The Launch Blog: Expert Advice from the CorpNet Team

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 requires...

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The Top Reasons Startup Businesses Fail

No one starts a business to see it fail. Seeds of ideas slowly germinate into full-blown business plans bursting forth with sparkle and optimism. This business is your dream and you’ve given it your heart and soul.  You know it won’t fail. I’m sorry to say that many startups do fail, and they fail for various reasons. Financial Issues Cash is the lifeblood of a new business. Without it, you can’t afford to pay your employees, purchase inventory and materials, or adequately market your business. You can’t even cover your overhead expenses like rent and utilities. The reasons for cash...

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What is a Business Statement of Purpose for an LLC or Corporation?

When starting a Limited Liability Company or C 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 why, and for what legal purpose, will the business exist. This is not the same as a company's mission or vision statement, which businesses often leverage when seeking financing, attracting customers, and rallying employee morale. In most states’ Articles of Incorporation and Articles of Organization, the purpose statement is a...

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What Is a Statutory Agent?

A statutory agent, more commonly known as a registered agent, is an individual or entity appointed by a Limited Liability Company, S Corporation, C Corporation, or other legal business entity to accept legal documents, government correspondence, and compliance paperwork on its behalf. Other names for a statutory agent include agent for service of process and resident agent. The state of Ohio, however, clearly uses the term statutory agent and requires businesses to appoint and maintain a statutory agent throughout their operation. Learn more about appointing a statutory agent in Ohio....

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How to Calculate Profit Margins

Passion, energy, and enthusiasm are essential entrepreneurial traits for launching a business — and so is an understanding of financial performance. To sustain and grow an LLC or Corporation, a business owner must keep an eye on its profitability. Calculating profit margin reigns as one of the most telling ways to assess a company's financial standing. What Is Profit Margin? Profit margin measures your company’s profitability after deducting expenses from its revenue. It’s expressed as a percentage — indicating the ratio of profit to revenue. For example, if your business has a 30% profit...

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How to Find Your First 10 Accounting Clients

Searching for the first clients for your startup accounting business might seem like finding a needle in a haystack (or, for you Harry Potter fans, like finding a Horcrux in the Room of Requirement). In reality, however, it can actually be pretty simple, thanks to powerful apps and social media marketing. Or, you might have better luck finding your first ten accounting clients the old-fashioned way, via face-to-face interaction. Better still, why not combine both types of marketing to find those first customers? If you're looking to start or grow your accounting firm in 2023, I'd like to...

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The Best CPA Marketing Channels for Growing Your Firm

Whether your accounting business is just starting out, or whether you’re a seasoned veteran, marketing your business is a must. It’s crucial in good economic times and in bad. In fact, during an economic downturn, choosing the right CPA marketing channels for your business matters more than ever. Smart marketing can give you the edge you need to succeed—if you know where to spend your time and money! Listed below are five CPA marketing channels sure to help grow your accounting business. 1. Direct Mail Along with huge accounting staff, huge accounting firms have huge budgets. How can you...

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A Mid-Year Business Checklist to Get You Back on Track

Tax season is over (for most of us). So, what’s next for business owners and professional advisors with business clients? With so much disruption and distraction this year, you may have fallen behind keeping up with compliance for business licenses, permits, and identification numbers. Here’s a mid-year business checklist to get you back on track. Federal Tax ID Getting a Federal Tax ID number (or an Employer Identification Number—EIN) is optional if you’re a Sole Proprietorship, but if your business acts as a C Corporation, Limited Liability Company, or a Partnership, you and your...

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16 Considerations When Choosing a Business Filings and Compliance Provider

Entrepreneurs cannot succeed in business completely on their own. Successful business owners will leverage their talent, expertise, and skills, while also being quick to delegate tasks and responsibilities to others with the knowledge and proficiencies they lack. For example, not very many business owners know all the ins and outs involved in preparing and submitting the paperwork involved in setting up a business entity and keeping it compliant. Rather than trudge through the process and hope for the best, it's wise for business owners to enlist the help of a business filings and...

