The Launch Blog: Expert Advice from the CorpNet Team

Do Uber Drivers Need an LLC?

Uber drivers, even those doing rideshare driving as a side-gig, are considered to be earning income through self-employment. Just like other self-employed independent contractors, they face some critical startup decisions—including what business entity type to choose for their business. Should Uber Drivers Form an LLC? After signing the Uber contract to designate themselves as a self-employed private contractor, Uber drivers face the decision of what type of business structure they should operate under. They shouldn’t take this lightly, because the business structure chosen will affect their tax obligations and degree of personal liability. When [...]

August 7th, 2018|Categories: Startup and Launch|Tags: |

What Is the LLC Tax Rate?

Before forming an LLC, many entrepreneurs ask about the standard LLC tax rate to see if this form of entity is a solid option for their new business. This is an excellent question and one that can be best answered by exploring what an LLC is and how it is taxed. The LLC (limited liability company) business entity type is one of the most popular selected by small business owners. It shields the owner’s personal assets from the liabilities of the business and may result in some tax savings to boot. The LLC is [...]

August 2nd, 2018|Categories: Ongoing Management and Protection|Tags: |

What to Expect When Selling Your Business

Maybe your end game has always been focused on selling your business. Or is the pace of running a business becoming too much, and you’re ready to slow down and retire? Perhaps you have a new business idea and you want to sell your business to pursue (and finance) that dream. Whatever your reason for selling your business, your timing is spot-on. According to BizBuySell, an online marketplace for small business buyers and sellers, small businesses are currently selling for record-breaking prices. BizBuySell surveyed 2,300 small business sellers and future business buyers and found sellers can sell [...]

August 1st, 2018|Categories: Maturity and Exit|

Do I Need a Business License to Sell on Amazon?

Entrepreneurs who want to sell their products through Amazon’s marketplace face many of the same opportunities and challenges as brick-and-mortar stores. Naturally, they have a lot of questions about launching and running an online business. It’s exciting to think of the possibilities but often daunting to figure out where to start, what to do, and where to turn for help and direction. One of the things these business owners want to know is, “Do I need a business license to sell on Amazon?” Regardless of whether an Amazon seller has formed an LLC or [...]

July 26th, 2018|Categories: Ongoing Management and Protection|Tags: |

Choosing the Best State to Start a Business

Choosing the best state to start a business is an important detail in your overall business plan. When it comes to launching a small business, “Location, location, location” is part of the formula for success. If you’re wondering if a specific location would give your startup an extra advantage over the competition, you should check out WalletHub’s latest report on 2018’s Best & Worst States to Start a Business. With a bad location ranked as one of the top reasons for business failure, choosing where to launch your business can be almost as important [...]

July 24th, 2018|Categories: Startup and Launch|Tags: |

Buying a Business Checklist

Want to buy an existing business? You’re not alone. BizBuySell.com, a marketplace for business buyers and sellers, reports continued strong business-for-sale activity in the second quarter of 2018. Small businesses sold for a median sale price of $239,000 in the second quarter of 2018. BizBuySell.com predicts 2018 will be a “recording-breaking year when it comes to small business transactions.” As a result, more sellers are putting their businesses up for sale—adding to the already sizeable number of baby boomer entrepreneurs who are selling their businesses in preparation for retirement. You probably have good reasons [...]

July 19th, 2018|Categories: Startup and Launch|

How CorpNet’s Partner ProgramHelps Professionals Increase Revenue Without Adding Overhead

CorpNet has always been focused on helping entrepreneurs in all industries succeed. We not only offer services to help them save time and money in forming their own businesses, but we also provide a program for accountants, attorneys, and other professionals to enable them to expand their client services and increase revenue. I recently presented two webinars about the CorpNet Partner Program: Increase Revenue & Client Satisfaction Without Increasing Overhead or Staff – Which explains the Partner Program and how it enables accountants to expand their services quickly and with minimal effort. How to [...]

