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....
There’s a lot of misinformation out there about keeping business and personal finances separate. Truthfully, most entrepreneurs tap into their personal savings to start their businesses, so opening separate bank accounts isn’t their top priority when there are so...
Most states require limited liability companies (LLCs) and corporations to submit some form of ongoing business entity filing. While many states require these filings annually (i.e., “annual reports”), several require these types of reports biennially (every two...
If you've been considering forming a business (or already have started one), you've probably have heard the term registered agent. Alternate names include statutory agent, agent for service of process, or resident agent. A registered agent is a designated party...
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. Businesses operating as Sole Proprietors or General Partnerships do not have to file....
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...
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 statutory agent, more commonly known as a registered agent, is an individual or entity appointed by a Limited Liability Company, S Corporation, C Corporation, or other legal business entity to accept legal documents, government correspondence, and compliance...
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