The Launch Blog: Expert Advice from the CorpNet Team
How to Revoke an S Corp Election
Many limited liability companies (LLCs) and C Corporations choose to be taxed as S Corporations to lower their tax burden. It’s relatively easy to do as long as the business entity meets IRS requirements and files Form 2553. But what happens if a business owner...
Which LLC Is Right for Me?
Just as there are flavors of ice cream, different varieties of the LLC business structure exist, too. The ideal option for a company may depend on a business's industry, type of commercial activities, number of owners, and even an owners' professional credentials....
Tax Registration: What Your Business Needs to Know
Whether you’re a business accountant serving entrepreneurs or you’re a business owner, it’s critical to understand sales and employment tax registration and ongoing requirements. Federal payroll taxes are the same no matter where a business is located, but state...
Why You Should Keep Business and Personal Finances Separate
There’s a lot of misinformation out there about keeping business and personal finances separate. Truthfully, most entrepreneurs tap into their personal savings to start their businesses, so opening separate bank accounts isn’t their top priority when there are so...
What Is a Biennial Report?
Most states require limited liability companies (LLCs) and corporations to submit some form of ongoing business entity filing. While many states require these filings annually (i.e., “annual reports”), several require these types of reports biennially (every two...
Noncommercial vs. Commercial Registered Agent
If you've been considering forming a business (or already have started one), you've probably have heard the term registered agent. Alternate names include statutory agent, agent for service of process, or resident agent. A registered agent is a designated party...
What Are Like-Kind Exchanges?
If you’re a property owner, you probably know how a like-kind exchange works, but in case the term is new to you, here’s what you need to know. According to the Internal Revenue Service (IRS), a like-kind exchange (also called a 1031 exchange) is: When you exchange...
West Virginia Annual Report: Are You in Compliance?
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...
The Right Way to Terminate a Partnership Agreement
There are many reasons why you'd want to terminate a partnership agreement. The goals of one or both partners have changed, your working styles are incompatible, or there are fundamental disagreements about business operations and decisions. Whatever the reason,...
Professional Corporation vs. Professional LLC
A professional corporation and a professional LLC are business entities that licensed professionals may wish, or be required, to form. Generally, professions that form professional LLCs or professional corporations include: Attorneys and law firms Accountants and...
Fathers Know Best: Entrepreneurial Dads Share Their Business Wisdom
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?...
Kentucky Annual Reports: When They’re Due and How to File Them
In Kentucky, limited liability companies, C corporations, limited partnerships, and business trusts must file an "annual report" with the Kentucky Secretary of State office. Kentucky annual reports allow the State to provide accurate information to the public about...
As a Business Owner, Can I Have Multiple LLCs?
Once entrepreneurs taste what it's like to be their own boss and carve their own career path, some decide to pursue starting multiple businesses. Depending on the situation, owning multiple Limited Liability Companies (LLCs) might make sense. Which leads to the...
What Is a Certificate of Authority?
You may have heard the term Certificate of Authority, but what is it? Well, it can refer to a few different things! I'll discuss the various types of Certificates of Authority in this article to give you some general information about what they are and when they...
The Corporate Veil: What it is and Why You Don’t Want to Pierce it
What Is Piercing the Corporate Veil? Businesses that are registered as limited liability companies (LLCs) or corporations provide their owners with protection against being held personally liable for the company’s debts and claims. That legal shield of separation...
What Business Owners Should Know About the Arkansas Annual Franchise Tax
The Arkansas Secretary of State requires some business entities to report and file Annual Franchise Tax each year. The Annual Franchise Tax is a privilege tax that limited liability companies (LLCs) and corporations must pay for the opportunity to conduct business...
What You Should Know About Delaware Annual Reports and Annual Tax
Business entities in the state of Delaware have various reports and filings they must submit to the Delaware Division of Corporations each year. Delaware Limited Liability Companies don’t have to file an annual report, but they do have to file to pay an Annual Tax...
What is a Business Statement of Purpose for an LLC or Corporation?
When starting a limited liability company or corporation, businesses in most states must provide a written statement of business purpose in their formation documents (articles of incorporation or articles of organization). The business purpose statement describes...
What Are Texas Annual Franchise Tax Reports?
Texas Comptroller Annual Franchise Tax Reports Requirements If you have a business in the Lone Star state, you may be wondering if you must file a Texas annual franchise tax report and pay a franchise tax. The state’s report filing requirements vary according to...
What Is a Statutory Agent?
“A rose by any other name would smell as sweet.” ~ Juliet (in Romeo and Juliet by William Shakespeare). Such is also the case with a statutory agent. More commonly known as a registered agent, a statutory agent is an individual or entity appointed by a Limited...
CorpNet Recognized as One of the Fastest-Growing Companies in California
CorpNet is proud to announce that it has made Inc.’s prestigious “Inc. 5000 Regionals” list in 2021 as one of the fastest-growing private companies in the state of California. Out of the 250 companies to receive the honor in the state, CorpNet was named number 213...
Does Your Business Have to File a Georgia Annual Report by April 1st?
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...
Florida Annual Report: 7 Things You Must Know
If you have incorporated in Florida or formed an LLC in Florida, your deadline for filing your Annual Report is May 1. Here are 7 facts that you need to know to ensure that your corporation or LLC remains compliant in the state of Florida.
You Must File an Annual Report Whether Your Business Has Changes or Not
While the purpose of the Annual Report is to ensure that the Florida Department of State, Division of Corporations has your company’s most updated information, you still have to file the document, even if you have no changes since last year.
How Do I Legally Protect My Side Hustle?
Most everyone could do with a little more cash these days, and a side hustle is a great way to keep your “day job” or core business and still make extra income. But what happens when your side hustle gains traction, and you want to make sure it is legally...
What is a DBA?
Whether that name is legally registered with the business’s home state or not, every business has a legal name. A DBA (or “Doing Business As” is a name that is different from the legal name of the company. A DBA is also referred to as the “trade name,” “assumed...
California LLC Franchise Tax Waived in First Year
Legislative Update Gives Exemption to New California Limited Liability Companies LLCs registered to do business in California must pay an annual franchise tax of $800 to the state's Franchise Tax Board (FTB). However, to relieve some of the financial pressures amid...
Everything You Need to Know About Starting a Partnership
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....
S Corporation Election Considerations for Corporations and LLCs
Have you been thinking about whether your business might benefit from being an S Corporation? I presented a webinar for accounting professionals about the S Corp election not too long ago. Within that presentation, I covered information of value to entrepreneurs in...
What Is IRS Form 8832?
IRS Form 8832 (Entity Classification Election) is the form an eligible business entity uses to elect federal income tax treatment other than its default treatment. Eligible entities include: Limited Liability Companies (LLCs) Partnerships (a business entity that...
The Best Business Entity for Professionals
In most states, professionals, such as attorneys, doctors, optometrists, certified public accountants, architects, psychologists, and psychiatrists, have fewer choices when it comes to selecting a legal structure for their businesses. Legal entities (such as...
