The Launch Blog: Expert Advice from the CorpNet Team
What You Need to Know About the EIDL Application Process and Document Requirements
If you haven’t yet applied for an Economic Injury Disaster Loan (EIDL), you have until December 21, 2020 to submit your application. There is no need to apply again if you’ve already applied, as the loans are vetted on a first-come-first-serve basis. At the latest count, the U.S. Small Business Administration (SBA) has approved 3,612,236 EIDL applications, totaling $191,994,805,796 for small businesses affected by the pandemic. Unfortunately, so many small businesses continue to suffer losses, so the need for relief funding is ongoing. Let's do a recap of the Economic Injury Disaster Loan eligibility [...]
Articles of Incorporation vs. Articles of Organization
If you're thinking about starting a business, you’ll want to research which business entity type will be most advantageous to you. As you go through that process, you will discover that various documents and filings need to be submitted to the state to form a limited liability company (LLC) or corporation. Articles of incorporation and articles of organization are among them. Articles of Incorporation An articles of incorporation (sometimes called a “certificate of incorporation”) is a form that states require to set up a corporation (C Corporation). When a company's articles of incorporation are [...]
What are Articles of Organization?
Have you decided to operate your business as a Limited Liability Company (LLC)? If you answered yes, you must comply with your state's requirements for registering your company. Those responsibilities include filing an articles of organization (sometimes called a certificate of organization or certificate of formation) with the state government. The articles of organization is a legal document containing important information about the business. The Secretary of State office must approve the document for the LLC to be recognized as a legal entity. Why Articles of Organization are Important for an LLC Filing articles [...]
What are Articles of Incorporation?
If you’ve decided to establish your business as a corporation, you’ll need to fulfill your state’s requirements for registering your company. Among those requirements is filing an “articles of incorporation” (sometimes called “certificate of incorporation”) with the state government. Articles of incorporation is a legal document containing important information about the company, and it must be approved by the Secretary of State office. Why Articles of Incorporation are Important Filing Articles of incorporation registers the company as a corporation (C Corporation) with the state. It makes the business a separate legal and tax-paying entity [...]
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 particular [...]
5 Tips for Getting a Small Business Loan
Whether you’re looking for startup funding or money to take your business to new heights, you’ll need to explore your options for getting a small business loan at some point in the life of your small business. Some entrepreneurs prefer to use funds from personal savings, family, friends, and even credit card advances. However, most small business owners would rather establish a good relationship with a lender and secure a small business loan to meet their financial needs. Here are five tips to help you find a small business loan. 1. Know Your Credit [...]
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. Changes That Require Business Filings 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 [...]
Don’t Be Spooked by Your Annual Business Review!
For many small business owners, 2020 was anything but typical. This year (more than ever), we wanted to remind you of the positive changes that conducting an annual business review can bring to your company. What is an annual business review? You might think this is the annual report corporations and limited liability companies (LLC) must file each year with the state. In truth, that is one part of the annual review process, the annual compliance filings, however, there is more to consider when reviewing your business. The following are 10 areas of your [...]
Business Closures, Dissolutions, and Withdrawals
It has been a rough year for businesses across the country, but especially so for small businesses. According to recent Yelp data, 60% of business closures due to the coronavirus pandemic are permanent. Companies of all sizes have had to close some or many of their locations. Has your business suffered losses this year? 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. Here’s what you need to know about business dissolutions and withdrawals and [...]
Business Name Vs. Trademark
What’s the Difference Between a Registered Business Name and a Trademark? One of the first decisions new entrepreneurs make is what they will call their business. A lot, including brand recognition, rides on a business name, so naturally, it’s something business owners want to consider carefully. On occasion, people have asked me how a business name and trademark are different. Generally speaking: A business name is just that, a name a company calls itself and by which the public recognizes it. A trademark, as defined by the U.S. Patent and Trademark Office (USPTO), is [...]
The What, Why, and How of Incorporating Out of State
A lot of entrepreneurs wonder what state should be used to incorporate a new business. Is it their own state or maybe another state like Delaware or Nevada? There is no easy answer to that question, however, there are definite benefits for some businesses to incorporate in states other than where they conduct business. Some existing businesses may also consider registering out of state due to compliance considerations that arise from multistate business activities or employees. These two different situations result in what is called foreign qualification. Foreign qualification is simply the process of [...]
What You Need to Know About Collecting Sales Tax
Before a retailer or service provider can open for business, they first must get approval from the state for sales tax registration. Not all states charge sales tax, and not all products and services are taxable, so it’s essential to learn the facts before you find yourself in compliance hot water. Here’s what to know about your business’s responsibilities regarding the collection of sales taxes. Sales Tax Vary by State and Sometimes by County Currently, forty-five states and the District of Columbia collect statewide sales taxes, while five states do not have a statewide [...]
Payroll Taxes 101
Whether you’re a sole proprietor and your company’s only employee, or a corporation with 40 employees, you are responsible for collecting and paying employment taxes to federal and state tax agencies. However, while federal payroll taxes are the same no matter where your business is located, state employment taxes differ according to income tax rates in the various states. Payroll taxes can be a bit confusing and overwhelming to new business owners. In today's article, I'll break down payroll taxes so you know all the ins and outs of keeping your business in compliance. [...]
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 [...]