July 17th, 2018|Categories: Partner Program|

Do Amazon Sellers Need an LLC?

Amazon sellers, like other entrepreneurs that sell products online, should think about how their business structure affects them professionally and personally. The business entity type chosen has an impact on income tax obligations, ongoing business compliance requirements, and the financial and legal liability of the business owner. So, you’re asking a valid question if you’re wondering “Do Amazon Sellers Need an LLC?” While it doesn’t appear that Amazon requires sellers to form their businesses as any particular business entity type, it’s wise to consider the potential advantages of operating as something more than a [...]

July 11th, 2018|Categories: Startup and Launch|

How to Become a Virtual Bookkeeper

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 of transforming into a virtual business. Luckily, we all had space to work from our homes, and with the right equipment, we made the transition to being a virtual business without a hitch. If you’re just starting out or, like us, tired of paying for office space, there is another [...]

July 10th, 2018|Categories: Startup and Launch|Tags: |

Five Side Hustle Options for Single Moms

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 money to support yourself and your children as a single mom while still handling all of the childcare duties yourself is one of life’s biggest challenges. For some single moms, the traditional 9-to-5 job may not fit their schedule (nor sufficiently pay their bills). One way around this: [...]

July 3rd, 2018|Categories: Startup and Launch|

Trademark vs. Service Mark

Trademark vs. service mark? What's the difference? Both are issued by the United States Patent and Trademark Office to distinguish a brand's products and services from those of other businesses. Trademarks distinguish a company's products, whereas a service mark relates to the services a company provides. Both fall under the category of intellectual property. Why Apply for a Trademark or Service Mark? When you're building a brand, it's important to differentiate yourself from your competition. Moreover, the last thing you want is for another company to hijack your company name or logo and confuse [...]

June 27th, 2018|Categories: Ongoing Management and Protection|

Don’t Let Poor Accounting Firm Management Stifle Your Growth

What barriers to business growth is your accounting firm facing? Although the answers to that question might vary from industry to industry, I’m sure most boil down to similar sentiments. I know in my business, bandwidth can be a barrier to growth—but not bandwidth in the technical sense. Instead, we’re sometimes limited by our own bandwidth and how much our team can accomplish with the time and resources we have. Sometimes we manage our bandwidth well, and sometimes we don’t. There were times we tried to take on a task we should have outsourced, [...]

June 26th, 2018|Categories: Growth and Expansion|Tags: |

What an LLC Statement of Information Is and Why You Need One

What is an LLC Statement of Information? No matter which state your Limited Liability Company 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 requirements that many LLCs across the United States must adhere to. A state may require a Statement of Information as an "Initial Report," due shortly after registering a business. Moreover, many states mandate LLCs to submit a Statement of Information (also sometimes called an "Annual Report") [...]

June 7th, 2018|Categories: Ongoing Management and Protection|

Accounting Franchises: Are They Really Worth the Money?

Traditionally, when you think about starting an accounting business, you envision building the business from scratch and all that entails—doing market research, financing your startup, differentiating your business in the marketplace, etc. But there’s another option you may not have considered: buying a proven concept of accounting franchises. There are a number of accounting franchises available, some of which you may have heard of and some you likely haven’t. The decision to start an accounting business on your own or with the support of a franchise system depends on what kind of operation and [...]

June 5th, 2018|Categories: Seed and Development|Tags: |

LLC vs. PLLC: Which Structure is Right for Your Business?

Choosing the appropriate form of business for your company is complicated—and if you are an attorney, physician, accountant, architect or other licensed professional, there are some extra factors to consider. As a professional, you may want to opt for the liability protection and flexibility that a limited liability company (LLC) offers, as opposed to forming a corporation or partnership. But in many states, professionals whose jobs require licensing by the state aren’t legally allowed to form an LLC. Instead, they must form a professional limited liability company (PLLC). In this article, we’ll look at [...]

May 29th, 2018|Categories: Startup and Launch|
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