The Launch Blog: Expert Advice from the CorpNet Team

SBA Paycheck Protection Program: Loan FAQs for Small Business

What is the Paycheck Protection Program? The Paycheck Protection Program (also referred to as PPP) is a loan that provides an incentive for small businesses to keep their workers on the payroll. It's designed to help small businesses as they react to COVID-19 and manage the fallout from the Coronavirus crisis. How Much Can I Borrow? The SBA’s PPP loan amount can be for a maximum of two months of your average monthly payroll costs from the previous year plus an additional 25% of that amount. The loan amount is capped at $10 million. [...]

April 3rd, 2020|Categories: Crisis Management, Ongoing Management and Protection|

How the COVID-19 and the CARES Act Affects Your Small Business and Employees

As the coronavirus continues to disrupt every part of our daily business operations, keeping your business running and employees safe means dealing with scenarios you’ve most likely never come up against before. At this writing, not all states have instituted “stay-at-home” policies. But things are changing rapidly, so be sure to follow the news from your state government and follow their instructions. If your business is still open, however, what can you do when an employee won’t work without a mask or refuses to come to work for fear of infection? Do you still [...]

April 1st, 2020|Categories: Crisis Management, Ongoing Management and Protection|

What Employers Need to Know About Sick Leave During the Coronavirus Crisis

Employers across the nation are feeling the pressure to keep their businesses up and running and profitable during the current COVID-19 pandemic. Whether you’re concerned about hunting down alternate suppliers or keeping employees and customers safe from contamination, there’s a lot on business owners’ plates at the moment. We know staying on top of the information about the pandemic is important to your business, so here’s the latest on sick leave policies during the coronavirus crisis. Before COVID-19 State by state the country is grappling with trying to stop the spread of the coronavirus [...]

April 1st, 2020|Categories: Crisis Management, Ongoing Management and Protection|

A Guide to Filing a North Carolina Annual Report

Filing a North Carolina annual report is a yearly activity that is required to maintain your company's registration as a legal entity in the state. It contains information about the company and is due whether or not the entity is actively conducting business. Only when an entity has been officially dissolved (closed) does it no longer have to submit an annual report. Which Businesses Must File an Annual Report? Every business Corporation, Limited Liability Company (LLC), Limited Liability Partnership (LLP), and Limited Liability Limited Partnership (LLLP) registered in North Carolina must file an annual [...]

March 30th, 2020|Categories: Ongoing Management and Protection|

When Personal Liability Protection Doesn’t Work for Corporations and LLCs

Did you structure your business as a corporation or LLC for limited liability protections? For most scenarios the extra filing requirements, paperwork and fees are worth it—your personal liability protection helps make sure your assets are protected from the business’s debts and legal issues. And that goes for the corporation’s shareholders and LLC members, too. Creditors can’t come after members’ cars, houses or personal possessions to pay for attorney fees and unpaid invoices. But it’s called limited liability, which means there are some notable exceptions. Here’s what to know and how to protect your [...]

March 30th, 2020|Categories: Ongoing Management and Protection|

Do You Need an LLC or S Corp When Purchasing Rental Property?

So, you want to be a landlord? Here’s what to know about setting up a rental property business and protecting it with an LLC or S Corp. Whether you want to purchase property to rent out on Airbnb or you want to lease office space, it’s important to understand that how you structure the property purchase affects your liability and your taxes. To be clear, we are not talking about merely renting out your home or a room in your house for a short timeframe. According to the IRS, rental income from a short-term [...]

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

We’re Here to Help During COVID-19!

There is no higher priority for CorpNet than the safety of our clients, our partners, and our employees! With the Coronavirus (COVID-19) being such a dominant topic in the media and in the workplace, Phil and I wanted to make sure you know we are here to help you and your business stay in compliance. We're Open and Here to Help CorpNet Incorporation Services remains open and ready to assist you! CorpNet will remain open and in full operation Monday through Friday from 7 a.m. until 5:00 p.m. PST. We will continue to provide [...]

March 14th, 2020|Categories: Events & Announcements|

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|

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|

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|
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