Sparkler In Front of American Flag

June 22, 2022 | Startup and Launch

Time to Declare Your Independence

For many, the American dream is all about entrepreneurship. Business ownership is a way to declare personal independence and even though the economy has been a roller coaster lately, it hasn’t quieted America’s entrepreneurial spirit. As a matter of fact, despite the current level of economic uncertainty, the number of EIN applications shows it hasn’t slowed new businesses from starting. But startups are not where all the entrepreneurial action is. Current business owners have been busy, trying to keep their businesses running at all costs.

Whether you’re a startup entrepreneur or a seasoned small business owner, as we celebrate the nation’s independence, it’s vitally important you protect your path to independence—your business.

Protect Your Business

Whether you’re looking to formalize your business idea or are already in the throes of business ownership and want to protect your investment, incorporating your business can help shield you from personal liability if anything goes wrong at your company. The legal structure of your business is your first line of defense in case of legal or financial risk. If your business operates as a sole proprietorship or general partnership, your personal assets are in jeopardy because you’re personally responsible for the actions of the business. As a corporation or limited liability company (LLC), your business is a separate entity and therefore the risks belong to the corporation.

Some of the legal and monetary problems all businesses may encounter include:

  • Trademark infringement lawsuits
  • Work-related vehicle accidents
  • Slip-and-fall accidents at their offices
  • Employment discrimination
  • Claims of breach of contract
  • Sexual harassment accusations
  • Faulty products
  • Nonpayment of bills/debts

Once a business is registered and established as a corporation or LLC, the business stands as a separate legal entity from its owners. Therefore, its legal and financial liabilities do not put the owners’ assets at risk. Although the registration process is a bit more time-consuming and costly, the liability advantages the corporate or LLC legal structure provides more than makes up for the compliance requirements.

Protect Your Brand

One of the first steps to protecting your rights as an independent business owner is to protect the brand you’ve worked so hard to create. A business trademark could be a word, phrase, name, or symbol identifying a product or service and distinguishing it from other players. Registering for and securing a trademark can protect your company name, product names, logos, and taglines.

Of course, you could decide not to trademark your brand, but without the protection of a federally registered trademark:

  • It’s easier for competitors to steal your brand.
  • It’s easier for competitors to sue your company for trademark infringement.
  • You might unknowingly be using an unregistrable trademark. The U.S. Patent and Trademark Office (USPTO) requires registered trademarks to not be confusing, generic, or insulting.
  • You cannot pass on your company name if you decide to sell your business.

Registering your business name with the Secretary of State does not offer the same protections as a federally registered trademark. Although a state may authorize your business to form with a specific name, another company with trademarks can try to prevent your use of the business name if they believe consumers will be confused. And do not think just because your business secured a domain name or web address means you’re protected. Domain names are registered via an accredited domain name registrar and you could be asked to give up the domain if it infringes on other trademark rights.

Trademark applications must be filed online at the USPTO website. The process is time-consuming so you might consider outsourcing the application through a third-party like CorpNet.  We at CorpNet understand the complexities of the application procedure and can prepare your application within 48 hours.

Protect the Success of Your Clients

If your company serves other businesses, finding ways to provide ongoing value and help them be successful is a key element of business success for both parties. CorpNet works with service providers to help them augment their existing offerings and enhance their relationships with their client base. Our partner program allows us to collaborate with business consultants and coaches, accountants and CPAs, bookkeepers, attorneys, tax advisors and preparers, and even QuickBooks advisors. Our goal is to serve as an extension of these service providers so they can grow revenue without adding overhead.

The CorpNet Partner Program was created for business professionals and has no setup or annual fees. Partner with us and get wholesale discounted pricing as a white label reseller of our business filing and corporate compliance services or become a referral partner and refer your clients to us, receiving a referral fee for each sale.

CorpNet services provided within our partner program include:

We require no minimum sales volumes to participate in the Partner Program and we’ve created our program to suit the needs of your business and your clients. Let CorpNet help you secure your independent future! Apply to participate today!

<a href="https://www.corpnet.com/blog/author/nellieakalp/" target="_self">Nellie Akalp</a>

Nellie Akalp

Nellie Akalp is an entrepreneur, small business expert, speaker, and mother of four amazing kids. As CEO of CorpNet.com, she has helped more than half a million entrepreneurs launch their businesses. Akalp is nationally recognized as one of the most prominent experts on small business legal matters, contributing frequently to outlets like Entrepreneur, Forbes, Huffington Post, Mashable, and Fox Small Business. A passionate entrepreneur herself, Akalp is committed to helping others take the reigns and dive into small business ownership. Through her public speaking, media appearances, and frequent blogging, she has developed a strong following within the small business community and has been honored as a Small Business Influencer Champion three years in a row.

Related Posts

What Are Payroll Deductions?

What Are Payroll Deductions?

Payroll deductions are monies that employers withhold from an employee’s pay. These deductions include withdrawals such as federal income taxes, state income taxes, local income taxes, FICA tax (Social Security and Medicare taxes), medical benefits, retirement savings...

How to Register a Business in Oregon

How to Register a Business in Oregon

Have you been thinking about making your dream of starting your own business in the beautiful Pacific Northwest a reality but not sure how to begin?  This post will help guide you through the process of registering a business in Oregon. That said, let’s get started...

How Much Does it Cost to Incorporate Your Business?

How Much Does it Cost to Incorporate Your Business?

So you’ve decided to register your business as a Limited Liability Company or C Corporation. Kudos to you for thinking about the benefits of liability protection and possible tax advantages that come with formally establishing your company as a separate legal entity....

Subscribe to Newsletter

Practical business and financial insights, lessons, perspectives, and know-how brought right to your inbox.

Thank you for subscribing!

100% satisfaction guaranteed or we will refund 100% of our service fees with no questions asked!