Ongoing Management and Protection

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...

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...

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...

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,...

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...

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,...

You'll likely encounter some unfamiliar terms when forming and managing your business. One phrase is a registered office, which refers to the physical address where a company receives service of process, which are legal documents and government notices that need...

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...

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...

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...

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...

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...

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 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.

Some companies, such as Limited Liability Companies (LLC), choose to do business under a different name than the one they have registered in their formation documents. Like other businesses, before an LLC may use an alternate name in its contracts, advertising, and...

No matter which state your Limited Liability Company (LLC) is located in, you will need to file documentation with the Secretary of State to establish your company and keep it legally compliant. A Statement of Information is one of the standard reporting...

When someone sues an LLC, the procedure of delivering the legal paperwork that initiates the lawsuit and allows it to proceed is referred to as service of process. Service of process notifies the LLC of the lawsuit, and it establishes that the court hearing the...

As a serial entrepreneur with a heart for helping other entrepreneurs, it pains me to see business owners misled by registered agent services providers who offer bargain basement prices. These low-priced registered agents focus on offering the cheapest price...

It's an understatement to say the last few years have been tumultuous. Nearly every business has felt the pandemic's economic effects, and many have faced natural disasters such as hurricanes, tornadoes, draughts, and wildfires. With CorpNet's location in southern...

So, you want to be a landlord? Here’s what to know about setting up a rental property business and protecting it with a Limited Liability Company (LLC) or S Corporation. Whether you want to purchase property to rent out on Airbnb or you want to lease office space,...

Did you structure your business as a C Corporation or LLC for limited liability protections? For most scenarios the extra filing requirements, paperwork, and fees are worth it—your personal liability protection helps make sure your assets are protected from the...

Partnerships (and LLCs taxed as Partnerships) must get acquainted with this IRS Form 1065 for U.S. Return of Partnership Income. Form 1065 is an information return that Partnerships use to report their income, gains, losses, deductions, and credits. While...

A company might request to use an assumed business name instead of its legal name for conducting business. This is more commonly known as a DBA (Doing Business As). In this article, I’ll explain why business owners might want to use an assumed business name, how to...

One of the reasons why entrepreneurs find the Limited Liability Company business structure attractive is that it gives them flexibility in dividing ownership among the LLC’s members. How you determine LLC ownership percentages can be based not only on members’...