The Launch Blog: Expert Advice from the CorpNet Team
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...
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...
Interview with CorpNet Co-Founder: Phil Akalp
CorpNet celebrated its third birthday on July 1, 2011! We thought you might like to go behind the scenes to learn more about Phil Akalp, one of the founders of the company.
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...
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...
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,...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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....
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...
How to Start a Business in Wisconsin
If you're considering starting a new business in Wisconsin, there are a lot of reasons why this is a great option. Wisconsin offers a robust business ecosystem with a skilled workforce, business-friendly policies, and a central location in the U.S. It provides a high quality of life, support from local organizations, access to research and innovation, and proximity to major markets. The state’s industry clusters, access to capital, and economic development incentives make it an attractive choice for entrepreneurs. Start-up businesses are core to my heart and our services here at CorpNet....
A Guide to Small Business Taxes
No matter the type of business you operate, taxes are among the expenses you must anticipate and budget for. While not the most pleasant aspect of running a company, business taxes require an entrepreneur’s attention and follow-through because penalties exist for not reporting and paying them on time. Here’s a look at some federal, state, and local taxes small business owners should understand and prepare for. Federal Business Taxes Federal Income Tax Businesses must pay income tax on their taxable earnings. The income tax rate depends on how the business is structured. At the time of...
How to Appoint a Registered Agent
Appointing a registered agent for your business entity isn’t terribly difficult, but it does require a little effort on your part. Whether you’re starting a brand new business and need to designate a registered agent for the first time or you want to change your existing registered agent services provider, it’s important to do it right. Here are the five steps to guide you through the process. 1. Compare and Choose a Registered Agent While some states allow individuals or business owners to serve as registered agents, that’s often not the wisest path. States have minimum requirements for...
What Is a Registered Agent?
Many business owners will ask themselves what is a registered agent and then question if they really need one. The answer to both questions is yes! A registered agent is a person or company with the authority to accept service of process (legal documents and government notices) on behalf of a business. When selecting a registered agent, the business must designate one who has a physical location within the state where the business is registered to operate. What Does a Registered Agent Do? A registered agent (also sometimes referred to as a resident agent or statutory agent) has an...
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...
What Is an Agent for Service of Process?
An agent for service of process is an individual or business that accepts important legal and government notices on behalf of an LLC or Corporation. More commonly known as a registered agent, designating an agent for service of process is a requirement for LLCs, Corporations, and some other registered business entities. A state will require a registered business entity to have a registered agent if the business is located in (or is foreign-qualified to operate in) the state. If a Corporation or LLC is located in one state and conducts business in others, it must have a registered agent in...
What Is Form 1023?
Filing formation paperwork with the state is just one step required to start a 501(c)(3) tax-exempt nonprofit organization. Federal income tax exempt status isn’t automatic. A nonprofit must file Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, with the IRS to request federal income tax exemption. The form is quite long and involved, so it can be helpful to talk with an accounting professional for guidance as you prepare to complete it. The obvious benefit of 501(c)(3) status is being exempt from paying federal income tax. Also,...
CorpNet Awarded Inc. 5000 for 2023
CorpNet is proud to announce that it has made Inc.’s prestigious Inc. 5000 list in 2023 as one of the fastest-growing private companies in the country. This is the sixth year CorpNet has been honored and 2023 is the highest ranking to date. CorpNet's Inc. 5000 profile can be found at https://www.inc.com/profile/corpnet. "As always, it is a honor to have our company named on the Inc. 5000 list! The 2023 recognition secures our highest rank yet and I am beyond proud of the team behind this award. As CorpNet rapidily grows our entire staff has continued to provide excellence in service and...
How to Start a Freelance Business
Starting a freelance business can put you on a path that leads to autonomy, creative freedom, and the opportunity to shape your professional destiny. Freelancing is not much different than building a small business, however, as a freelancer you work for yourself and you are considered self-employed. While your primary role is to work part-time for clients via projects or ongoing retainers, just like any other business, building a brand as a freelancer is also important. Of course, building a freelance business has additional challenges. It requires meticulous planning, strategic...
What Taxpayers Need to Know About the IRS’s Extended Tax Deadline
Due to the severe winter weather conditions that impacted much of California and parts of Alabama and Georgia, the tax deadline for 2022 individuals and businesses, the Internal Revenue Service (IRS) extended its tax deadlines to October 16, 2023. Some parts of Georgia were additionally affected by Hurricane Idalia—see below for updated tax filing information if you live in the impacted areas. In addition, October 16 is the final deadline for this year for those taxpayers who filed for regular tax extensions last April. That day is fast approaching, and with no additional extensions...
What Is a DUNS Number and How Do You Get One?
A Dun & Bradstreet (D&B) D-U-N-S® Number is a unique nine-digit number assigned to a company to help potential lenders, partners, and suppliers assess the business’s stability, creditworthiness, and other qualities. Having a DUNS Number can help a company build a business credit history and demonstrate its credibility. A company’s DUNS number identifies it as unique from any other company in the Dun & Bradstreet Data Universal Numbering System database. DUNS Numbers are assigned through D&B’s proprietary verification process for confirming a company’s information. D&B...
Can You Get a Startup Loan for Your Small Business?
Starting a small business is exciting, but that alone is not enough. Achieving your goals will often require a long list of needs with money being at the top of that list. While most startups are self-funded, many entrepreneurs want and need a small business loan. Obtaining a startup loan makes it easier to turn your business ideas into viable companies. They provide a solid financial foundation to build a business and make it easier to weather the initial challenges and uncertainties of a startup. Startup loans provide new small businesses with: Cash infusion - Having more available...
Should You Incorporate at Year End or Wait Until Next Year?
If you’re gearing up to incorporate and get your business off the ground at the start of 2024, you might be wondering when to file your business formation paperwork. Can you submit your forms now and request a delayed effective date? After all, the end of December tends to be ultra-busy. Trying to complete all the forms and manage all the details amid that chaos will only compound the stress. Choosing the right business entity type for your business is a critical decision, and so is determining when to file your forms with the state. In this article, I’ll give you information to help you...
