Ongoing Management and Protection

If you own a Limited Liability Company, C Corporation, or other registered business entity in Georgia and you want to open a business bank account, expand your business into another state, seek funds from investors, or conduct certain other business activities,...

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...

If you own a business that’s registered with the state in which you operate, such as a Limited Liability Company, a C Corporation, or a Limited Liability Partnership, it’s likely that at some point you’ll be asked to provide a Certificate of Subsistence. A...

If the bed-and-breakfast you own and operate runs at full capacity for the months of July and August and the work is too much for you to do on your own, you might consider hiring temporary employees to help. The same goes for a consulting firm that just landed an...

If your startup will have more than one business owner, you have several choices for how to legally structure your company.  In today’s post, I’ll discuss the Limited Liability Partnership (LLP), which is a type of partnership that isn’t as widely known as the...

One of the main reasons to create an LLC or to incorporate revolves around asset protection. The business structure legally separates the assets of the ownership from the assets of the company. The corporation may be sued (and even go bankrupt) without loss of...

Most builders and real estate investors understand the importance of protecting personal assets and optimizing their tax situation. One way to address both concerns is by choosing the right business structure for holding rental properties. Many property developers...

You’ve likely heard buzz about the U.S. District Court for the Northern District of Alabama’s March 1, 2024, ruling that the Corporate Transparency Act (CTA) is unconstitutional because it oversteps Congress’s legislative authority. As a result, plaintiffs in the...

If you’re considering starting a Limited Liability Company (LLC) or restructuring your business as an LLC, it’s important to know what taxes you’re responsible for, when your taxes are due, and how to file taxes for your business entity. Keep in mind that an LLC’s...

Many small business owners start their companies as Sole Proprietorships. The business structure offers setup simplicity, cost-effectiveness, and minimal business compliance requirements. To determine if a Sole Proprietorship is right for them, entrepreneurs should...

Filing a North Carolina annual report is a yearly activity that is required to maintain your company's registration as a legal entity in the state. It contains information about the company and is due whether or not the entity is actively conducting business. The...

Business entities that are registered with Georgia's Office of the Secretary of State must file a Georgia annual report each year. The due date for filing Georgia's annual report is April 1st. What is an Annual Report? The correct terminology for an annual report...

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...

Many business owners who operate as a Sole Proprietorship or Partnership use a DBA (Doing Business As) name to market their business more effectively and present a more professional image. A DBA can serve a business well, but it’s important to realize it is just a...

While paying taxes is a certainty for small business owners, there are some options for how you might pay them. The simplest strategy for paying your small business taxes is to make sure money is available when your tax bill comes due. If that is not possible for...

If you already have an Employer Identification Number (EIN) for your business but have recently made some changes, you may be wondering if you need a new EIN. Because EINs are used for reporting certain taxes (such as payroll and excise taxes), it’s essential to...

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...

Yes, operating a business as a sole proprietor or general partnership offers simplicity, but that comes at the cost of not having a separation between you as an individual and your company. Are there other options? There are alternate options that include popular...

If starting a new business is on your 2022 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”...

Many freelance professionals and independent contractors operate as Limited Liability Companies (LLCs). The requirements for when a business should send a 1099 form to an LLC vary, as does the 1099 form to send. Generally speaking, this is when LLCs should or...

Ready to hire? Becoming an employer is a big responsibility. One of your primary tasks is to pay and withhold the correct employment taxes, and you’re accountable for explaining that process to your employees. Here’s what you need to know about breaking down paycheck withholdings and deductions for your employees.

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.

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...

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...

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...

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...

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...

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...

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...