The Launch Blog: Expert Advice from the CorpNet Team
Where to Form an LLC for an Online Business
When a limited liability company (LLC) has a physical location, owners usually register their business in their home state because that’s typically where they conduct most of their business. But what about forming an LLC for an online business? Having an online...
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...
How to Proactively Manage Small Business Compliance
Besides going through all the proper steps to set up a business, understanding and following through with ongoing compliance requirements is immensely important. I regularly address small business compliance considerations in my writings on the CorpNet blog and...
Independent Contractor vs. Employee
Before the pandemic (and all the havoc it created), small business owners were in an ongoing pursuit of sourcing the best workers for their company. Deciding between independent contractors and employees was a frequent question and this debate grew as some states...
How to Remove a Member from an LLC
Some limited liability companies undergo ownership changes as their businesses evolve. Members may come or go — either voluntarily or involuntarily — for a variety of reasons. So how do you remove a member of an LLC? Well, that depends! Different circumstances can...
Hiring Family Members in a Small Business
I'm often asked if it is advantageous for a small business to hire family members. Some entrepreneurs have asked if hiring relatives presents legal issues, while others have asked if it is ethical. Whether you believe this practice is good business or nepotism,...
How to Reinstate a Revoked 501(c)(3) Status
As a 501(c)(3) nonprofit, an organization does not have to pay federal income tax on its profits related to its business purpose. That’s an important advantage as it allows organizations to keep more of their profits and use them to further their causes. However,...
CorpNet Named to Inc. 5000 List for 2021
CorpNet is proud to announce that it has made Inc. Magazine’s prestigious “Inc. 5000” list for 2021. 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 experienced limited...
What Is an Annual Franchise Tax Report?
Not all, but some states require business entities to file an annual report and pay a franchise tax each year. While the name suggests that a franchise tax report might only apply to businesses that are franchises, that’s not the case! A franchise tax is a fee that...
Filing an Intent to Use Trademark Application
Choosing the perfect business or brand name is only half the battle when starting a new venture. You need to protect that name from getting stolen or misused. But what if you haven’t started using the brand name yet? The good news is even if your website is still...
How to Revoke an S Corp Election
Many limited liability companies (LLCs) and C Corporations choose to be taxed as S Corporations to lower their tax burden. It’s relatively easy to do as long as the business entity meets IRS requirements and files Form 2553. But what happens if a business owner...
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....
Tax Registration: What Your Business Needs to Know
Whether you’re a business accountant serving entrepreneurs or you’re a business owner, it’s critical to understand sales and employment tax registration and ongoing requirements. Federal payroll taxes are the same no matter where a business is located, but state...
Why You Should Keep Business and Personal Finances Separate
There’s a lot of misinformation out there about keeping business and personal finances separate. Truthfully, most entrepreneurs tap into their personal savings to start their businesses, so opening separate bank accounts isn’t their top priority when there are so...
What Is a Biennial Report?
Most states require limited liability companies (LLCs) and corporations to submit some form of ongoing business entity filing. While many states require these filings annually (i.e., “annual reports”), several require these types of reports biennially (every two...
