As difficult as 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...
As an eager and enterprising entrepreneur, you may set your sights on multiple business ventures and wonder if one person can own multiple LLCs. Fortunately, no federal or state limits exist on the number of LLCs someone can own. However, aspiring business owners should know that other factors could prevent them from having ownership interest in multiple LLCs.
Can an LLC owner file for unemployment? The quick answer is yes, but not in every situation. There are advantages to owning a Limited Liability Company (LLC), with tax flexibility, serving as one of the major benefits. How you elect to structure your LLC for tax...
How does a Limited Liability Company (LLC) owner withdraw money from their business? Whether these funds are for personal use or it is considered compensation from the LLC, how they may do that depends on three things: Whether the Limited Liability Company is a...
Launching a new business in Indiana can be a smart move due to the state’s favorable business environment. Characterized by relatively low corporate taxes, reasonable regulatory requirements, and a comparatively affordable cost of living, Indiana’s central location...
IRS Form 2553 (Election by a Small Business Corporation) is the form that a corporation (or other entity eligible to be treated as a corporation) files to be treated as an S corporation for federal tax purposes. The IRS has specific criteria that entities must meet...
Colorado’s economy is just as varied and unique as its people and landscape. Tourists flock from around the world to experience Colorado’s scenery, recreational adventures, and cultural activities. In addition, Colorado has a long successful history of ranching,...
An LLC executor is a designated person or business entity that an LLC’s members appoint to handle certain legal and tax-related aspects of their business at various stages of its existence. An executor might assist LLC members through the business formation...
Maryland’s strategic location on the east coast of the U.S. is within easy reach of major metropolitan cities like Washington, D.C., Baltimore, Philadelphia, and New York City. This proximity can give your business access to a large customer base and supply chain...
Owning a small business is the American dream. But sometimes, despite all the hard work, that dream turns into a nightmare and businesses don’t make it. Understanding why small businesses fail can be as crucial as knowing the secrets of those that succeed. Being...
If you’re considering starting a business as a Limited Liability Company (LLC), you’ll want to become familiar with the term “Certificate of Formation.” Sometimes called Articles of Organization or Certificate of Organization, a Certificate of Formation is the...
With autumn approaching, many entrepreneurs and other professionals with school-age children face a double dose of challenges. Back to school brings break-neck fall schedules packed with events and extracurricular activities that demand parents’ time. And as kids...
An agent for service of process is an individual or business that accepts important legal and government notices on behalf of an LLC or Corporation. More commonly known as a registered agent, designating an agent for service of process is a requirement for LLCs,...
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...
If you’re a foreign entrepreneur wishing to start a business in the United States, I expect you may have many questions about the process. Non-citizens can own a U.S-based Limited Liability Company (LLC) or C Corporation, and like U.S. residents, non-resident...
Appointing a registered agent for your business entity isn’t terribly difficult, but it does require a little effort on your part. Whether you’re starting a brand new business and need to designate a registered agent for the first time or you want to change your...
A corporate resolution is a formal record of a corporation's board of directors' decisions and actions on behalf of the company. States require incorporated companies to use corporate resolutions for recording major business decisions. The company's board of directors must vote to approve resolutions either during board meetings or in writing.
The owner of a Limited Liability Company (LLC) or Corporation might consider being their own registered agent since it eliminates the cost of contracting another party to accept service of process and other official notifications on the business’s behalf. However,...
If you’ve been thinking about starting a business in Michigan, you're in good company. With plentiful resources, incentives, and loans, Michigan is home to 902,000 small businesses that represent 48.3 % of the state's workers. Michigan offers one of the best...
The BOC-3 federal filing designates process agents to accept legal documents on behalf of transportation companies. The process agent company must list the process agents in all other states where the company conducts business.
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