The Launch Blog: Expert Advice from the CorpNet Team

What Comes After Incorporation? 12 Steps to Keep You On Track

Congratulations! You have officially registered your Limited Liability Company or Corporation with the state. But now what? What happens next? While forming an LLC or Corporation is a critical first step to operating a formal business entity, there's more work to do to keep it legitimate and in compliance. The tasks and filings vary depending on a company's growth objectives, type of business activities, and location. In this article, I talk about what comes after incorporation and I'll share some of the obligations that entrepreneurs must fulfill. However, keep in mind that your particular [...]

November 2nd, 2020|Categories: Startup and Launch|

How Do I Maintain a Business?

After a business is up and running, it's critical to maintain it by fulfilling all of the required business compliance tasks on time. Of course, businesses grow and evolve over time, and therefore, the actions they must take to maintain a business entity also may change. Fortunately, CorpNet is here to help you learn how to manage your business effectively every step of the way. Changes That Require Business Filings What are some of the business considerations entrepreneurs should keep in mind? Below, I’ve listed several situations where changes in a business will involve [...]

November 2nd, 2020|Categories: Ongoing Management and Protection|

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 [...]

October 20th, 2020|Categories: Ongoing Management and Protection|

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 [...]

October 7th, 2020|Categories: Startup and Launch|

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 [...]

October 7th, 2020|Categories: Ongoing Management and Protection|

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. [...]

October 6th, 2020|Categories: Ongoing Management and Protection|

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 [...]

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

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 [...]

September 1st, 2020|Categories: Startup and Launch|

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. [...]

September 1st, 2020|Categories: Growth and Expansion|

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 [...]

August 21st, 2020|Categories: Ongoing Management and Protection|

How to Start a Daycare Business

Daycare businesses provide a critical service to working families. Parents and guardians need reliable, responsible child care services to ensure that their children are well taken care of while adults in the household work hard to earn a living. Even during the COVID-19 crisis, with many people working remotely from home, daycares provide a necessary service. Parents still need someone to care for and provide enrichment to their infant and pre-school children. Before starting a daycare, I recommend that you seek resources—such as an attorney, tax advisor, accountant, and business consultant—who can help with [...]

August 17th, 2020|Categories: Seed and Development|

Top FAQs for Small Business Licenses and Permits

When you’re starting a business there’s so much to know, it can be overwhelming.  Let us take some of the complexity out of the startup process by answering the top FAQs entrepreneurs have about small business licenses and permits. Is a business license the same as a permit? Although most businesses likely need various licenses and permits to operate legally, a business license and a permit are different. A business license from the city in which your company operates, confirms your business has complied with the city’s rules and regulations for legal operation. Other [...]

August 6th, 2020|Categories: Startup and Launch|

A Mid-Year Business Checklist to Get You Back on Track

Tax season is over (for most of us). So, what’s next for business owners and professional advisors with business clients? With so much disruption and distraction this year, you may have fallen behind keeping up with compliance for business licenses, permits, and identification numbers. Here’s a mid-year business checklist to get you back on track. Federal Tax ID Getting a Federal Tax ID number (or an Employer Identification Number—EIN) is optional if you’re a sole proprietorship, but if your business acts as a Corporation, Limited Liability Company, or a partnership, you and your business clients are required by [...]

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

How to Start a Restaurant Business

Are you thinking about how to start a restaurant business? Without a doubt, it's an industry that contributes immensely to our economy. According to statistics from the National Restaurant Association, there are over one million restaurant locations in the United States, and they collectively employ 15.6 million people. What I think is especially encouraging about the restaurant industry is that it has a track record of opening the door to entrepreneurship to people with humble beginnings who are willing to work hard and learn. Many people who start a restaurant begin by working in [...]

July 28th, 2020|Categories: Startup and Launch|Tags: |
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