/Business Checklists

Closing a Business? 10 Steps to Take Care of When You Dissolve a Business

609_3691304Sad but true: sometimes a business just doesn’t work out. It might be because the economy is tanked, or because there are cheaper products than yours on the marketplace. It’s better to acknowledge that it’s time to close a business as soon as you realize it than to keep losing money while you try to make it work.

Still, dissolving a business is more than just the decision to shut it down and letting your vendors and clients know. Here are the steps you must take to close your business the right way and remain compliant with your state.

Step 1: Dissolve Your Business Structure

Assuming you were operating as a corporation or LLC, you are legally required to dissolve that business entity. You do so by holding a meeting with all business partners or Board of Directors and having them vote on closing the business. Make sure you record the final vote in your meeting minutes. Continue reading “Closing a Business? 10 Steps to Take Care of When You Dissolve a Business” »

By | June 24th, 2015|Business Checklists|0 Comments

Now That Tax Day’s Over, What to Work on in Your Business

1025_4710558Well, Tax Day has come and gone once again. Most of us prefer to brush it under the rug and not think about it for another 10 months or so. Resist the urge. Instead, be proactive about these areas of your business that you can work on so that, come next year, you’re well-prepared for tax time!

Get Your Business Structure Right

If you are still a sole proprietor, it’s time to seriously consider changing that. You may actually pay less in taxes if you file as an S Corp, so it’s worth looking into. Plus, every year that goes by with you not incorporated or acting as an LLC puts your personal assets more at risk.

Assess Your Accounting System

If you’re already using accounting software, consider whether it prepared you for filing taxes this year or not. Maybe you had too many categories for your expenses. If so, set time aside to consolidate them into categories that match what the IRS uses. That will make it easier when it’s time to file next year.

If your software isn’t doing everything you’d like it to, look for other products. These days, your accounting software can even file and pay quarterly payroll taxes, process payroll checks, and provide useful reports. Continue reading “Now That Tax Day’s Over, What to Work on in Your Business” »

By | June 4th, 2015|Business Checklists|0 Comments

Have You Checked These Tasks off Your End-of-Year List?

1019_4692227With holiday parties and vacation days looming in the coming weeks, it’s easy to forget about those important details that need to be taken care of in your business. But the end of year marks a deadline for many important tasks related to corporate compliance. Put these to-dos on your task list and make sure to check them off before December 31.

  • Review Your Expenses

You might not log into your accounting software weekly and review your expenses, so you may have a pile of items to categorize. This will make tax time in April go much smoothly. Use the IRS’ business expense list to simplify the process and make listing your business expenses on your taxes easier.

  • Update Your Marketing Plan

January will be here before you know it. How do you want to market your business differently this year? Now is a great time to assess what worked and what didn’t in 2014 and tweak your plan for next year. You might, for example, want to put more effort into guest blogging and cut back on your advertising spend. Continue reading “Have You Checked These Tasks off Your End-of-Year List?” »

By | November 14th, 2014|Business Checklists|Comments Off on Have You Checked These Tasks off Your End-of-Year List?

How to Ensure Compliance Before the End of the Year

1019_4576640The end of the year is tunneling toward us at the speed of light. Before you know it, December 31 will be here. Will your loose ends be tied up? What about your corporate compliance? Working on certain tasks now will keep you from having a pile of work to do at year’s end.

First, Know What Documents are Due

Depending on when you incorporated and how you set up your business year, you may have several filings you need to take care of before the end of the year. Overlook them, and you’ll be found as noncompliant with your Secretary of State. That could mean fees or even jeopardizing the good standing of your business!

You should receive notice from your state that certain documents are due, but we can’t always rely on snail mail, can we? It’s better to keep a calendar of what’s due so you can take care of it well in advance of that deadline. Continue reading “How to Ensure Compliance Before the End of the Year” »

By | October 3rd, 2014|Business Checklists|Comments Off on How to Ensure Compliance Before the End of the Year

7 Things to Do for Your Biz Before the End of the Year

991_4224312The end of the year may seem far off, but trust me: December will be here before you know it. And because there are several things you should mark off your list before then, getting a head start can keep you from having a time crunch when you’d rather be enjoying holiday cookies and punch at year’s end.

