Registered Limited Liability Companies (LLCs) are required to renew their registration, which is an important step in remaining compliant with applicable laws and regulations. Nearly every state calls for some type of renewal filing for LLCs and renewal...
If your business is set up and registered as a Corporation, you’re required by law to hold an annual shareholder meeting and to document the meeting with minutes. Annual shareholder meetings, sometimes referred to as annual general meetings, are intended to give...
The Limited Liability Company (LLC) business structure is a popular choice for entrepreneurs who want to protect their personal assets, enjoy tax and management flexibility, and keep corporate formalities to a minimum. In this article, I’ll discuss the main...
Operating a business as an S Corporation can provide some tax advantages for a company and its shareholders, but it also means complying with rules imposed by the Internal Revenue Service (IRS), including the need for employees to be given “reasonable compensation”...
Are you confused about your business' annual report requirements and if you need to complete one? You're not alone. Requirements for annual reports vary by state, so they can be a little intimidating for the average business owner. If your business is a Limited...
While you are familiar with the Limited Liability Company business entity, you may not realize there are different types of LLC business structures. In a recent live presentation to accounting and tax professionals, our own Amanda Beren walked through what an LLC...
If you aspire to start a business but are hesitant because of the risks, you’re wise to be cautious. According to recent U.S. Bureau of Labor Statistics data, nearly one in four new businesses fail within their first year of operation. But fear of failure doesn’t...
Many entrepreneurs assume that after going through all the steps of setting up and filing a Limited Liability Company (LLC) with the state, they’re free to begin doing business. While that assumption is understandable, it’s not correct. Before you can hang out your...
Deciding to sell a business you’ve worked hard to start and build is seldom an easy or hastily made decision, but the truth is that it happens all the time for a variety of reasons. Why would anyone want to sell something they’ve created? Maybe you are a serial...
With all the decisions your clients are expected to make when starting a business, which legal structure to choose might not get as much consideration as it should. Most business owners choose to form a sole proprietorship in the beginning, since it’s less...
As a business owner, the day will come when you inevitably will have to address the legal aspects of your business – and the sooner the better. And, fortunately, the process can be relatively painless and hassle-free. I talk to countless small business owners and freelancers who consider themselves too small to worry about incorporation. After all, you don't have mazes of cubicles…you may not even have any employees. However, incorporation can still be a smart idea even for the self-employed graphic designer or wedding planner and in this post we discuss the benefits of incorporating your small business.
Many state governments require LLCs, Corporations, and other registered business entities to file annual reports each year. And some Secretary of State (or comparable agency) offices may require these types of reports to be filed according to different timeframes (e.g., biennial and decennial reports). This state-by-state list will help you prepare and stay in compliance.
Limited liability companies (LLCs) and S Corporations are business structures that provide liability protection for business owners and allow for pass-through tax treatment. While they have those things (and some others) in common, they differ in several ways, too....
The Lone Star state attracts entrepreneurs because of its business-friendly environment, minimal tax burden, reasonable cost of living, robust infrastructure, and other factors. If you’ve been wondering how to start a small business in Texas, this article will walk...
What if you could increase customer satisfaction while increasing your revenue and profits? Even better, what if you could accomplish both objectives without increasing your workload or adding staff?In a recent webinar, we explored the benefits of helping clients...
Nexus and state reciprocity are important topics for business owners and employees, as they can have tax implications for both parties. These topics might seem confusing until you understand the context in which they apply, so let’s break them down for a closer...
CorpNet is proud to announce that it has made Inc.’s prestigious Inc. 5000 list in 2024 as one of the fastest-growing private companies in the country. This is the seventh year CorpNet has been honored. CorpNet's Inc. 5000 profile can be found here. "It is a honor...
Every business that sells products and services beyond its home state or has a location in another state should understand the meaning of nexus. As a business owner, it is important that you know what nexus is, why it is important, and if you have nexus in other...
Small businesses hire nearly half of all private sector employees in the United States, with about 61.6 million people working for more than 33 million businesses across the country, according to the U.S. Small Business Administration (SBA). If you’re a small...
Many business owners will ask themselves what is a registered agent and then question if they really need one. The answer to both questions is yes! A registered agent is a person or company with the authority to accept service of process (legal documents and...
Just like life, running a business has its share of ups, downs, and surprises, which is why there are many different reasons why business owners may want to dissolve their LLC or Corporation. Dissolution, the act of formally dissolving (closing) a business entity...
Paying taxes is a necessary task for small business owners, but there are ways to minimize the amount you must turn over to the government. While you’ve certainly heard of tax deductions, and hopefully are taking advantage of some, there are some lesser-known...
While hiring out-of-state employees can provide many benefits for your business, doing so presents some challenges you should consider before moving forward. Compliance laws vary, but every state has regulations pertaining to hiring, payroll, taxes, benefits, and...
When you’re faced with the daily challenges of operating a business, details concerning compliance issues can easily be overlooked. You should be aware, however, that allowing that to happen can result in serious consequences. Once you’ve registered your...
Payroll involves far more than just cutting a paycheck to employees. It entails calculating work hours, wages, salaries, benefits, wage garnishments, and withholding and paying employment-related taxes. So, what do business owners need to know about setting up...
As you work with business clients who sell their products and services over state lines, “nexus” is a little term with big implications. Recently, Milton Turcios, CorpNet’s VP of operations, hosted a Facebook Live event featuring Elisa Reyes, principal and CPA at...
If you’ve been considering forming a business (or you’ve already started one), you’ve probably heard the term “registered agent” but may not be familiar with what it means. A registered agent is a designated party that a business has authorized to accept service of...
With many people struggling to keep up with inflation and insufficient wage growth, side hustles are becoming increasingly common. In fact, MarketWatch, a website that provides business news, financial information, and stock market data, reported in May 2024 that...
The idea of a Certificate of Authority can be confusing, as the term has several different applications. The most common type of Certificate of Authority is a document that authorizes you to legally conduct business in a state other than where your company is...
If you’re planning to close your business—either close it altogether or close it in one state and move it to another—there’s a process you must follow. The exact requirements and process can vary depending on your entity type, state, location in the state, the...
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