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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, 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.

The Right Way to Terminate a Partnership Agreement

There are many reasons why you’d want to terminate a partnership agreement. The goals of one or both partners have changed, your working styles are incompatible, or there are fundamental disagreements about business operations and decisions. Whatever the reason, the partners must understand and follow the correct procedures and regulations for partnership termination, so all parties are legally separated from liability.

What is a Partnership?

A partnership is a legal entity where two (or more) people own and operate a business, and each partner owns a percentage of the assets and liabilities of […]

2021-06-21T09:01:12-07:00June 21st, 2021|Categories: Maturity and Exit|

Professional Corporation Vs. Professional LLC

A professional corporation and a professional LLC are business entities that licensed professionals may wish, or be required, to form.

Generally, professions that form professional LLCs or professional corporations include:

  • Attorneys and law firms
  • Accountants and CPAs
  • Physicians
  • Engineers
  • Architects
  • Psychologists
  • Chiropractors
  • Dentists
  • Veterinarians
  • Social workers
  • Real estate agents

In this article, I’ll explain some of the characteristics of the professional LLC (PLLC) and professional corporation (PC) business structures, show how they are similar, and show how they differ from each other. I’ll also discuss some of the potential pros and cons […]

2021-06-17T14:26:19-07:00June 17th, 2021|Categories: Startup and Launch|

Fathers Know Best: Entrepreneurial Dads Share Their Business Wisdom

Some people are lucky enough to grow up in an entrepreneurial family. I am one of the lucky ones. I learned so much from working with my grandfather at his small businesses when I was younger. I mean, what could be better than working at an ice cream store?

Inspired by that, my husband Phil and I make sure we share the lessons and joys of entrepreneurship with our children. With that in mind, and in honor of Father’s Day, we talked to several entrepreneurial fathers to find out what they learned from […]

2021-06-14T06:59:53-07:00June 14th, 2021|Categories: Startup and Launch|

Kentucky Annual Reports: When They’re Due and How to File Them

In Kentucky, limited liability companies, C corporations, limited partnerships, and business trusts must file an “annual report” with the Kentucky Secretary of State office. Kentucky annual reports allow the State to provide accurate information to the public about the business entities registered there. Registered entities must file their annual report by June 30 each year—even if they had no business activity or income.

Businesses operating as sole proprietors or general partnerships do not have to file annual reports in Kentucky.

When Annual Reports Are Due in Kentucky

The Kentucky annual report […]

2021-06-07T09:31:50-07:00June 7th, 2021|Categories: Ongoing Management and Protection|

As a Business Owner, Can I Have Multiple LLCs?

Once entrepreneurs taste what it’s like to be their own boss and carve their own career path, some decide to pursue starting multiple businesses. Depending on the situation, owning multiple Limited Liability Companies (LLCs) might make sense. Which leads to the question, how many LLCs can someone have?

The short answer is there are no particular limits on how many LLCs someone may form, provided they meet all of the eligibility criteria to be an LLC member and comply with all of the federal, state, and local government rules and regulations for operating […]

2021-06-01T01:09:09-07:00May 27th, 2021|Categories: Startup and Launch|

What Is a Certificate of Authority?

You may have heard the term Certificate of Authority, but what is it? Well, it can refer to a few different things!

I’ll discuss the various types of Certificates of Authority in this article to give you some general information about what they are and when they are typically required. I encourage you to check with your attorney and accountant or tax advisor for legal and tax advice to determine if your business needs any of them.

1. Conducting Business in Another State

Certificate of Authority is known as a foreign qualification when speaking of […]

2021-05-19T11:25:32-07:00May 19th, 2021|Categories: Ongoing Management and Protection|

Michigan Annual Report Filing for LLCs and Corporations

The state of Michigan requires all business owners of limited liability companies (LLC) and corporations to file an annual report. An annual report is a filing that helps ensure the state’s records about a business entity are accurate.

Michigan has specific due dates for filing annual reports, so entrepreneurs need to stay on top of the deadlines and get their paperwork turned in on time. Submitting annual reports is one of the compliance tasks required to keep business entities in good standing with the state.

In this post, we’ll cover general details about […]

2021-05-11T06:45:38-07:00May 10th, 2021|Categories: Ongoing Management and Protection|

The Corporate Veil: What it is and Why You Don’t Want to Pierce it

What Is Piercing the Corporate Veil?

Businesses that are registered as limited liability companies (LLCs) or corporations provide their owners with protection against being held personally liable for the company’s debts and claims. That legal shield of separation between a business and its owners is known as the “corporate veil.” Under that shield (under most circumstances) the owners’ personal assets (home, property, bank accounts, retirement savings, etc.) cannot be taken to settle debts and lawsuits brought against the business. However, personal liability protection is not guaranteed if entrepreneurs do something (or fail to […]

2021-05-04T10:25:35-07:00May 4th, 2021|Categories: Ongoing Management and Protection|

What Business Owners Should Know About the Arkansas Annual Franchise Tax

The Arkansas Secretary of State requires some business entities to report and file Annual Franchise Tax each year. The Annual Franchise Tax is a privilege tax that limited liability companies (LLCs) and corporations must pay for the opportunity to conduct business in Arkansas.

The obligation to pay the tax begins the year after the business entity was formed and must be filed each year by May 1. Businesses may file and pay their Annual Franchise Tax as early as January 1.

Arkansas LLCs

LLCs (limited liability companies) and PLLCs (professional limited […]

2021-04-26T06:42:41-07:00April 26th, 2021|Categories: Ongoing Management and Protection|

What You Should Know About Delaware Annual Reports and Annual Tax

Business entities in the state of Delaware have various reports and filings they must submit to the Delaware Division of Corporations each year. Delaware Limited Liability Companies don’t have to file an annual report, but they do have to file to pay an Annual Tax each year by June 1. Businesses that are registered as a corporation in Delaware must file a Delaware Annual Report every year by March 1, and most must also pay a Franchise Tax fee yearly. These requirements apply whether a Delaware corporation operates in the state of […]

2021-04-26T06:23:37-07:00April 26th, 2021|Categories: Ongoing Management and Protection|
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