The Launch Blog: Expert Advice from the CorpNet Team

10 Small Business Resolutions for 2020

The start of a new year provides the perfect opportunity for business owners to set new goals and find unique ways to improve their operations. There are plenty of different options for your 2020 resolutions, from shoring up your finances to organizing your online presence. Here are some suggestions and tips from members of the online small business community. Grow Your Savings with Money New Mindset If one of your resolutions for 2020 is to save more money for your business, you may need to shift your mindset. So how can you look at [...]

January 7th, 2020|Categories: Growth and Expansion|

Is it Time to Revisit C Corporations for Your Small Business Clients?

For more than a decade, I (and probably you too) have typically advised small businesses to opt for a Limited Liability Company over a C corporation due to its ease of administration and tax advantages. However, the 2017 Tax Cuts and Jobs Act now creates the opportunity for big tax savings for C corporations and should make us rethink our general guidance. We’ve got a full tax season under our belts since the Tax Cuts and Job Act was enacted. It’s a good time to take a fresh look at corporate structures and consider [...]

January 3rd, 2020|Categories: Ongoing Management and Protection|

Why a Business Plan is Important for Your Startup

I think it’s safe to say that nearly all business experts agree that all entrepreneurs can benefit from having a business plan. Why is a business plan important for your startup? According to a study by Palo Alto Software, entrepreneurs who have a business plan are about twice as likely to successfully grow their business, attract investors, and get loans than those who did not have one. What is it about a business plan that makes it such an essential ingredient for success? Let’s take a closer look! 12 Reasons Why a Business Plan [...]

January 2nd, 2020|Categories: Growth and Expansion|

The Consequences of Noncompliance in Business

"Business compliance" is a phrase that makes many an entrepreneur cringe. But despite the lack of affection for those two words, business owners MUST take them seriously. The possible consequences for noncompliance range from “mild inconvenience” to “devastating disaster.” Most critical is that noncompliance by Limited Liability Companies and Corporations can lead to “piercing the corporate veil,” which puts business owners’ personal assets at risk. (More on that later!) Before I get into the penalties for noncompliance, let’s first take a moment to discuss what it is exactly. What is Noncompliance in Business? Nearly [...]

December 26th, 2019|Categories: Ongoing Management and Protection|

How to Start a Dropshipping Business

Statistics indicate that a third or more of e-commerce brands use dropshipping as a way to provide products to customers. If you've been thinking about starting an online store but don't want to deal with the costs and hassle of maintaining inventory, you may find the dropshipping business model a viable approach. Ready to learn more about dropshipping as a way to fulfill customer orders? Let’s talk about what it is, some points to consider about the business model, and how to start a dropshipping business. What is Dropshipping? Dropshipping is an order fulfillment [...]

December 18th, 2019|Categories: Startup and Launch|

2020 S Corp Election Deadline – Now Is the Time to Talk With Clients

A brand new year is ahead, which means you’re probably fielding questions from your business clients about how they can improve their tax situation. This especially may be true of clients who operate as sole proprietorships, partnerships, or LLCs. While the pass-through tax treatment and 20 percent deduction on qualified business income (thanks to the 2017 tax code changes) might have helped them, they might still be feeling the sting of paying self-employment tax on all of their profits. So, now is an excellent time to talk about the advantages of the S Corporation [...]

December 11th, 2019|Categories: Ongoing Management and Protection|

What is a Certificate of Registration?

If you’re an accountant, attorney, or in the business of otherwise professionally advising entrepreneurs, you may have had clients inquire about what they need to do to expand their companies into other states. One of the most important steps involved in the process is to file a “certificate of registration” in the additional states where LLC or corporation wishes to conduct business. You may have heard it called by other names, such as “foreign qualifying” or filing a “certificate of authority.” Filing a certificate of registration means that the LLC or corporation wants to [...]

