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How to Apply for an EIN

One of the essential steps new business owners must take when launching their companies is to apply for an EIN. An Employee Identification Number (also known as a “Federal Tax ID Number” or “Tax ID Number”) is a nine-digit number assigned to a business for filing taxes, submitting reports to the state, applying for business licenses and permits, and completing other documentation. Similar to how a social security number serves as identification for an individual, an EIN serves to identify a business. The IRS issues EINs at no charge.

EIN Eligibility Requirements

The […]

2019-12-27T09:45:32-08:00May 24th, 2018|Categories: Startup and Launch|Tags: , |

Hit Hard With 2017 Taxes? It’s Time To Change Your Legal Structure for 2018

It seems like you just got your business taxes handled for 2017, and now you must start worrying about 2018 taxes. That’s because the tax reforms signed into law last December under the Tax Cuts and Jobs Act will most definitely affect your business taxes—and possibly your company’s legal structure as well.

And you might be wondering how to avoid a hit like that in the future.  Maybe it’s time to change your business legal structure.

If you’re self-employed and operating as a sole proprietor, I suggest exploring if a change in legal structure […]

2019-12-27T09:58:10-08:00May 9th, 2018|Categories: Ongoing Management and Protection|Tags: |

How Will 2018 Tax Reform Affect Your Small Business?

It seems like you just got your business taxes handled for 2017, and now you have to start worrying about 2018 taxes. That’s because the tax reforms signed into law last December under the Tax Cuts and Jobs Act will most definitely affect your business taxes—and possibly your company’s legal structure as well.

Sole proprietorships are the most common form of business organization in the United States because they are easy to form and offer the owner complete control of the business. Profits are passed through to the owner, and business income and […]

2019-12-15T16:21:08-08:00March 8th, 2018|Categories: Ongoing Management and Protection|Tags: , |

3 Things to Consider When Choosing a Tax Preparer

Since Donald Trump took office just over a year ago, there have been few major legislation that have passed. One that did squeak through was the GOP tax reform, and with mixed reporting on who the tax cuts will benefit, when, and how long for, individuals and businesses may feel swamped by the conflicting information they have been reading and hearing about in the last few months. With dire consequences for incorrect filings, the biggest shake-up to taxes in thirty years has left many feeling anxious about what these changes mean for […]

2019-12-15T16:24:05-08:00March 1st, 2018|Categories: Ongoing Management and Protection|Tags: , |

Small Business Tax Advice and Survival Guide

Tax season comes to all businesses big and small, and can be a headache no matter how well you think you’ve prepared. For a small business owner wearing many (or all) hats in the business, it’s an unwelcome extra task sure to cause late hours and frayed nerves. To handle the additional workload during tax season, CorpNet offers some small business tax advice and presents our Tax Season Survival Kit for business owners.

Step 1. Gather All Necessary Documentation

The first step in preparing for taxes is gathering any necessary documentation. Ask your tax […]

2019-12-15T15:50:57-08:00February 26th, 2018|Categories: Ongoing Management and Protection|Tags: , |

How to Budget as a Freelancer

Creating a budget as a freelancer shouldn’t be any harder than it is for any other small business. And yet, the rollercoaster ride of finding and keeping clients, collecting invoices, marketing your business and juggling all of this yourself can create major budgeting headaches. Income predictability is a challenge unique to freelancers, according to a recent survey by Upwork and Freelancers Union. Fortunately, there are many simple steps you can take better learn how to budget as a freelancer.

Step 1: Keep Business and Personal Finances Separate

Even if you used personal assets to […]

2019-12-15T15:55:49-08:00February 15th, 2018|Categories: Ongoing Management and Protection|Tags: |

Get the Lowdown on Wyoming LLC Fees

Thinking of starting a business in Wyoming? Or maybe you already have one there, but want to change your business structure to an LLC. Either way, you need the scoop on how to form an LLC in Wyoming, as well as what it’ll cost you.

Why Form an LLC in Wyoming

The LLC — or Limited Liability Company — is a smart choice for your business structure. It protects your personal finances, home, vehicles, and other assets from […]

2019-12-15T13:34:21-08:00November 10th, 2017|Categories: Startup and Launch|Tags: |

Dissolve an LLC With These Six Easy Steps

For a variety of reasons, entrepreneurs may decide to close the business they worked so hard to start and grow. Situations change and the need to dissolve an LLC or corporation may need to be addressed.

An entrepreneur can grow tired of small business ownership or may simply want to retire. Possibly the business has been losing money or it isn’t as profitable as it needs to be. Regardless of the reasons, an LLC needs to be dissolved in a formal and methodical manner.

This task doesn’t have to feel daunting. Our six easy steps […]

2019-12-12T13:23:03-08:00October 31st, 2017|Categories: Maturity and Exit|Tags: |

Is a Multi-Member LLC Right For You?

The multi-member LLC is a Limited Liability Company with more than one owner. It is a separate legal entity from its owners, but not a separate tax entity. A business with multiple owners operates as a general partnership, by default, unless registered with the state as an LLC or corporation.

Would it make sense for you to form your business as a multiple-member LLC?

To arrive at that answer, you need to consider how choosing that business entity type will impact you legally, administratively, operationally, and from a tax perspective. I encourage you to […]

2019-12-12T12:53:42-08:00September 27th, 2017|Categories: Ongoing Management and Protection|Tags: |

Flexible Staffing Options: Get Help Without Hiring Full-time Employees

At some point, growing businesses need more hands on-deck. But that doesn’t necessarily mean you have to invest the money to hire full-time employees—yet. Before you hire full-time employees, there are other staffing options you can explore.

Bring on Extra Help With Our Six Flexible Staffing Options

1. Family and Friends

Starting a business requires long hours and time away from family and friends. You can avoid the separation issue (and create new bonds) by hiring family and friends to help run your business. Family businesses account for 64 percent of the U.S. gross domestic […]

2019-12-12T12:57:28-08:00September 20th, 2017|Categories: Growth and Expansion|Tags: , , |