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The Launch Blog: Expert Advice from the CorpNet Team
11 Strategies for Growing a Business in 2021
Uncertainty is not unfamiliar territory for business owners. However, this past year has brought a significant amount of it to entrepreneurs everywhere and in nearly all industries. Many companies are facing serious challenges. While survival may be their short-term goal, focusing on paths to growth can help position them for success long-term. Developing sound strategies for growing a business, executing those strategies, and streamlining processes are all part of the equation that makes a tremendous difference, whether in an environment of consistency vs. unpredictability and of abundance vs. scarcity. Let’s take a look at [...]
What is Payroll?
Payroll is the term used to refer to the various tasks and responsibilities businesses must perform to pay their employees accurately and on time. It encompasses calculating wages and salaries; preparing checks; withholding taxes and other deductions; reporting and paying taxes to the appropriate federal, state, and local agencies; and more. Businesses must handle payroll correctly because it impacts their net income and can result in additional fines, fees, and penalties if not managed according to federal, state, and local rules. Because there are legal and financial implications with payroll, it’s wise for business [...]
Best Business Books of 2020
Abraham Lincoln once said, “My best friend is a person who will give me a book I have not read.” While I cannot give you these books, I can tell you about them. My list of favorite 2020 business books will offer information or inspiration (or both) to help you start or grow smarter and faster. Building for Everyone: Expand Your Market with Design Practices from Google’s Product Inclusion Team The premise of this book, written by Annie Jean-Baptiste, the head of product inclusion at Google, is that it is [...]
Filing Annual Meeting Minutes Before Year End
Depending on a business’s entity type and the state it’s registered in, its owners may be required to hold annual meetings and record minutes from those meetings. Does that requirement apply to your company? In this article, I'm going to explain what annual meetings and annual meeting minutes are to help you get on the path to determining if you must fulfill those important business compliance tasks. If you're a professional services provider that coaches or gives direction to business owners, this information may be helpful to your clients, so feel free to share [...]
10 Legal Documents You Must Have to Start a Small Business
If starting a new business is on your 2021 New Year’s resolution list, we’re here to help you begin on the right (and legal) path. Here are 10 must-have legal documents you need to start a new business. 1. Business Plan Technically, a business plan is not a “legal” document, nor is it required to start a business, but developing a business plan before you attempt to secure financing, look for office space, or even pick a business name, is highly recommended. Creating your plan at the beginning forces you to assess your goals [...]
What You Need to Know About the Flexibility Act and PPP Loan Forgiveness
There’s good news for recipients of the CARES Act Payroll Protection Program’s (PPP) loan. The loan, which provided funds for small businesses to retain employees through the pandemic, has been altered with more generous terms for forgiveness. The Flexibility Act was signed into law on June 5, 2020, and amends the CARES Act, changing PPP loan terms and requirements. Here’s how to make sure you follow the new rules for forgiveness. How the Flexibility Act Modified PPP Forgiveness The amount of money each business received from the Payroll Protection Program was based on the number of [...]
What You Need to Know About the EIDL Application Process and Document Requirements
If you haven’t yet applied for an Economic Injury Disaster Loan (EIDL), you have until December 21, 2020 to submit your application. There is no need to apply again if you’ve already applied, as the loans are vetted on a first-come-first-serve basis. At the latest count, the U.S. Small Business Administration (SBA) has approved 3,612,236 EIDL applications, totaling $191,994,805,796 for small businesses affected by the pandemic. Unfortunately, so many small businesses continue to suffer losses, so the need for relief funding is ongoing. Let's do a recap of the Economic Injury Disaster Loan eligibility [...]
Articles of Incorporation vs. Articles of Organization
If you're thinking about starting a business, you’ll want to research which business entity type will be most advantageous to you. As you go through that process, you will discover that various documents and filings need to be submitted to the state to form a limited liability company (LLC) or corporation. Articles of incorporation and articles of organization are among them. Articles of Incorporation An articles of incorporation (sometimes called a “certificate of incorporation”) is a form that states require to set up a corporation (C Corporation). When a company's articles of incorporation are [...]
What are Articles of Organization?
Have you decided to operate your business as a Limited Liability Company (LLC)? If you answered yes, you must comply with your state's requirements for registering your company. Those responsibilities include filing an articles of organization (sometimes called a certificate of organization or certificate of formation) with the state government. The articles of organization is a legal document containing important information about the business. The Secretary of State office must approve the document for the LLC to be recognized as a legal entity. Why Articles of Organization are Important for an LLC Filing articles [...]
What are Articles of Incorporation?
If you’ve decided to establish your business as a corporation, you’ll need to fulfill your state’s requirements for registering your company. Among those requirements is filing an “articles of incorporation” (sometimes called “certificate of incorporation”) with the state government. Articles of incorporation is a legal document containing important information about the company, and it must be approved by the Secretary of State office. Why Articles of Incorporation are Important Filing Articles of incorporation registers the company as a corporation (C Corporation) with the state. It makes the business a separate legal and tax-paying entity [...]
What Comes After Incorporation? 12 Steps to Keep You On Track
Congratulations! You have officially registered your Limited Liability Company or Corporation with the state. But now what? What happens next? While forming an LLC or Corporation is a critical first step to operating a formal business entity, there's more work to do to keep it legitimate and in compliance. The tasks and filings vary depending on a company's growth objectives, type of business activities, and location. In this article, I talk about what comes after incorporation and I'll share some of the obligations that entrepreneurs must fulfill. However, keep in mind that your particular [...]
5 Tips for Getting a Small Business Loan
Whether you’re looking for startup funding or money to take your business to new heights, you’ll need to explore your options for getting a small business loan at some point in the life of your small business. Some entrepreneurs prefer to use funds from personal savings, family, friends, and even credit card advances. However, most small business owners would rather establish a good relationship with a lender and secure a small business loan to meet their financial needs. Here are five tips to help you find a small business loan. 1. Know Your Credit [...]
How Do I Maintain a Business?
After a business is up and running, it's critical to maintain it by fulfilling all of the required business compliance tasks on time. Of course, businesses grow and evolve over time, and therefore, the actions they must take to maintain a business entity also may change. Fortunately, CorpNet is here to help you learn how to manage your business effectively every step of the way. Changes That Require Business Filings What are some of the business considerations entrepreneurs should keep in mind? Below, I’ve listed several situations where changes in a business will involve [...]
Don’t Be Spooked by Your Annual Business Review!
For many small business owners, 2020 was anything but typical. This year (more than ever), we wanted to remind you of the positive changes that conducting an annual business review can bring to your company. What is an annual business review? You might think this is the annual report 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 Closures, Dissolutions, and Withdrawals
It has been a rough year for businesses across the country, but especially so for small businesses. According to recent Yelp data, 60% of business closures due to the coronavirus pandemic are permanent. Companies of all sizes have had to close some or many of their locations. Has your business suffered losses this year? 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. Here’s what you need to know about business dissolutions and withdrawals and [...]