December 11th, 2019|Categories: Ongoing Management and Protection|

How to Legally Franchise a Business

Subway, Snap-on Tools, MaidPro, ACTIONCoach. They're all very different types of businesses with one significant thing in common—they began as small businesses and increased their revenue exponentially by franchising. If you've considered how to grow your business by leaps and bounds without starting and running dozens or hundreds of locations yourself, you may have wondered how to franchise a business. In this article, you'll learn more about what franchising means, how to determine if franchising makes sense for your business, and what's involved in franchising a business. What Does Mean to Franchise a Business? [...]

December 4th, 2019|Categories: Growth and Expansion|

How a Shareholder Loan Affects Your Taxes

If you’re a principal or shareholder of an S-corporation, you already know the many tax advantages the structure provides you—and the few disadvantages you have to deal with. Being part of an S-corp means your shareholder assets are protected and you can take advantage of pass-through taxation and other tax benefits, making the S-corp entity a good choice for both you and the business. But what happens when the corporation needs an influx of money? The business may need to replace an expensive piece of equipment or grab a larger lease space that suddenly [...]

December 1st, 2019|Categories: Ongoing Management and Protection|

Setting Up LLC Partnership Agreements

The Limited Liability Company (LLC) business structure is one of the most flexible and simple business entity types that entrepreneurs may choose. LLCs aren't usually required by states to have an LLC partnership agreement; however, it's something to consider–especially when an LLC will have multiple owners (a multi-member LLC). What Is an LLC Partnership Agreement? An LLC partnership agreement (also called an LLC Operating Agreement) lays the ground rules for operating a Limited Liability Company and protects the legal rights of its owners (called members). It’s written by the LLC’s members and describes the [...]

November 27th, 2019|Categories: Startup and Launch|

Start a Business Checklist for a Home-Based Business

Knowing what to include in a home business checklist may sound simple to most people. With no need to rent or buy office space and worry about setting up workstations for employees, how tough can it be, right? Well, although setting up shop at home offers some degree of simplicity, business owners who work out of their homes still face some of the same legal considerations companies with dedicated places of business do on how to start a business from home. If you’re contemplating about launching a business and how to start a business [...]

November 27th, 2019|Categories: Startup and Launch|

Prepping Your Business for a Busy Holiday Season

Happy holidays! Too soon? Not really, especially because the National Retail Federation (NRF) estimates 2019 holiday retail sales will grow between 3.8% and 4.2% over last year. In dollars, that means between $727.9 billion and $730.7 billion. With numbers like those, your business had better be well-organized for the frenetic holiday season ahead. Here are five ways to make sure your business is positioned to take the holidays by the reins! Get Your House in Order I don’t know about you, but I can always think clearer with a clean office and ample supplies. The holidays [...]

November 24th, 2019|Categories: Ongoing Management and Protection|

How to Start a Business as a Kid or Teen

Starting a business as a kid or teen is exciting! With it, comes an opportunity to learn life-long skills that will help you become a successful adult. And, of course, there's the money you can earn! But how do you start a business as a kid or teen? Well, regardless of your age, you will need to follow pretty much the same business-related rules as when starting a business as an adult. Your parent or guardian will be one of the most important resources in your journey. While you’re their dependant in their household, [...]

November 20th, 2019|Categories: Startup and Launch|

LLC-5 and the California Foreign Limited Liability Company

What is an LLC-5? The LLC-5 is a California State form used when a domestic limited liability company formed in another state (or country) wishes to become a foreign limited liability company in California.  The official name of Form LLC-5 is “Application to Register a Foreign Limited Liability Company.” Approval to operate as a foreign LLC is known as "foreign qualification." As a business owner, learning more about the LLC-5 and the process of becoming a foreign LLC in California will serve you well if you're thinking about expanding your company. If you have [...]

November 13th, 2019|Categories: Ongoing Management and Protection|

How to Start a Trucking Business

If you’ve always wanted to start a trucking business, now could be the perfect time to put your plan into action. The trucking industry has an immense impact on the U.S. economy. According to American Trucking Associations, 71 percent of the freight tonnage moved in the United States goes on trucks. If you’ve been thinking about how to start a trucking company so that you can become a part of this booming industry, you may also be wondering, “Where do I begin?” Whether you’ve been a driver for another company and desire to start [...]

November 9th, 2019|Categories: Startup and Launch|
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