The Launch Blog: Expert Advice from the CorpNet Team

Mid-Sized Law Firms Can Compete with BigLaw and Big Four

Consumers have many choices when it comes to legal services, from do-it-yourself online legal services, Alternative Legal Service Providers (ALSP) and even the Big Four accounting firms (Deloitte, PwC, EY, and KPMG) have recently added legal services to their menu of services. How can your mid-sized firm compete with the competition growing exponentially? For business clients, there are several ways you can expand your offerings without having to invest too much time or money. Since you’ve already gained their trust in legal matters, now is the time to build loyalty and appreciation by providing them [...]

March 11th, 2020|Categories: Growth and Expansion|

Do LLC Owners Pay Self-Employment Tax?

Many small business owners choose to operate their companies under the LLC business structure. They do so with good reason! The LLC offers liability protection to its owners (members), tax flexibility, and compliance simplicity. However, that tax flexibility may cause some confusion for entrepreneurs. One of the tax-related topics that people often ask about is: "Do LLC members have to pay self-employment tax?" In this article, I'm going to cover that question, along with many others related to the subject. Everything that I share here is for informational purposes only; readers should reach out [...]

March 9th, 2020|Categories: Ongoing Management and Protection|

How to Start a Tax Preparation Business from Home

Do you already have experience in preparing tax returns as an employee or temp for a tax agency and wish you had more control over your schedule? Or are you looking to capitalize on your math abilities and attention to detail on your own terms? Either way, you may be wondering how to start a tax preparation business from home. With the complexity and ever-changing nature of the U.S. tax code, I don’t believe it’s a stretch to say that demand will always exist for professional tax preparers. They serve an essential need. According [...]

March 3rd, 2020|Categories: Startup and Launch|

What You Need to Know About Filing a Delaware Annual Report

Businesses that are registered as a corporation in Delaware must file a Delaware Annual Report every year, and most must also pay a Franchise Tax fee yearly. These requirements apply whether a Delaware corporation operates in the state of Delaware or somewhere else. With the March 1 deadline for Delaware annual reports and tax payments approaching, time is running out! Corporations must get moving now to stay compliant with the Delaware Secretary of State Department’s requirements. Although Delaware Limited Liability Companies don’t have to file an annual report, they do have an annual Franchise [...]

February 24th, 2020|Categories: Ongoing Management and Protection|

The Advantages and Disadvantages of a Subchapter S Corporation

Before the advent of the S Corporation in 1958, entrepreneurs had two options for forming a business entity. They could form a partnership or form a C Corporation. But neither of those business structures fulfilled the needs of many people seeking to start their own businesses. To help encourage small businesses in America, Congress and President Eisenhower created the Subchapter S Corporation. You may be thinking, “That’s really interesting, Nellie, but unless I’m attending a business trivia night anytime soon, why should I care?” Hang in there—we're getting to that! Whether you're a business [...]

February 17th, 2020|Categories: Ongoing Management and Protection|

5 Things to Know About the 2020 S Corporation Election Deadline

The New Year (a.k.a. 2020) is moving along swiftly. Martin Luther King, Jr. Day has passed, the Grammy’s have come and gone, and many a person has already given up on their well-intended New Year’s resolutions. Fortunately, if requesting S Corporation tax treatment for your business in 2020 is on your list of resolutions, there’s still time to make it happen. Why Consider S Corporation Election? S Corp election is a tax treatment option available to eligible limited liability companies (LLCs) and corporations (C Corporations). Entrepreneurs should discuss with their attorney and accountant or [...]

February 17th, 2020|Categories: Ongoing Management and Protection|

How to Start a Vending Machine Business

The vending machine industry is one that has evolved and steadily grown since 2012. As consumers' lives get busier and people seek convenience and time-saving options while on the go, vending machine operators have many opportunities. Have you been thinking about how to start a vending machine business? In this article, we'll talk about: What the industry looks like for entrepreneurs Advantages of operating a vending machine company Ways to get into the vending machine industry 13 steps to get you started off right Vending Machine Business Outlook According to the Automatic Merchandiser State [...]

February 5th, 2020|Categories: Startup and Launch|

Does Your Business Need a Sales Tax License?

Does your business need to collect sales tax and remit it to the state or local tax authority? And if it does, how do you go about getting a sales tax license? Moreover, what if your business is selling your products across state lines? Do you need to charge and remit sales tax in those states, too? These are all valid and important questions! We're going to delve into them in this article to give you some helpful food for thought as you research what requirements apply to your business. Please keep in mind [...]

January 24th, 2020|Categories: Ongoing Management and Protection|

16 Considerations When Choosing a Business Filings and Compliance Provider

Entrepreneurs cannot succeed in business completely on their own. Yes, they leverage their talent, expertise, and skills. But they also recognize when 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 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 compliance service fulfillment [...]

January 20th, 2020|Categories: Startup and Launch|

What California’s AB 5 Means for the Gig Economy

In 2020, the hot topic is California’s Assembly Bill 5, often called the “Gig Economy Bill.” This is because AB 5 makes it difficult to be an independent contractor in California. Before we examine AB 5 in detail, let’s understand why California legislators passed the bill in their own words: THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. The Legislature finds and declares all of the following: (a) On April 30, 2018, the California Supreme Court issued a unanimous decision in Dynamex Operations West, Inc. v. Superior Court of Los [...]

January 15th, 2020|Categories: Ongoing Management and Protection|

Tax Savings Features of Corporations, S Corps and LLCs Under TCJA

The Tax Cuts and Jobs Act (TCJA), made tax law changes that affected every business. Deductions, depreciation, tax credits, and corporate tax rates will make filing taxes different for you and your clients this year. Generally speaking, most of your business clients will do well under the TCJA, but there are a few tax breaks that have been lowered or eliminated. Here’s what you need to know. Changes for Corporations Corporations will feel the biggest impact from TCJA, primarily in a positive way. Pre-TCJA, corporate tax rates were similar to individual tax rates, in [...]

January 13th, 2020|Categories: Ongoing Management and Protection|Tags: |

Remaining Independent Under California’s New AB5 Law

Whether you work as an independent contractor or your business hires independent contractors, California’s new AB5 law, which went into effect January 1, 2020, forces your hand on becoming an employer or an employee depending on how you conduct your business. The Existing Employee vs. Contractor Designation Up to now, you’ve probably made sure you’re adhering to the IRS classification rules for independent contractors, which are as follows: Behavioral Control: A worker is an employee when the business has the right to direct and control the work performed by the worker, such as when [...]

January 10th, 2020|Categories: Ongoing Management and Protection|

Help Your Clients Decide if it’s Time to Incorporate or Form an LLC

Among all the decisions and actions a small business may need to take, one of the more important is deciding whether to incorporate or form an LLC. January is the most logical start date for a new LLC or corporation since it eases the paperwork burden. Your clients can start fresh in the new year with their new legal structure and don’t have to worry about reporting taxes as two different entities for the tax year. At this time of year, sole proprietors and general partnerships may be wondering if it’s time to create [...]

January 9th, 2020|Categories: Ongoing Management and Protection|

Can You Change an LLC Name?

The decision to change an LLC name is one not to consider lightly. After all, your business name is one of your most important brand assets. But sometimes, a name change is in order for one of many reasons. Perhaps there was a mistake in your formation paperwork, so you need to correct the name. Or perhaps the name was fine in the past, but now it's not because it includes the name of a business partner who just retired. Or maybe your business has expanded into other products or services, and the name [...]

January 8th, 2020|Categories: Ongoing Management and Protection|
Incorporate Now