Ongoing Management and Protection

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Ongoing Management and Protection

CorpNet’s blog posts offer a wealth of information for navigating through the ongoing management and protection of startup and business operations. Our articles are written by industry experts who have the experience to help you avoid common and unnecessary mistakes.


Noncommercial vs. Commercial Registered Agent

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 located within the state that a business has authorized to accept “service of process” (notice of lawsuits) and essential correspondence from the state on its behalf.  Essentially, there are two types of registered agents – commercial and noncommercial.

So, what’s the difference between a commercial and noncommercial registered agent? And which one should […]

2021-07-06T09:20:47-07:00July 6th, 2021|Categories: Ongoing Management and Protection|

What Are Like-Kind Exchanges?

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 real property used for business or held as an investment solely for other business or investment property that is the same type or like-kind.

The 1031 exchange, named for Section 1031 of the U.S. Internal Revenue Code, permits a property seller to avoid paying capital gains taxes on […]

2021-07-06T09:29:21-07:00July 1st, 2021|Categories: Ongoing Management and Protection|

West Virginia Annual Report: Are You in Compliance?

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 initial registration of the business entity.

Business owners in West Virginia (and those wishing to expand operations from another state to WV) can benefit from talking with an attorney and accountant or tax advisor about whether they need to submit an annual report. Moreover, consulting with trusted professionals can […]

2021-07-01T08:11:31-07:00July 1st, 2021|Categories: Ongoing Management and Protection|

10 Ways to Take Care of Your Kids and Your Business This Summer

School’s out! Chances are your kids are celebrating right now because weeks of summer vacation beckon. But, if you’re starting a business or running a business, and you have school-aged children, you’re likely feeling a little conflicted.

Entrepreneurs like you and me struggle a bit in the summer—trying to balance our desire to be great business owners—and great parents.

While I love (and truthfully look forward to) having my kids at home during the summer months, I confess it’s getting increasingly harder to keep them occupied while I’m hard at work.

I know this is […]

2021-06-30T07:18:57-07:00June 30th, 2021|Categories: Ongoing Management and Protection|

Kentucky Annual Reports: When They’re Due and How to File Them

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 the business entities registered there. Registered entities must file their annual report by June 30 each year—even if they had no business activity or income.

Businesses operating as sole proprietors or general partnerships do not have to file annual reports in Kentucky.

When Annual Reports Are Due in Kentucky

The Kentucky annual report […]

2021-06-07T09:31:50-07:00June 7th, 2021|Categories: Ongoing Management and Protection|

What Is a Certificate of Authority?

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 are typically required. I encourage you to check with your attorney and accountant or tax advisor for legal and tax advice to determine if your business needs any of them.

1. Conducting Business in Another State

Certificate of Authority is known as a foreign qualification when speaking of […]

2021-05-19T11:25:32-07:00May 19th, 2021|Categories: Ongoing Management and Protection|

Michigan Annual Report Filing for LLCs and Corporations

The state of Michigan requires all business owners of limited liability companies (LLC) and corporations to file an annual report. An annual report is a filing that helps ensure the state’s records about a business entity are accurate.

Michigan has specific due dates for filing annual reports, so entrepreneurs need to stay on top of the deadlines and get their paperwork turned in on time. Submitting annual reports is one of the compliance tasks required to keep business entities in good standing with the state.

In this post, we’ll cover general details about […]

2021-05-11T06:45:38-07:00May 10th, 2021|Categories: Ongoing Management and Protection|

The Corporate Veil: What it is and Why You Don’t Want to Pierce it

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 between a business and its owners is known as the “corporate veil.” Under that shield (under most circumstances) the owners’ personal assets (home, property, bank accounts, retirement savings, etc.) cannot be taken to settle debts and lawsuits brought against the business. However, personal liability protection is not guaranteed if entrepreneurs do something (or fail to […]

2021-05-04T10:25:35-07:00May 4th, 2021|Categories: Ongoing Management and Protection|

What Business Owners Should Know About the Arkansas Annual Franchise Tax

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 in Arkansas.

The obligation to pay the tax begins the year after the business entity was formed and must be filed each year by May 1. Businesses may file and pay their Annual Franchise Tax as early as January 1.

Arkansas LLCs

LLCs (limited liability companies) and PLLCs (professional limited […]

2021-04-26T06:42:41-07:00April 26th, 2021|Categories: Ongoing Management and Protection|

What You Should Know About Delaware Annual Reports and Annual Tax

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 each year by June 1. Businesses that are registered as a corporation in Delaware must file a Delaware Annual Report every year by March 1, and most must also pay a Franchise Tax fee yearly. These requirements apply whether a Delaware corporation operates in the state of […]

2021-04-26T06:23:37-07:00April 26th, 2021|Categories: Ongoing Management and Protection|
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