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The Launch Blog: Expert Advice from the CorpNet Team
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 [...]
Business Name Vs. Trademark
What’s the Difference Between a Registered Business Name and a Trademark? One of the first decisions new entrepreneurs make is what they will call their business. A lot, including brand recognition, rides on a business name, so naturally, it’s something business owners want to consider carefully. On occasion, people have asked me how a business name and trademark are different. Generally speaking: A business name is just that, a name a company calls itself and by which the public recognizes it. A trademark, as defined by the U.S. Patent and Trademark Office (USPTO), is [...]
The What, Why, and How of Incorporating Out of State
A lot of entrepreneurs wonder what state should be used to incorporate a new business. Is it their own state or maybe another state like Delaware or Nevada? There is no easy answer to that question, however, there are definite benefits for some businesses to incorporate in states other than where they conduct business. Some existing businesses may also consider registering out of state due to compliance considerations that arise from multistate business activities or employees. These two different situations result in what is called foreign qualification. Foreign qualification is simply the process of [...]
What You Need to Know About Collecting Sales Tax
Before a retailer or service provider can open for business, they first must get approval from the state for sales tax registration. Not all states charge sales tax, and not all products and services are taxable, so it’s essential to learn the facts before you find yourself in compliance hot water. Here’s what to know about your business’s responsibilities regarding the collection of sales taxes. Sales Tax Vary by State and Sometimes by County Currently, forty-five states and the District of Columbia collect statewide sales taxes, while five states do not have a statewide [...]
Payroll Taxes 101
Whether you’re a sole proprietor and your company’s only employee, or a corporation with 40 employees, you are responsible for collecting and paying employment taxes to federal and state tax agencies. However, while federal payroll taxes are the same no matter where your business is located, state employment taxes differ according to income tax rates in the various states. Payroll taxes can be a bit confusing and overwhelming to new business owners. In today's article, I'll break down payroll taxes so you know all the ins and outs of keeping your business in compliance. [...]
Seven Steps to Creating a Business Emergency Preparedness Checklist
It's an understatement to say that 2020 has been a tumultuous year. Nearly every business has felt the pandemic's economic effects, and many have faced natural disasters (such as hurricanes, tornadoes, and wildfires). With CorpNet's location in southern California, I relate first-hand to the challenges that entrepreneurs have faced. Our office had to temporarily close last year because of a wildfire. Then this year, COVID-19 hit, and we again had to shut down work at our business location and pivot to operating remotely. Currently, I, my husband, and our 20+ employees are still working [...]
3 Must-Have Documents for Filing an LLC
If you’re considering filing as an LLC (Limited Liability Company), it’s probably in part because this business structure provides business owners with liability protection and pass-through tax status, while minimizing the business formalities and paperwork you’re responsible for.
CorpNet Named to Inc. 5000 List for 2020
CorpNet is proud to announce that it has made Inc. Magazine’s prestigious “Inc. 5000” list for 2020. As an Inc. 5000 honoree, we have been recognized as one of the fastest-growing private companies in America. During a stretch when the economy grew only 15 percent, CorpNet achieved 58 percent revenue growth over the past three years. “We are thrilled and humbled to be included on the list this year,” shared CorpNet CEO Nellie Akalp. “Some of the most successful, well-known companies in America—such as Zappos, Under Armour, and Microsoft—have enjoyed this distinction. My business [...]
How to Legally Start a Food Truck Business
According to IBISWorld, the food truck industry has 25,476 businesses in 2020. Growth in the industry from 2015 to 2020 averaged 8.7 percent. With the COVID-19 crisis a reality now, arguably, the food truck industry may be better suited than brick and mortar restaurants to navigate the challenges. With more people consuming take-out food and spending less time in sit-down establishments, food trucks may appeal to customers' desires for getting good food fast and with less person-to-person contact. In this article, I’ll share insight to get you headed down the right road on your [...]
7 Ways Your Business Can Crush It During COVID-19
Every business owner hopes to reach the peak of business success. You know, when you’re just crushing it—when smooth operations and growing profits allow you to breathe a satisfied sigh of contentment and pride. This year that feeling may seem farther from your reach than ever. A slower economy and a world trapped in daily self-distance protocols may leave you feeling directionless and disconnected. But, remember what Albert Einstein once said, “In the midst of every crisis, lies great opportunity.” Here are seven ways to ride out the pandemic and come out on top. [...]
Back to School, Back to Your Business
For most of the country, school is back in session or at least just a few weeks away. In some cities, students may be returning to a hybrid model, which is some in-class time combined with online learning. Others may remain completely virtual until 2021. For entrepreneurial parents, that means performing a balancing act of running your own business and making sure sales are on the rebound, while also ensuring your child is engaged online, following new protocols, and keeping up with assignments. When COVID-19 shut down most schools last March, teachers and administrators [...]
3 Ways to Grow Your Accounting Business Post Tax Season
Now that the delayed tax season is mostly over for accountants and other business professionals, the real work is just beginning! I am referring to showing your clients they still need you to help make their businesses a success. Obviously, doing taxes is an important component of your services, but now is the time to show how you can provide so much more. Here are three things you can do post-tax season to bring value to your customers. 1. Become an Industry Expert The more you know about the specific industries your small business [...]
Looking for the Silver Lining Under COVID-19
It is really a guessing game to predict when we'll all be able to return to some sort of pre-pandemic normalcy, so it’s important to find the positives in our current situation. We’ve all heard it, right? When life gives you lemons, you need to turn it into lemonade and something positive. Sometimes, however, it's hard to find the ingredients for whipping up that lemonade! Phil and I have tried really hard to stay positive at home and at work. We've found a few core ingredients to help us stay focused on keeping our [...]
Virtual Companies and Nexus: What Small Businesses Need to Know
The coronavirus continues to impact small businesses. Many businesses have chosen to go virtual, either temporarily or on a permanent basis. But that decision can impact the business’s nexus status. Companies with remote employees in other states may also need to register for foreign qualification, register for payroll taxes in those states, or they may need to start collecting sales tax from places they never have before. Business Compliance Consequences for Pivoting to a Virtual Company Many businesses have pivoted to a remote working model to keep employees safe and many may continue to do [...]