Deciding to close a business that you’ve put your blood, sweat, and tears into can be an emotional experience. That’s especially true of entrepreneurs who have operated as sole proprietorships or partnerships. Essentially, they become “one” with their companies,...
How many small business owners think about retirement when starting their businesses? Not many, which is understandable since all efforts are generally focused on growing the business, not leaving the company. However, at some point, all entrepreneurs want to know...
If you’re thinking of closing your LLC before the year ends, you may be feeling overwhelmed. And you are probably wondering what you must do to exit the business without leaving any loose ends behind. Indeed, there is more to shutting down a business than merely...
I love the holidays. Celebrating with family and friends is very important to me and my husband, Phil. And we strongly believe in sharing that holiday spirit with our employees and contractors. Unfortunately, last year, like many of you, we couldn’t celebrate in...
As a startup with more than one business owner, you have your choice on how you want to legally structure your company. The decision isn’t to be taken lightly since a business’s structure affects how you organize your company, registration requirements, compliance...
Tax considerations are a significant factor in how entrepreneurs structure their businesses. The qualified business income deduction (or QBI tax deduction) is an important tax deduction that allows eligible businesses to deduct up to 20% of their qualified business...
According to Global Workplace Analytics, 25-30% of the workforce will be working from home multiple days a week by the end of 2021. Already a trend before the pandemic, remote working became the “new normal” for businesses of all sizes struggling to stay afloat...
As difficult it may be to make the decision to close a business, things can become even more challenging if a business’s owners don’t tie up all the loose ends. If you’re thinking of closing your corporation by year-end, realize that there’s more to the process...
Depending on a business’s entity type and the state it’s registered in, its owners may be required to hold annual meetings and record minutes from those meetings. But how do you know if that requirement applies to your company? In this article, I'm going to explain...
It has been a rough few years for businesses across the country, but especially so for small businesses. According to Yelp data, an estimated 60% of business closures due to the coronavirus pandemic are permanent. Companies of all sizes have had to close some or...
When a limited liability company (LLC) has a physical location, owners usually register their business in their home state because that’s typically where they conduct most of their business. But what about forming an LLC for an online business? Having an online...
Besides going through all the proper steps to set up a business, understanding and following through with ongoing compliance requirements is immensely important. I regularly address small business compliance considerations in my writings on the CorpNet blog and...
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...
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...
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,...
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,...
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...
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...
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...
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....
Ready to start your business today and need guidance? Get a free Consultation!
Tools & Wizards
Tools & Wizards
Need more education on choosing a business structure? Check out our Business Structure Wizard!
Free Guides & Templates
Interested in partnering with us? Schedule a call!