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.

Florida Annual Report Deadline Extended Due to Coronavirus

Normally, at this time of year, you might find yourself scrambling to file your Florida annual report by the May 1st deadline. A business’s annual report confirms or updates a company’s information in the Florida Division of Corporations' records. The State...

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Coronavirus Relief & Aid for Small Businesses

During this uncertain time, I know many small business owners and entrepreneurs are feeling overwhelmed and stressed by the unknown. Not only do entrepreneurs worry about how the COVID-19 situation will hurt their businesses, but they also feel concerned about...

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A Guide to Filing a North Carolina Annual Report

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. Only...

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Do You Need an LLC or S Corp When Purchasing Rental Property?

So, you want to be a landlord? Here’s what to know about setting up a rental property business and protecting it with an LLC or S Corp. Whether you want to purchase property to rent out on Airbnb or you want to lease office space, it’s important to understand that...

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Do LLC Owners Pay Self-Employment Tax?

Many small business owners choose to operate their companies under the LLC business structure. They do so with good reason! The LLC offers liability protection to its owners (members), tax flexibility, and compliance simplicity. However, that tax flexibility may...

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The Advantages and Disadvantages of a Subchapter S Corporation

Before the advent of the S Corporation in 1958, entrepreneurs had two options for forming a business entity. They could form a partnership or form a C Corporation. But neither of those business structures fulfilled the needs of many people seeking to start their...

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Does Your Business Need a Sales Tax License?

Does your business need to collect sales tax and remit it to the state or local tax authority? And if it does, how do you go about getting a sales tax license? Moreover, what if your business is selling your products across state lines? Do you need to charge and...

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What California’s AB 5 Means for the Gig Economy

In 2020, the hot topic is California’s Assembly Bill 5, often called the “Gig Economy Bill.” This is because AB 5 makes it difficult to be an independent contractor in California. Before we examine AB 5 in detail, let’s understand why California legislators passed...

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Remaining Independent Under California’s New AB5 Law

Whether you work as an independent contractor or your business hires independent contractors, California’s new AB5 law, which went into effect January 1, 2020, forces your hand on becoming an employer or an employee depending on how you conduct your business. The...

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Can You Change an LLC Name?

The decision to change an LLC name is one not to consider lightly. After all, your business name is one of your most important brand assets. But sometimes, a name change is in order for one of many reasons. Perhaps there was a mistake in your formation paperwork,...

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The Consequences of Noncompliance in Business

"Business compliance" is a phrase that makes many an entrepreneur cringe. But despite the lack of affection for those two words, business owners MUST take them seriously. The possible consequences for noncompliance range from “mild inconvenience” to “devastating...

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What is a Certificate of Registration?

If you’re an accountant, attorney, or in the business of otherwise professionally advising entrepreneurs, you may have had clients inquire about what they need to do to expand their companies into other states. One of the most important steps involved in the...

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LLC-5 and the California Foreign Limited Liability Company

What is an LLC-5? The LLC-5 is a California State form used when a domestic limited liability company formed in another state (or country) wishes to become a foreign limited liability company in California.  The official name of Form LLC-5 is “Application to...

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How to Avoid Double Taxation: LLC or S Corp?

Creating a legal entity for your startup will establish much-needed separation between you and your business. Shielding your personal assets is the first and foremost reason to think about incorporating.

But let's face it. When it comes down to choosing a business structure, small business owners are typically concerned about one thing: taxes.

Man Running From Taxes

4 Real Reasons Why You Need a Dedicated Business Bank Account

One of the most important decisions you can make that determines the long-term success of your business is figuring out how to stay on top of your finances. In the beginning, as you get your business up and running, it might seem easier to keep your personal...

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Business Name Change: How to Legally Update by Business Entity Type

Despite your best efforts to choose the perfect name for your company, there may come a time when that name no longer is the best fit. Perhaps the business name no longer accurately reflects your brand or there are legal considerations at play. Regardless of the...

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What Is a Fictitious Name?

What Is a fictitious name? A fictitious name is a name other than your proper legal business entity name that you formally get permission from the state (or county) to use when conducting business. You may also see a fictitious business name referred to as: Doing...

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What Is a Letter of Good Standing?

Professionals like you, who help entrepreneurs navigate the challenges of starting and growing their businesses, will likely encounter clients asking about a "Letter of Good Standing." Let's take a moment to talk about what a Letter of Good Standing is and why...

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