The Launch Blog: Expert Advice from the CorpNet Team

Filing an Intent to Use Trademark Application

Choosing the perfect business or brand name is only half the battle when starting a new venture. You need to protect that name from getting stolen or misused. But what if you haven’t started using the brand name yet? The good news is even if your website is still under construction and marketing materials are still at the printers, you can apply for protection with an intent to use trademark application. What is a Trademark? In its most basic definition, a trademark is a word, phrase, symbol, design, or combination of these elements identifying the source [...]

August 24th, 2021|Categories: Ongoing Management and Protection|

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 finds an S Corp hasn’t worked to their advantage? Or perhaps, their situation has evolved, and S Corp status no longer benefits them. Fortunately, in either case, companies can revoke an S Corp election and change back to their original LLC or C Corp tax status. To do so, [...]

August 24th, 2021|Categories: Ongoing Management and Protection|Tags: |

Back to School, Back to Your Business

Schools will soon be back in session across our country. COVID-19 continues to present challenges — and debates over our children’s learning environment. However, we see some glimpses of our former “normal” as most schools are transitioning from virtual and hybrid classes back to in-person learning. Also, at this time, business owners who have switched to a virtual workplace are assessing the results and figuring out to what degree they want to continue that model. Entrepreneurs operating companies that primarily do business in-person are navigating how to provide optimal customer service amid the ever-evolving [...]

August 24th, 2021|Categories: Ongoing Management and Protection|

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. On the CorpNet website, we offer a tool to help entrepreneurs zero in on the right business entity for them. In this article, I'll describe some general scenarios and the limited liability company structure versions that might be most appealing in those situations. Keep in mind that choosing a business entity type [...]

August 10th, 2021|Categories: Startup and Launch|

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 employment taxes and sales taxes differ according to tax rates in the various states. I presented a webinar for CPA Academy on this topic, and this blog article will cover what I discussed. So, get ready for a lot of helpful info about various types of employment taxes, payroll tax registration and processing, sales and [...]

August 4th, 2021|Categories: Startup and Launch|

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 many other things to handle. However, not maintaining independent business and personal bank accounts can cause all sorts of bookkeeping confusion and tax hassles—and who has the time to deal with all that? So here are some answers to the most frequently asked questions about having separate bank accounts for personal and business use. What [...]

July 26th, 2021|Categories: Ongoing Management and Protection|

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 years) rather than every year. A biennial report allows the state’s Secretary of State office (or comparable government office) to keep up to date with a company’s vital information. States also require that businesses pay a fee when submitting the filing. States set the due dates by which businesses must file their biennial reports. The filing schedules [...]

July 26th, 2021|Categories: Ongoing Management and Protection|

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 located within the state that a business has authorized to accept "service of process" (notice of lawsuits) and essential correspondence from the state on its behalf.  Essentially, there are two types of registered agents – commercial and noncommercial. So, what's the difference between a commercial and noncommercial registered agent? And which one should a [...]

July 6th, 2021|Categories: Ongoing Management and Protection|

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 real property used for business or held as an investment solely for other business or investment property that is the same type or like-kind. The 1031 exchange, named for Section 1031 of the U.S. Internal Revenue Code, permits a property seller to avoid paying capital gains taxes [...]

July 1st, 2021|Categories: Ongoing Management and Protection|

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 initial registration of the business entity. Business owners in West Virginia (and those wishing to expand operations from another state to WV) can benefit from talking with an attorney and accountant or tax advisor about whether they need to submit an annual report. Moreover, consulting with trusted professionals can shed [...]

July 1st, 2021|Categories: Ongoing Management and Protection|

10 Ways to Take Care of Your Kids and Your Business This Summer

School’s out! Chances are your kids are celebrating right now because weeks of summer vacation beckon. But, if you’re starting a business or running a business, and you have school-aged children, you’re likely feeling a little conflicted. Entrepreneurs like you and me struggle a bit in the summer—trying to balance our desire to be great business owners—and great parents. While I love (and truthfully look forward to) having my kids at home during the summer months, I confess it’s getting increasingly harder to keep them occupied while I’m hard at work. I know this is a [...]

June 30th, 2021|Categories: Ongoing Management and Protection|

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, the partners must understand and follow the correct procedures and regulations for partnership termination, so all parties are legally separated from liability. What is a Partnership? A partnership is a legal entity where two (or more) people own and operate a business, and each partner owns a percentage of the assets and liabilities of the company. [...]

June 21st, 2021|Categories: Maturity and Exit|

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 CPAs Physicians Engineers Architects Psychologists Chiropractors Dentists Veterinarians Social workers Real estate agents In this article, I'll explain some of the characteristics of the professional LLC (PLLC) and professional corporation (PC) business structures, show how they are similar, and show how they differ from each other. I’ll also discuss some of the potential pros and cons of each. [...]

June 17th, 2021|Categories: Startup and Launch|

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? Inspired by that, my husband Phil and I make sure we share the lessons and joys of entrepreneurship with our children. With that in mind, and in honor of Father’s Day, we talked to several entrepreneurial fathers to find out what they learned from their dads [...]

June 14th, 2021|Categories: Startup and Launch|

How to Change from a Sole Proprietor to an LLC

It's estimated that over 70% of U.S. businesses operate as sole proprietors. That's not surprising, considering that doing so requires no formal business registration forms, few compliance requirements, and income tax reporting simplicity. But as businesses grow and evolve, their owners may decide to change from a sole proprietorship to an LLC. Many choose the limited liability company (LLC) structure because it offers nearly the same ease of administration as a sole proprietorship while providing some important advantages. In today's post, we'll review these advantages and walk through how to change from sole proprietor [...]

June 13th, 2021|Categories: Growth and Expansion|
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