If you’re a property owner, you probably know how a like-kind exchange works, but in case the term is new to you, here’s what you need to know. According to the Internal Revenue Service (IRS), a like-kind exchange (also called a 1031 exchange) is: When you exchange...
Most types of businesses operating in West Virginia must file an annual report with the Secretary of State Office to keep their company records updated. The deadline for submitting the report, along with the associated filing fee, is July 1 each year after the...
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,...
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...
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?...
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...
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...
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...
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...
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...
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...
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...
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...
“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...
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...
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.
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...
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...
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...
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....
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