Are you considering launching a new business? If so our startup and launch articles are an ideal resource for you to dig into and educate yourself. Our blog posts cover everything from selecting the best type of business entity to knowing what state you should incorporate in. Don’t make unnecessary mistakes! Let our startup experts get you headed in the right direction.
Entrepreneurs face many critical decisions as they launch their businesses. Among the most important is selecting the best business structure for their company. Because of the legal, financial, administrative, and operational implications of the entity chosen,...
The Limited Liability Company (LLC) business structure is one of the most flexible and simple business entity types that entrepreneurs may choose. LLCs aren't usually required by states to have an LLC partnership agreement; however, it's something to...
Happy November! We are excited to bring you another post in our monthly FAQ series! When starting a business, one of the first questions an entrepreneur must ask themselves is, "What entity type should I register?" Here at CorpNet, we are often asked to explain the...
An EIN (Employer Identification Number), also known as Federal Tax ID Number, is a 9-digit number issued by the IRS that the United States federal government uses to identify a business for tax purposes. Every business with employees or registered in the U.S. as a...
A business entity can have its own business credit record and score. Lenders, suppliers, vendors, and even potential customers might check a company’s credit score (which is publicly available) before providing funding or doing business with the company. Business...
What Is a Nonprofit? A nonprofit organization is created to fulfill a charitable, civic, religious, scientific, literary, or educational goal. Nonprofits do not have private owners, nor do they issue stock or pay dividends to shareholders. Aside from founders or...
When a limited liability company (LLC) has a physical location, owners usually register their business in their home state because that’s typically where they conduct most of their business. But what about forming an LLC for an online business? Having an online...
Some people are lucky enough to grow up in an entrepreneurial family. I am one of the lucky ones. I learned so much from working with my grandfather at his small businesses when I was younger. I mean, what could be better than working at an ice cream store?...
What is a Partnership? A partnership is a formal legal entity where two or more parties agree to manage and operate a business and share its profits and losses. Like a sole proprietorship, each partner is responsible for the assets and liabilities of the company....
If you love the outdoors and have always wanted to start a business relating to your outdoor passion, now is a great time to take advantage of the country’s desire for outside activities. Here are some outdoor business ideas and trends you need to know to get you running on the right path to business success.
Confused about how to calculate sales tax for business? Learn about recent sales tax legislation, tools for calculating sales tax, and more.
Throughout my career, I’ve managed all kinds of people with all kinds of living situations. Out of all my employees, I’d have to say single moms are among the hardest working and most dedicated — no matter what life challenges are thrown at them. Making enough...
Coming from the corporate world, leasing office space seemed like the obvious choice when I started my own company. But after 18 months of commuting to an office and paying rent and other overhead expenses, my two partners and I realized the cost—and time—savings...
Have you considered incorporating in California but you're just not sure where to begin? As a California business owner, I’m excited to help guide other entrepreneurs get their companies up and running in this fine state. In this post, I’m going to walk you through...
In the back of your mind, you’ve been fantasizing about quitting your job and starting a business for years. So why haven’t you done it yet? If any of the following ring true, it’s time to stop dreaming and make that vision of starting a business a reality!
Owning investment properties can be an exciting and lucrative decision. However if you're considering an investment in real estate (whether a vacation rental, long-term rental, or for re-sale), be aware that these properties can also create liabilities.
Here’s a question I get almost daily: what’s the best state to incorporate in?
The second most asked question I get is: “what are the fees for incorporating in [state]?”
It’s interesting that the fees vary so much. For example, to incorporate in Connecticut, it costs $455. That’s on the high end! On the opposite end is Mississippi, at just $50.
If you’re at the start of your entrepreneurial journey, congratulations. You’ve got a lot of exciting times ahead of you, as well as a lot of lessons to learn. Let me help you get started on the right foot with some advice I’ve learned on my own path to small...
I spend a lot of time reading articles and books written by successful business owners to learn from them. After all, if they share their wisdom, maybe a little of that success will rub off on me! Here are some of their nuggets of wisdom that you can learn a lot from.
If you’re considering incorporating your small business, read this first. This is not a decision to be taken lightly, so make sure you’re aware of what you need to know and do to run a corporation.
It’s funny how when you hit a certain milestone in your life, everyone’s there with unwanted advice. Like when you are expecting a baby. Getting married. Or...starting a business.
We’ve written before extensively about all the benefits of incorporating a business, so I thought I’d take a different approach. Let’s look at some scenarios where being incorporated would help you in your small business.
The state of California recently passed new legislation making it possible for Limited Liability Companies (LLCs) to be licensed contractors in California. This is big news, as it makes it possible for more companies to do business in California as LLCs. However, there are a few requirements that your company needs to keep in mind to avoid delays and errors in getting your LLC approved for a California contractor license which is highlighted in this post.
If you decide to incorporate as an S-Corporation, the company itself will not pay taxes. Instead, the taxes are handled by “pass through taxation,” where the earnings “pass through” to the company’s owners and employees. S-Corporations also ensure limitation of personal liability for the business owners, helping to separate your personal finances and protect your personal assets from those of your business.
So you've decided to start a business in construction. Congrats! Despite the ebbs and flows of the real estate industry, there will always be work for you.
While you may have the basics of your business, such as who to hire and what to call your company, here are ten things you may not have considered.
If you're looking to get into the cleaning business, there's plenty of opportunity to go around. In fact, the role of professional cleaning specialist is slated to be the fastest growing occupation for the next ten years. Whether you plan to buy an existing franchise cleaning service or go out on your on, there are a few things you need to take care of before you can start accepting clients.
Another tax time has come and gone. If you’re self-employed operating as a sole proprietor, tax time can be yet another reminder that you haven’t addressed your business structure yet. Maybe you started your business as a side project, and a sole proprietorship made sense. But is it best for your needs now?
The end of tax time is a perfect time to reassess what’s next for your business and legal structure. Here are some things to consider.
People are drawn to the entrepreneurial lifestyle for a variety of reasons. Some dislike having a boss or dealing with office politics. Others are tired of the cubicle monotony or feel like they can do it better on their own. And most entrepreneurs are driven by a passion for what they do and a desire to carve out their own future.
Yet too often, that initial passion is dampened by the realities of running the show. Working for yourself or starting a business is difficult work. There’s no guidebook or map to show you the way. You might encounter a few bad customers, people who don’t pay their bills, competitors who undercut you, and business partners who don’t treat you fairly. With too much work, entrepreneurs can become tense, anxious, and unhappy.
Choosing the appropriate business structure for your company is complicated. For attorneys, physicians, accountants, architects, and some other licensed professionals, there are extra factors to consider. Professionals who want liability protection and flexibility...
There may come a day when, after everything in your small business has been chugging right along for a while, that you start to wonder if the business structure you first chose is still a good fit. Sure, initially that sole proprietorship, LLC, or corporation...
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