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.

Should a Single-Member LLC Have an Operating Agreement?

If you’re the owner of a single-member LLC, you may be wondering if you need an operating agreement for your business. It’s a valid question. You may assume that since you are the sole owner you probably don't need an agreement. After all, you are in complete...

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Payroll Taxes 101

Whether you’re a Sole Proprietor with only a handful of workers or a corporation with hundreds of employees, you are responsible for collecting and paying employment taxes to federal and state tax agencies. However, while federal payroll taxes are the same no...

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What Business Owners Need to Know About Filing Taxes in 2024

2024 has arrived, which means businesses across the United States need to start thinking about filing taxes for 2023. It’s time to determine deadlines and research any legislative and tax code changes that may affect you and your company. For guidance in preparing...

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How the Corporate Transparency Act Affects Your Company

Per the recently passed Corporate Transparency Act (CTA), owners of smaller Limited Liability Companies (LLCs) and corporations will soon have another compliance requirement to adhere to this year. LLCs and corporations with fewer than 20 employees must report...

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How to Avoid Double Taxation as an LLC or S Corporation

There are a whole host of reasons to incorporate as a C Corporation. For example, the C Corporation is the preferred structure if you intend on seeking VC funding or taking the company public. However, forming a C Corporation involves more paperwork, legal fine...

Man Running From Taxes

The Top Reasons Startup Businesses Fail

No one starts a business to see it fail. Seeds of ideas slowly germinate into full-blown business plans bursting forth with sparkle and optimism. This business is your dream and you’ve given it your heart and soul.  You know it won’t fail. I’m sorry to say that...

Unhappy Businessman

How to Calculate Profit Margins

Passion, energy, and enthusiasm are essential entrepreneurial traits for launching a business — and so is an understanding of financial performance. To sustain and grow an LLC or Corporation, a business owner must keep an eye on its profitability. Calculating...

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What Is Reasonable Compensation for an S Corporation?

If you're considering taking an S Corporation election, it's important that you review what obligations are involved in keeping an S Corporation viable. An important part of this review includes an evaluation of the reasonable compensation requirement. What is an S...

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What Is a BOI Report and Do You Need to File One?

Did you know many businesses will have a new federal reporting requirement in 2024? Most registered business entities — like Limited Liability Companies (LLCs) and Corporations — must file a beneficial ownership information (BOI) report with the Financial Crimes...

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How to Change Your LLC Address

If you change the principal business address or mailing address of your Limited Liability Company (LLC), it’s critical to update your information with the IRS, state, and local tax and licensing authorities. If you don’t, important tax and legal documents might go...

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Year End Small Business Tax Tips

Before you let the hustle and bustle of the holiday season take over your business (and your life), now’s a good time to review your financial situation and explore some money-saving small business tax tips. Below is a list of my top tax tips entrepreneurs can...

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Is Your Business in Compliance? Seven Questions to Ask Yourself

Maintaining a C Corporation or Limited Liability Company (LLC) is an ongoing process that requires constant attention. Unfortunately, most small business owners don’t know what they don’t know and busy entrepreneurs often find it tough to carve out time to research...

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The Importance of Meeting Minutes

As the end of the year approaches, there are many things on a business owner’s plate that must be addressed. And while it may sound mundane, meeting minutes are one of them. Making sure proper minutes have been taken at meetings is critical for proving...

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Don’t Be Nervous About Your Annual Business Review!

It's already November and we are rapidly approaching year's end. This means the time has come for an annual business review. What is an annual business review? You might think this is the annual report  C Corporations and Limited Liability Companies (LLC) must file...

Year End Review Written on Pad

A Guide to Small Business Taxes

No matter the type of business you operate, taxes are among the expenses you must anticipate and budget for. While not the most pleasant aspect of running a company, business taxes require an entrepreneur’s attention and follow-through because penalties exist for...

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What Is FICA?

Business owners who hire employees must withhold, deposit, report, and pay Social Security and Medicare taxes per the Federal Insurance Contributions Act (FICA). FICA taxes are applied to all of an employee’s taxable compensation, which includes salary, wages,...

FICA Illustration

Fall Tips To Help Your Business Have A Strong End-Of-Year Finish

Although most of the year has already passed and we’re now into the autumn season, don’t panic if your business has fallen a little bit behind on its goals. It’s not too late to make changes that can help lead to a strong finish in 2023. Whether you’ve just started...

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Maintain Business Compliance to End the Year in Good Standing

As we move into the winter months it's time to begin thinking of year-end business compliance responsibilities and business activities. Business compliance matters to businesses regardless of industry or size and it is something that needs attention every year....

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What Taxpayers Need to Know About the IRS’s Extended Tax Deadline

Due to the severe winter weather conditions that impacted much of California and parts of Alabama and Georgia, the tax deadline for 2022 individuals and businesses, the Internal Revenue Service (IRS) extended its tax deadlines to October 16, 2023. Some parts of...

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How Do I Maintain a Business?

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...

Maintenance Robot

How Many LLCs Can You Have?

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.

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Can an LLC Owner File for Unemployment?

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...

Unemployment Benefits Form

How to Withdraw Money From an LLC

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...

ATM Withdrawal of Cash

What Is IRS Form 2553?

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...

IRS 2553 Form

What Is an Executor of an LLC?

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...

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Back to School, Back to Your Business

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...

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What Is an Agent for Service of Process?

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,...

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How to Proactively Manage Small Business Compliance

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...

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Registered Agent Options for Non-Citizens

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...

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