...]
How to Retire When You Own Your Own Business
How many small business owners think about retirement when starting their businesses? Not many, which is understandable since all efforts are generally focused on growing the business, not leaving the company. However, at some point, all entrepreneurs want to know how do you retire when you own your own business? The answer depends on what the business owner wants from the business, whether other people are involved, state regulations, and how the company is structured. Let’s break it down. Retiring Strategies Small business owner retirement strategies may include: Selling the company to a buyer [...]
C Corporation vs. S Corporation
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 business structure you choose will affect your company in many ways, including the legal and financial aspects. That’s why it’s critical to do some research and ask for guidance from an attorney and accountant or tax professional when deciding. In this article, I’ll compare the C Corp vs. the S [...]