Nellie Akalp

A pioneer in the online legal document filing space since 1997, Nellie has helped more than half a million small businesses and licensed professionals start and maintain companies across the United States, most recently through her Inc.5000 recognized company, CorpNet. She closely follows trends in the industry and shares her wealth of knowledge across various CPA and small business communities, establishing Nellie as one of the most prominent influential experts on business startup and compliance matters.

Can a Partnership Elect to Be an S Corporation?

If you’re operating your business as a Partnership, you may be wondering if it’s possible to change to an S Corporation. While converting directly from a Partnership to an S Corporation for tax purposes isn’t allowed, there is a way to get there—if the owners of a...

Partnership Down Arrow S Corporation

Everything You Need to Know About Starting a Partnership

If you’re thinking about starting a Partnership, there are some important considerations to keep in mind. As with every business venture, there are advantages and challenges involved with operating a Partnership, and it’s best to understand what you’re getting into...

Partnership Agreement on Clipboard

How Pennsylvania Has Changed Annual Reporting in 2025

This year, Pennsylvania retired its decennial report requirement and now requires many business entities to file annual reports. Going from reporting every ten years to every year is a result of the 2022 Act 122, which Governor Tom Wolf signed into law on November...

Pennsylvania State Flag

What Is a Corporate Veil and Why Do You Need One?

What Is Piercing the Corporate Veil? A corporate veil, the legal shield of separation between a business and its owners, helps to protect individuals from being held personally liable for their company’s debts and legal disputes. Businesses formed as a Limited...

Shelter from the crisis

8 Payroll Mistakes That Can Hurt Your Small Business

All businesses, of any size, that hire employees must manage payroll. It’s a responsibility not to be taken lightly! Careful attention to accuracy and compliance with federal, state, and local laws for withholdings and deductions is imperative to avoid mistakes and...

Personal assistant student teacher stressed about workload and pressure to study

Can I Covert a Multi-Member LLC to a Single-Member LLC?

Ownership of Limited Liability Companies (LLCs) changes frequently for a variety of reasons. If you have a multi-member LLC, which has two or more members, and are looking to convert it to a single-member LLC, you’ll need to understand how the process works and...

Multiple People to Single People

LLC vs. Partnership

If you’re considering a Limited Liability Company (LLC) or Partnership as your company’s business structure, you’ll have many considerations to think about. Choosing a business entity type has ramifications legally, administratively, and financially—all of which...

LLC-vs-Partnership-Text-on-Scale

What is a Profit Share Agreement?

A profit share agreement, sometimes called a profit share contract, is an important legal contract between two or more parties, such as individual business partners, businesses, employers and employees, or investors and entrepreneurs. A profit share agreement is...

Legal Documents Illustration

Is it Safe to Operate Multiple Businesses Under a Single LLC?

If you own multiple businesses, you might be wondering if it is safe to operate them under the same LLC. Although it’s possible, this approach has a potentially significant downside. If someone sues one business, not only will that business’s assets be at risk but...

Risk Level

How to Transfer Business Ownership

If you’re considering retiring, looking for a new venture, or bringing a partner into your business, you may be wondering about the process of transferring business ownership. There are various ways to sell part or all of a business, and regulations you’ll need to...

Business People Shaking Hands

Can I Set Up an LLC in Another State?

Yes, it is possible to set up a Limited Liability Company (LLC) in another state, and there are two possible scenarios for doing so: Form an LLC in a state different from where the business owner lives and works. Register an existing LLC formed in one state to...

Map of the United States

All Domestic Business Entities Now Exempt from BOI Reporting

In a press release issued late in the day on March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced an “interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to...

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Can a Minor Own an LLC?

There are stories all over the internet about kids and teenagers who have started businesses and are operating successfully as entrepreneurs. Sisters Caroline and Isabel Bercaw started making bath bombs in their basement in Minneapolis when they were 11 and 12...

Teenager Working in Bakery

The Best States to Form a Foreign LLC

While most entrepreneurs choose to register a Limited Liability Company (LLC) in the state where they live and plan to operate, some decide to expand their operations into one or more other states by registering it as a “foreign LLC”. The LLC is considered a...

US Map of States With Connecting Dots

Should My LLC Be My Name?

If you’re starting a business and planning to operate it as a Limited Liability Company (LLC), you may be struggling to decide what to name your company. Should you include your personal name, or would it be better to register a more conceptual or catchy name as...

John Smith Business Cards

Nonprofit Corporation vs. 501(c)(3)

People often use the terms “nonprofit corporation” and “501(c)(3)” synonymously. However, they don’t necessarily mean the same thing, and it’s important to know the distinction if you plan to operate as a nonprofit organization. A Nonprofit Corporation is a...

Nonprofit Employee Working

What Happens if You Fail to Submit Your Annual Report?

Nearly every U.S. state requires Limited Liability Companies, C Corporations, and other registered business entities to complete and file some form of an Annual Report. Annual Reports are intended to keep state officials up to date with contact information for your...

Businessman Filing Online Report via Table

Beneficial Ownership Reporting Requirements Are Back In Effect

After a temporary halt in the requirement to submit beneficial ownership information reports (BOIR) to the federal government, FinCEN has announced that the reporting obligations under the Corporate Transparency Act (CTA) are again mandatory. What Does This Mean...

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12 Examples of Sole Proprietorships

A large range of businesses operate as Sole Proprietorships – a type of business entity that has one person, or a married couple, as its owner and operator. In fact, there are more Sole Proprietorships in the United States than any other type of business structure,...

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