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Nellie Akalp

About Nellie Akalp

Nellie Akalp is an entrepreneur, small business expert, speaker, and mother of four amazing kids. As CEO of CorpNet.com, she has helped more than half a million entrepreneurs launch their businesses. Akalp is nationally recognized as one of the most prominent experts on small business legal matters, contributing frequently to outlets like Entrepreneur, Forbes, Huffington Post, Mashable, and Fox Small Business. A passionate entrepreneur herself, Akalp is committed to helping others take the reigns and dive into small business ownership. Through her public speaking, media appearances, and frequent blogging, she has developed a strong following within the small business community and has been honored as a Small Business Influencer Champion three years in a row.

What is a Business Statement of Purpose for an LLC or Corporation?

When starting a limited liability company or corporation, businesses in most states must provide a written statement of business purpose in their formation documents (articles of incorporation or articles of organization). The business purpose statement describes why, and for what legal purpose, will the LLC or corporation exist. This is not the same as a company’s mission or vision statement, which businesses often leverage when seeking financing, attracting customers, and rallying employee morale.

In most states’ articles of incorporation and articles of organization, the purpose statement is a brief explanation of what business […]

2021-04-13T08:20:30-07:00April 13th, 2021|Categories: Startup and Launch|

What are Texas Annual Franchise Tax Reports?

Texas Comptroller Annual Franchise Tax Reports Requirements

If you have a business in the Lone Star state, you may be wondering if you must file a Texas annual franchise tax report and pay a franchise tax. The state’s report filing requirements vary according to the type of business entity, so it’s important to research what obligations your business does (or does not) need to fulfill.

Most domestic entities (for example, companies registered as LLCs or corporations in Texas) and foreign entities (companies registered in a different home state but conducting business in Texas) need […]

2021-04-09T04:54:37-07:00April 7th, 2021|Categories: Ongoing Management and Protection|

What Is a Statutory Agent?

“A rose by any other name would smell as sweet.” ~ Juliet (in Romeo and Juliet by William Shakespeare). Such is also the case with a statutory agent. More commonly known as a registered agent, a statutory agent is an individual or entity appointed by a Limited Liability Company, S Corporation, C Corporation, or other legal business entity to accept legal documents, government correspondence, and compliance paperwork on its behalf. Other names for a statutory agent include agent for service of process and resident agent.

Statutory agents are critical for keeping statutory (state-registered) […]

2021-04-09T04:55:59-07:00March 29th, 2021|Categories: Ongoing Management and Protection|

Does Your Business Have to File a Georgia Annual Report by April 1st?

Business entities that are registered with Georgia’s Office of the Secretary of State must file a Georgia annual report each year. The due date for filing Georgia’s annual report is April 1st.

What is an Annual Report?

The correct terminology for an annual report is actually “annual registration.” However, many people refer to it as an “annual report” because that’s what the annual filing is called in many states. Throughout this article, you’ll see that I use both terms to mix things up a little for your reading pleasure!

Businesses required to file a Georgia […]

2021-03-23T06:57:06-07:00March 23rd, 2021|Categories: Ongoing Management and Protection|

Florida Annual Report: 7 Things You Must Know

If you have incorporated in Florida or formed an LLC in Florida, your deadline for filing your Annual Report is May 1. Here are 7 facts that you need to know to ensure that your corporation or LLC remains compliant in the state of Florida. You Must File an Annual Report Whether Your Business Has Changes or Not While the purpose of the Annual Report is to ensure that the Florida Department of State, Division of Corporations has your company’s most updated information, you still have to file the document, even if you have no changes since last year.

2021-03-23T07:10:39-07:00March 23rd, 2021|Categories: Ongoing Management and Protection|

How Do I Legally Protect My Side Hustle?

Most everyone could do with a little more cash these days, and a side hustle is a great way to keep your “day job” or core business and still make extra income. But what happens when your side hustle gains traction, and you want to make sure it is legally protected? When does the Internal Revenue Service (IRS) need to know? What about your state’s Secretary of State or Department of Revenue? Here’s what to know to keep your side hustle on the right side of the law.

Is Your Side Hustle a […]

2021-03-10T10:03:27-08:00March 10th, 2021|Categories: Startup and Launch|

What is a DBA?

Whether that name is legally registered with the business’s home state or not, every business has a legal name. A DBA (or “Doing Business As” is a name that is different from the legal name of the company. A DBA is also referred to as the “trade name,” “assumed business name,” or a “fictitious business name.”

A DBA lets the public know the true owner of a business. DBA laws are consumer protection laws. They exist, so consumers have full transparency on which companies they are transacting business with. In other words, […]

2021-03-08T07:26:42-08:00March 8th, 2021|Categories: Startup and Launch|

California LLC Franchise Tax Waived in First Year

Legislative Update Gives Exemption to New California Limited Liability Companies

LLCs registered to do business in California must pay an annual franchise tax of $800 to the state’s Franchise Tax Board (FTB). However, to relieve some of the financial pressures amid the pandemic for newly formed businesses, California Governor Gavin Newsome signed legislation in 2020 to exempt startups from paying the LLC franchise tax during their first year in business.

This is welcome news for aspiring business owners in the Golden State!

The new rules established by the state’s 2020 Budget Act (AB 85) exempt […]

2021-03-08T07:09:05-08:00March 8th, 2021|Categories: Ongoing Management and Protection|

Everything You Need to Know About Starting a Partnership

What is a Partnership?

A partnership is a formal legal entity where two or more parties agree to manage and operate a business and share its profits and losses. Like a sole proprietorship, each partner is responsible for the assets and liabilities of the company. However, in a partnership, the parties create a partnership agreement that dictates ownership, responsibilities, and decision-making authority. While there are no specific filing or registration formalities needed to start a partnership, partnerships must comply with the registration, filing, and tax requirements required of any business.

How Do I Know […]

2021-03-01T08:41:35-08:00March 1st, 2021|Categories: Startup and Launch|
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