Businesses that have incorporated as a corporation or formed a limited liability company (LLC) must carefully document their compliance activities. For example, when a corporation holds its annual general meeting (a.k.a, annual shareholder meeting), it must keep a record on file for regulatory compliance purposes.

Most states require that C Corporations (including those that have elected for S Corporation tax treatment) hold a general meeting for their shareholders every year. Usually, they are also required to hold at least one meeting with their board of directors yearly.

Businesses structured as an LLC may need […]

For many of you, 2020 can’t end quickly enough. Whether your small business struggled (or is still struggling) through the coronavirus pandemic, you suffered some personal loss, or even if you pivoted and found a silver lining, the beginning of a new year always brings prospects of a fresh start and new opportunities.

However, just to make sure you end the year with all your legal ducks in a row, we’ve put together a year-end compliance checklist to set you off on the right path. And to make compliance as easy as possible, […]

Payroll is the term used to refer to the various tasks and responsibilities businesses must perform to pay their employees accurately and on time. It encompasses calculating wages and salaries; preparing checks; withholding taxes and other deductions; reporting and paying taxes to the appropriate federal, state, and local agencies; and more.

Businesses must handle payroll correctly because it impacts their net income and can result in additional fines, fees, and penalties if not managed according to federal, state, and local rules. Because there are legal and financial implications with payroll, it’s wise for […]

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.

Does that requirement apply to your company?

In this article, I’m going to explain what annual meetings and annual meeting minutes are to help you get on the path to determining if you must fulfill those important business compliance tasks. If you’re a professional services provider that coaches or gives direction to business owners, this information may be helpful to your clients, so feel free to share […]

If starting a new business is on your 2021 New Year’s resolution list, we’re here to help you begin on the right (and legal) path.

Here are 10 must-have legal documents you need to start a new business.

1. Business Plan

Technically, a business plan is not a “legal” document, nor is it required to start a business, but developing a business plan before you attempt to secure financing, look for office space, or even pick a business name, is highly recommended. Creating your plan at the beginning forces you to assess your […]

If you haven’t yet applied for an Economic Injury Disaster Loan (EIDL), you have until December 21, 2020 to submit your application. There is no need to apply again if you’ve already applied, as the loans are vetted on a first-come-first-serve basis.

At the latest count, the U.S. Small Business Administration (SBA) has approved 3,612,236 EIDL applications, totaling $191,994,805,796 for small businesses affected by the pandemic. Unfortunately, so many small businesses continue to suffer losses, so the need for relief funding is ongoing.

Let’s do a recap of the Economic Injury Disaster Loan eligibility […]

After a business is up and running, it’s critical to maintain it by fulfilling all of the required business compliance tasks on time. Of course, businesses grow and evolve over time, and therefore, the actions they must take to maintain a business entity also may change. Fortunately, CorpNet is here to help you learn how to manage your business effectively every step of the way.

Changes That Require Business Filings

What are some of the business considerations entrepreneurs should keep in mind? Below, I’ve listed several situations where changes in a business will involve […]

For many small business owners, 2020 was anything but typical. This year (more than ever), we wanted to remind you of the positive changes that conducting an annual business review can bring to your company.

What is an annual business review? You might think this is the annual report corporations and limited liability companies (LLC) must file each year with the state. In truth, that is one part of the annual review process, the annual compliance filings, however, there is more to consider when reviewing your business.

The following are 10 areas […]

What’s the Difference Between a Registered Business Name and a Trademark?

One of the first decisions new entrepreneurs make is what they will call their business. A lot, including brand recognition, rides on a business name, so naturally, it’s something business owners want to consider carefully.

On occasion, people have asked me how a business name and trademark are different. Generally speaking:

• A business name is just that, a name a company calls itself and by which the public recognizes it.
• A trademark, as defined by the U.S. Patent and Trademark Office (USPTO),  is […]
  

Before a retailer or service provider can open for business, they first must get approval from the state for sales tax registration. Not all states charge sales tax, and not all products and services are taxable, so it’s essential to learn the facts before you find yourself in compliance hot water. Here’s what to know about your business’s responsibilities regarding the collection of sales taxes.

Sales Tax Vary by State and Sometimes by County

Currently, forty-five states and the District of Columbia collect statewide sales taxes, while five states do not have a statewide […]