The Launch Blog: Expert Advice from the CorpNet Team

Many entrepreneurs wonder if an LLC is a corporation. An LLC is not the same thing as a corporation, but it's easy to get the two business entity types confused. In this article, I’ll explain the difference and highlight some of the advantages these structures have over unregistered entities. Limited Liability Companies and corporations are both types of statutory (state-registered) entities. To create them, business owners must file formation paperwork with the state and pay a registration fee. There may be other tasks as well that state law requires to legally form an LLC or establish a...

If you have marketable skills and knowledge as a self-employed independent contractor, you may wonder if you should freelance, and if so, how you'd go about starting a freelance business. And with the current economic climate of the great resignation and possible recession, freelancing could be a viable option for ensuring financial stability. And an even greater advantage to freelancing is that it brings a lot of benefits that include the flexibility to choose the type of work you do, the ability to decide who you work with, adjustable hours and the ability to set your own schedule,...

If you have your sights set on incorporating your business, you may be wondering if a C Corporation or S Corporation is the better option. While both are popular choices, nuances exist that may make one or the other more advantageous for your situation. The business structure you choose will affect your company in many ways, including the legal and financial aspects. That’s why it’s critical to do some research and ask for guidance from an attorney and accountant or tax professional when deciding. In this article, I’ll compare the C Corp vs. the S Corp. This review will help you prepare...

When deciding between an LLC vs. partnership as your company's business structure, you'll have many considerations to address. There are ramifications legally, administratively, and financially when choosing a business entity type. Rushing to a decision can have consequences—BIG consequences—so it’s critical to review your options carefully and seek professional guidance such as from an attorney and accountant or tax advisor. An LLC (limited liability company) may be owned by just one person (“single-member LLC”) or by multiple owners (“multi-member LLC”). By the nature of its name, a...

Thinking about starting a business in Delaware and wondering what you need to do? This 17-step guide will give you valuable insight.

You have a phenomenal business idea, you’ve done some homework to verify your idea is viable, and now you’re ready to take the necessary steps to make your dream of starting a business in Nevada come true. Starting a business in Nevada offers the opportunity to take charge of your own professional destiny in a state known for entrepreneurial innovation and success. Entrepreneurs find Nevada an attractive state to launch a business for many reasons, including: Accessibility to the West Coast and California markets No state corporate or individual income tax No state franchise tax Financial...

There's a neverending debate on whether entrepreneurs are born or made. I don't claim to be able to make the call one way or another, but I have noticed several characteristics that the most successful small business owners seem to share. Here they are. Whether entrepreneurs are made or born, they all share similar characteristics. How many of these do you possess?

A Statutory Close Corporation (also known as “Close Corporation”) is a corporation that does not publicly trade stock and is formed under a special statute. This type of corporation is held by a limited number of shareholders. In some states, Close Corporations may have up to 50 shareholders, in others they must have fewer. Shareholders may run their corporation directly without oversight by a formal board of directors or the obligation to hold shareholder meetings, provided they have a shareholders’ agreement in place that eliminates those formalities. Not all states recognize the Close...

Payroll processing has a lot of moving parts. Read this post to find out what it involves and how CorpNet can help your business satisfy the requirements.

Preparation matters when launching a business. And knowing your startup and ongoing costs is among the most important steps of the process. It’s critical for seeking funding, attracting investors, and estimating when you’ll break even and begin turning a profit. But every entrepreneur’s situation is unique, and many factors influence the types (and amounts) of expenses a business will have. So the vague but honest answer to how much does it cost to start a business is it depends. Sadly, many new businesses face dire financial difficulties. According to Lending Tree’s analysis of Bureau of...

Many entrepreneurs start their small businesses in their homes. Without the costs associated with renting or buying office space, it helps keep startup expenses down. Still, business owners running their companies out of their houses must pay attention to many details to position themselves for success. Besides getting office supplies, technology tools, and other necessities, they must make sure they take care of the legal requirements for operating their businesses. Every new company’s needs are unique in some ways, so it’s helpful to talk with an attorney and tax advisor for...

You’ve heard the phrase "two heads are better than one” and that often rings true for entrepreneurs. Along with the pooled knowledge from multiple brains, having a business partner brings the perks of additional funds, a wider breadth of skills, a built-in support system, and another set of hands to handle tasks. I know a thing or two about all that because I started CorpNet with my business partner and husband, Phil. While not all business partnerships involve spouses, many of the same considerations come into play when contemplating how to start a business with a partner. A Few Things...

Do you already have experience in preparing tax returns as an employee or temp for a tax agency and wish you had more control over your schedule? Or are you looking to capitalize on your math abilities and attention to detail on your own terms? Either way, you may be wondering how to start a tax preparation business from home and if this decision is right for you and your lifestyle. With the complexity and ever-changing nature of the U.S. tax code, I don’t believe it’s a stretch to say that demand will always exist for professional tax preparers. They serve an essential need. Operating an...

The Limited Liability Company (LLC) business structure is a popular choice for entrepreneurs in nearly all industries because of its simplicity, personal liability protection, and tax and management flexibility. An owner of an LLC is called a member, and an LLC may have one or more members. What LLC members call themselves — i.e., titles for LLC owners — depends on their individual preferences and what is most appropriate for their involvement in operating the business. No specific rules exist for what LLC members may call themselves. Considerations When Choosing Titles In some LLCs, the...

What do you need to do to get your startup off the ground before next year? These steps to start a business will give you the direction you need.

For many, the American dream is all about entrepreneurship. Business ownership is a way to declare personal independence and even though the economy has been a roller coaster lately, it hasn’t quieted America’s entrepreneurial spirit. As a matter of fact, despite the current level of economic uncertainty, the number of EIN applications shows it hasn't slowed new businesses from starting. But startups are not where all the entrepreneurial action is. Current business owners have been busy, trying to keep their businesses running at all costs. Whether you’re a startup entrepreneur or a...