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How to Protect a Business Name

As an entrepreneur, my business name is my greatest asset.  I have invested countless hours promoting my business.  I have untold articles hoping people respond favorably when they hear the word "CorpNet." I have traveled across the United States, away from my husband and children, promoting my business name and its products and services.  Thus, preventing others from using or "stealing" my brand name is of utmost importance to me.  And, the quest to protect a business name should be important to you. Registering a Business Name Offers No Protection After speaking with several other...

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Seven Tips for Optimizing LinkedIn for Accountants

With more than 849 million users, LinkedIn is a powerhouse of social media. While it doesn't command the 2.9 billion users of Facebook, it is the top location for connecting at a business-to-business level. The social network has established a solid niche for itself by focusing on workforce needs such as finding new business, searching for jobs, and building professional relationships. Plus, if you know the secrets to using it successfully, LinkedIn could be a major revenue generator for your accounting business. Here are seven tips for getting started with optimizing LinkedIn for...

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Increasing Client Satisfaction in Accounting Firms

What if you could increase customer satisfaction, while also increasing your revenue and profits? What if you could accomplish both objectives without changing your existing workload or staff? In a recent webinar, we walked through the benefits moving towards a more proactive mode with clients by helping them manage the burden of incorporation, LLC filings, registered agent services, and annual compliance management. We also explored CorpNet’s partner program and showed how CPAs, accountants, and bookkeepers can easily add these services to their existing advisory offering. At the end of...

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CorpNet Listed on Inc.’s Power Partner Awards for 2023

CorpNet is proud to announce that it has made Inc.’s Power Partner list for 2023. CorpNet is one of 389 companies to make the list. The Inc Power Partner award recognizes B2B companies that provide exemplary products and services for their partners. The award focuses on actual client interviews that discuss criteria such as the value of services and the nominee's service quality in comparison to its competitors. For CorpNet, this award acknowledges the exemptional business filing and compliance services provided to partner companies like Soulence Tax & Wealth Advisors, K&K...

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How to Start a Consulting Business

If you have a high level of proficiency, expertise, and experience in a field, you may have thought about how to start a consulting business. Starting a consulting business can be a wonderful career option for individuals who want to leverage their knowledge and skills while enjoying the flexibility and autonomy of self-employment. Even if you don't presently have experience doing the type of work you're interested in, you may be able to achieve your dream with hard work, education, training, and attention to complying with the professional and legal requirements. In today's post, we'll...

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LLP vs. LLC

When you’re starting a small business that has more than one owner, you and your partner(s) may have concerns about your personal liability risks. If this is the case, it would be wise to compare LLP vs. LLC business structures. Limited liability partnerships (LLP) and limited liability companies (LLC) combine some aspects of general partnerships and corporations. As a hybrid business entity type, they each provide a level of liability peace of mind for their owners while preserving some of the simplicity of operating as a general partnership. Although they have some things in common,...

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Maintain Business Compliance to End the Year in Good Standing

As we move into the fall and winter months it's time to begin thinking of year-end compliance responsibilities and business activities. We'd like to help you prepare for the year-end and we want to help you get all your legal ducks in a row. To assist in these efforts, we’ve put together a year-end compliance checklist to set you on the right path. And to make the entire year-end compliance process as easy as possible, we've also created an annual compliance checklist you can download in a PDF (see below). File Your Annual Corporate Documentation Most states require registered C...

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How Much Do Small Business Owners Really Make?

We all dream of having our own business, being the boss, and controlling our own destiny. I can assure you the dream is indeed possible. But will that dream, and future success be enough? How much do small business owners really make per year? And will it be enough to support them, their families, and their ideal lifestyle? There are multiple factors affecting an entrepreneur’s annual income. Some are within the owner’s control while others are not. Today, we will discuss how much a small business owner can expect to make per year. Experience and Expertise To me, the number one component...

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How to Manage Payroll for Restaurants

Maintaining an exceptional staff reigns as one of the essential ingredients for a successful restaurant. With hiring that staff, comes payroll responsibilities and complying with all related federal, state, and local employment and tax laws. Payroll for restaurants is complex. It entails calculating work hours, wages, salaries, benefits, and wage garnishments; withholding and paying employment-related taxes; reporting and remitting withholdings to the appropriate agencies; and dealing with the nuances of handling tipped employees’ compensation and tax withholdings. The percentage of...

