LLCs

//Tag: LLCs

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 […]

2019-09-03T05:41:30-07:00February 15th, 2018|Categories: Ongoing Management and Protection|Tags: , , , , |

Benefits of an S-Corporation

Incorporating is one of our favorite services, not only for the tax savings it provides those who are self-employed, but also for the asset protection it offers those with passive real estate investments or one-off productions in the entertainment industry.

Before we dive into the benefits of an S-Corporation, let’s first understand each type of business entity:

  • S-Corporation: Entity used to assist self-employed individuals transition from small to medium sized business structure. Only entity that allows the self-employed to reduce social security and Medicare tax (SE tax). An S-Corporation can also be […]
2019-09-03T05:41:33-07:00January 18th, 2018|Categories: Startup and Launch|Tags: , , , , , , |

Can I Change My Registered Agent?

If your business is a Limited Liability Company (LLC) or corporation, you must appoint a registered agent to accept service of process for your company. Assigning an authorized registered agent is necessary for keeping your business legally compliant and maintaining good standing in the state(s) in which you operate.

Your registered agent is the entity—an individual or business in the state(s) in which your company conducts business—that will receive legal documents on your behalf.

Examples of the types of mail that goes to your registered agent include:

  • Tax notices
  • Federal and state correspondence
  • Notice […]
2019-09-03T05:41:34-07:00January 11th, 2018|Categories: Other|Tags: |

6 Business-Boosting Benefits of Incorporating Your Company

One of the most critical decisions you will make as a business owner is choosing the business entity type for your company. Sole proprietor or partnership? Limited Liability Company (LLC), or corporation?

Decisions, decisions!

For many of the entrepreneurs that I work with, incorporating offers a variety of advantages legally and financially over operating as a sole proprietorship, partnership, or LLC (Limited Liability Company). You should talk with your attorney and accountant or tax advisor before you select a business structure because it’s important that you fully understand the pros, cons, and your compliance […]

2019-09-03T05:41:35-07:00January 2nd, 2018|Categories: Startup and Launch|Tags: , |

The CPA’s Guide to Assisting Clients with Business Compliance Issues

As a CPA, you probably sometimes find that clients inquire about more than just their business’s taxes and finances. With the strong connection between their money and all aspects of their companies, they may toss you questions about a variety of business compliance issues that aren’t in your normal area of focus.

You need to exercise caution in responding because your insight shouldn’t take the place of proper legal counsel or human resources guidance. But having a working knowledge of diverse compliance topics can help you aid your client’s understanding of certain issues […]

2019-09-03T05:41:36-07:00December 29th, 2017|Categories: Ongoing Management and Protection|Tags: , , , , , |

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. In the third quarter of 2017, e-commerce accounted for 9.1% of overall retail sales—almost double the figure from 2010. Online retailing’s popularity is just one reason the amount of goods hauled by truck is projected to grow by more than 3% annually for the next five years, according to the American Trucking Associations (ATA). Demand for trucking will be so great that the ATA predicts the industry will need to recruit […]

2019-09-03T05:41:36-07:00December 27th, 2017|Categories: Startup and Launch|Tags: , |

What is the Best Time of Year to Form an LLC?

Have you been thinking of launching a new business or changing your existing sole proprietorship to a formal business entity type? Are you concerned that you might not be selecting the best time of year to form an LLC?

So When Really is the Best Time of Year to Form an LLC?

There’s never a bad time to register your business as a legal entity—doing so helps protect your personal assets and might offer some tax advantages, as well.

But filing your paperwork to make it effective before the New Year has its perks!

So […]

2019-09-03T05:41:38-07:00December 13th, 2017|Categories: Startup and Launch|Tags: , |

Is a Farm LLC Really Necessary?

Starting and running a farming business provides opportunity and the freedom to forge your own professional path. There’s hard work involved, of course—farming is a 24/7 commitment. And an agricultural business comes with many of the same risks that other types of companies do—and some that other types of businesses do not. A farming business faces many uncontrollable threats such as economic downturns, droughts, floods, accidents related to the use of large equipment, unseasonable freezing weather, and even food trends that may put certain ingredients on the outs. Farming, while it can […]

2019-09-03T05:41:39-07:00December 6th, 2017|Categories: Startup and Launch|Tags: , , , |

The What, Why, and How of LLC Insurance

Does your LLC need insurance? LLC insurance coverage is a measure you can take to help protect your business assets in the event of a legal claim against your company.

While forming an LLC creates a separation between your personal assets and those of your business, having insurance for your LLC helps guard your company against losses as a result of circumstances in the course of doing business.

How Do You Know What Kind of LLC Insurance You’ll Need?

The type and amount of LLC insurance coverage will depend on a variety of factors including […]

2019-09-03T05:41:39-07:00December 1st, 2017|Categories: Ongoing Management and Protection|Tags: , |

Do I Need Articles of Organization For a Michigan LLC?

If you’re considering forming a limited liability company (LLC) in Michigan, you’re probably wondering what paperwork the state requires. For example, do you need Articles of Organization for a Michigan LLC? That’s one of the common questions we field here at CorpNet—for Michigan and the other 49 states in the U.S.

Articles of Organization – Michigan: Does Your LLC Need Them?

The answer is yes. In the state of Michigan, an LLC must file an Articles of Organization form with the Corporations, Securities & Commercial Licensing Bureau of the Michigan Department of Licensing and […]

2019-09-03T05:41:41-07:00November 13th, 2017|Categories: Startup and Launch|Tags: , , |