Nellie Akalp

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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.

Independent Contractor vs. Employee

Before the pandemic (and all the havoc it created), small business owners were in an ongoing pursuit of sourcing the best workers for their company. Deciding between independent contractors and employees was a frequent question and this debate grew as some states considered enacting laws like California’s 2020 AB5 law. In 2021 “The Great Resignation” arrived and millions of employees have since quit their jobs in pursuit of more flexibility and happiness. This mass exodus has intensified the employee vs. independent contractor debate. With businesses settling into the “new normal” of hiring, […]

2021-09-14T11:10:38-07:00September 14th, 2021|Categories: Growth and Expansion|Tags: |

How to Remove a Member from an LLC

Some limited liability companies undergo ownership changes as their businesses evolve. Members may come or go — either voluntarily or involuntarily — for a variety of reasons. So how do you remove a member of an LLC? Well, that depends! Different circumstances can affect the process and the outcomes for what happens to a member’s ownership interests in the company.

Whether an LLC’s members want one of their members gone, a member wants to withdraw voluntarily, or a member passes away, the company must carry out the process lawfully. Ideally, an LLC’s organizational […]

2021-09-07T12:46:04-07:00September 7th, 2021|Categories: Maturity and Exit|

Hiring Family Members in a Small Business

I’m often asked if it is advantageous for a small business to hire family members. Some entrepreneurs have asked if hiring relatives presents legal issues, while others have asked if it is ethical. Whether you believe this practice is good business or nepotism, there are a lot of companies hiring relatives in full-time and contract positions.

In the U.S. today, there are 5.5 million family-owned businesses, employing 63% of the American workforce. That adds up to many family business owners working with family members. These scenarios could be fraught with angst or, if […]

2021-09-07T11:25:08-07:00September 7th, 2021|Categories: Ongoing Management and Protection|

How to Reinstate a Revoked 501(c)(3) Status

As a 501(c)(3) nonprofit, an organization does not have to pay federal income tax on its profits related to its business purpose. That’s an important advantage as it allows organizations to keep more of their profits and use them to further their causes. However, if a nonprofit organization fails to file the required reports and 990 series returns to the IRS, the IRS will revoke 501(c)(3) status. This revocation will negatively impact the nonprofit in multiple ways.

Fortunately, the IRS does provide a path for nonprofit organizers to reinstate their revoked 501(c)(3) status. […]

2021-08-31T10:29:50-07:00August 31st, 2021|Categories: Ongoing Management and Protection|

What Is an Annual Franchise Tax Report?

Not all, but some states require business entities to file an annual report and pay a franchise tax each year. While the name suggests that a franchise tax report might only apply to businesses that are franchises, that’s not the case!

A franchise tax is a fee that companies pay for the privilege of being registered or organized in the state. As a registered business entity, a company gains personal liability protection for its owners, certain tax deductions, business name protection, and possibly other benefits. In exchange for this protection, the state serves […]

2021-08-31T05:37:18-07:00August 24th, 2021|Categories: Ongoing Management and Protection|

Filing an Intent to Use Trademark Application

Choosing the perfect business or brand name is only half the battle when starting a new venture. You need to protect that name from getting stolen or misused. But what if you haven’t started using the brand name yet? The good news is even if your website is still under construction and marketing materials are still at the printers, you can apply for protection with an intent to use trademark application.

What is a Trademark?

In its most basic definition, a trademark is a word, phrase, symbol, design, or combination of these elements identifying the source […]

2021-08-24T09:03:22-07:00August 24th, 2021|Categories: Ongoing Management and Protection|

How to Revoke an S Corp Election

Many limited liability companies (LLCs) and C Corporations choose to be taxed as S Corporations to lower their tax burden. It’s relatively easy to do as long as the business entity meets IRS requirements and files Form 2553. But what happens if a business owner finds an S Corp hasn’t worked to their advantage? Or perhaps, their situation has evolved, and S Corp status no longer benefits them. Fortunately, in either case, companies can revoke an S Corp election and change back to their original LLC or C Corp tax status.

To […]

2021-08-24T08:43:00-07:00August 24th, 2021|Categories: Ongoing Management and Protection|Tags: |

Back to School, Back to Your Business

Schools will soon be back in session across our country. COVID-19 continues to present challenges — and debates over our children’s learning environment. However, we see some glimpses of our former “normal” as most schools are transitioning from virtual and hybrid classes back to in-person learning.

Also, at this time, business owners who have switched to a virtual workplace are assessing the results and figuring out to what degree they want to continue that model. Entrepreneurs operating companies that primarily do business in-person are navigating how to provide optimal customer service amid […]

2021-08-24T11:41:46-07:00August 24th, 2021|Categories: Ongoing Management and Protection|

Which LLC Is Right for Me?

Just as there are flavors of ice cream, different varieties of the LLC business structure exist, too. The ideal option for a company may depend on a business’s industry, type of commercial activities, number of owners, and even an owners’ professional credentials.

On the CorpNet website, we offer a tool to help entrepreneurs zero in on the right business entity for them. In this article, I’ll describe some general scenarios and the limited liability company structure versions that might be most appealing in those situations.

Keep in mind that choosing a business entity […]

2021-08-10T08:42:25-07:00August 10th, 2021|Categories: Startup and Launch|

Tax Registration: What Your Business Needs to Know

Tax Form iPad CalculatorWhether you’re a business accountant serving entrepreneurs or you’re a business owner, it’s critical to understand sales and employment tax registration and ongoing requirements. Federal payroll taxes are the same no matter where a business is located, but state employment taxes and sales taxes differ according to tax rates in the various states.

I presented a webinar for CPA Academy on this topic, and this blog article will cover what I discussed. So, get ready for a lot of helpful info about various […]

2021-08-04T11:13:15-07:00August 4th, 2021|Categories: Startup and Launch|
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