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Incorporate Before Year End to Avoid Issues at the Secretary of State

Think you’re the only business owner who wants to incorporate or form an LLC before the end of the year with your Secretary of State? Think again. Registering a business at the end of a calendar year can take longer than any other time of the year. Because everyone waits until the end of the year to change their business structure for the New Year, there's a lot of competition. What might normally take just a few weeks to get approved can take a lot longer. Waiting until December to register your business with the Secretary of State could mean that your application gets backed up into...

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When’s the Best Time of Year to Form an LLC?

Have you been thinking of launching a new business or changing your existing Sole Proprietorship to a formal business entity type like a Limited Liability Company, S Corporation, or C Corporation? Are you concerned that you might not be selecting the best time of year to form the new business? There's never a bad time to register your business as a legal entity because doing so helps protect your personal assets and might offer some tax advantages, as well. But filing your paperwork to make it effective before the New Year has its perks! So if you are considering starting a new business,...

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Year End Small Business Tax Tips

Before you let the hustle and bustle of the holiday season take over your business (and your life), now’s a good time to review your financial situation and explore some money-saving small business tax tips. Below is a list of my top tax tips entrepreneurs can still benefit from at year-end. 1. Deduct Startup Expenses Did you start your business this year? You may be able to claim some of your startup expenses on your tax return in the year you actually opened the business. To qualify as a startup expense (a capital cost), the IRS requires the expense to meet two requirements: The expense...

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How to Change Your LLC Address

If you change the principal business address or mailing address of your Limited Liability Company (LLC), it’s critical to update your information with the IRS, state, and local tax and licensing authorities. If you don’t, important tax and legal documents might go to the wrong place — and you could even risk your LLC status by failing to inform government agencies of your new address. Fortunately, changing your LLC's address in the federal, state, and local records isn’t rocket science; however, it does demand some of your time and attention. 1. Update Your LLC Address With the IRS LLC...

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Is Your Business in Compliance? Seven Questions to Ask Yourself

Maintaining a C Corporation or Limited Liability Company (LLC) is an ongoing process that requires constant attention. Unfortunately, most small business owners don’t know what they don’t know and busy entrepreneurs often find it tough to carve out time to research what’s required, let alone follow through on it. Not maintaining compliance with all the rules and regulations might saddle you with fines and even expose your business to liability risks. I don't want that to happen to you and I’m sure you don’t either! Here’s a quick checklist of questions to ask yourself to assess your...

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Business Closures, Dissolutions, and Withdrawals

It has been a rough few years for businesses across the country, but especially so for small businesses. From COVID-19 to inflation, companies of all sizes have had to close some or many of their locations. Whether you’ve had to close down entirely or shutter locations in other states, it’s crucial you legally close your business so there are no repercussions down the road. In many cases, this means you need to take action before we close out the 2023 calendar year. I want to help keep you and your business in compliance. If you've had to close part of all of your operations, here are...

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Don’t Be Nervous About Your Annual Business Review!

It's already November and we are rapidly approaching year's end. This means the time has come for an annual business review. What is an annual business review? You might think this is the annual report  C Corporations and Limited Liability Companies (LLC) must file each year with the state. In truth, that is one part of the annual review process, the annual compliance filings, however, there is more to consider when reviewing your business. The following are 10 areas of your business to review: the good, the bad, and the required to take your business into 2024 on solid ground. 1....

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The Importance of Meeting Minutes

As the end of the year approaches, there are many things on a business owner’s plate that must be addressed. And while it may sound mundane, meeting minutes are one of them. Making sure proper minutes have been taken at meetings is critical for proving accountability, transparency, and legal compliance. Whether you’re an accountant making sure your clients are compliant or a business owner looking after your own concerns, it’s important to know about meeting minutes, which companies need them, how often they’re needed, and the details of what needs to be included. Why Meeting Minutes...

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