Here’s what you need to make sure is done before you close out 2014.

1. Choose Your Business Structure

If you read this blog regularly, you know I harp on the importance of having an appropriate business structure. It’s not just hot air! Incorporating or filing as an LLC is truly one of the best things you can do for you company.

Doing so now will help you make a clean break from one business structure (sole proprietor) to the new one for the new year.

2. Get a Plan for Next Year

If you tweak your business plan annually, you can look right now to see how close you were to hitting your targets this year, and start planning for next year. You can wait until December to finalize the numbers, but there’s no reason you can’t get a head start on building out your plan now. Continue reading “7 Things to Do for Your Biz Before the End of the Year” »

By | August 27th, 2014|Business Checklists|Comments Off on 7 Things to Do for Your Biz Before the End of the Year

CorpNet CEO Nellie Akalp Shares Tips for Starting a Business in 2014 on FOX 5 in Las Vegas

fox 5

Always enthusiastic about helping people start a business, our very own Nellie Akalp recently stopped into the studio for FOX5 Vegas – KVVU with tips for starting a business.
1. Have a Business and Marketing Plan 

Nellie advises focusing on a short, to-the-point document you can easily access and change as needed. She says to make sure there is sufficient budget allocated to a strong marketing plan your business will benefit from. Continue reading “CorpNet CEO Nellie Akalp Shares Tips for Starting a Business in 2014 on FOX 5 in Las Vegas” »

By | January 31st, 2014|Business Checklists, Starting a Business|0 Comments

5 Myths About Closing a Business

680_4607377If you’re shutting the doors on your business, you may have some preconceived notions about what that process looks like. It’s important to get a clear understanding of what closing a business entails so that you can make a clean break and move forward.

Here are 5 common myths about closing a business.

1. You Don’t Need to Formally Close Your Business

Simply shutting down your website and stopping orders should signify that your business is done, right? Wrong. If you don’t take formal steps in closing your business, you can still be charged fees and be required to submit tax returns to the IRS, as well as an annual report to the state. Find out what your specific city or region requires in order to close a business. Continue reading “5 Myths About Closing a Business” »

By | January 9th, 2014|Business Checklists|0 Comments

10 Signs You Might Not Be Ready to Start a Business

201_2606088Before you quit your day job and dive into entrepreneurship, take a moment to think about this major decision. While, certainly, becoming a business owner is an exciting endeavor, it’s not for everyone. And it’s a long-term commitment. You’ll pour blood, sweat, tears, and money into a business, and if it doesn’t work out, you won’t recoup that investment.

If any of the following ring true, you might not be ready to start a business.

1. You’re passionate, but you have no plan. While passion is a cornerstone of a successful small business, it’s simply not enough. You also need a plan for how you’ll make money and grow your business. If the idea of developing such a plan bores you or stresses you out, it might not be a good fit.

2. You don’t have any money. Starting a business is not a “get rich quick” endeavor by any stretch of the imagination. It may be months — or even years — before you turn a profit, and in the meantime, you’ll need enough cash to pay your business expenses and your personal expenses.

3. You have a really neat idea, if only the market wanted it. Unless your idea solves a problem or serves a need, you’ll have a hard time finding customers for it. Remember the dad from the Gremlins movies? He was constantly inventing solutions where there were no problems. A machine that took an egg out of a bowl and cracked it simply wasn’t something the market clamored for. Continue reading “10 Signs You Might Not Be Ready to Start a Business” »

By | December 13th, 2013|Business Checklists|0 Comments

Do You Need to Notify the State of Changes to Your Business?

1019_4237171If your business is structured as a corporation or LLC, you might be aware that you need to take certain steps to keep your business compliant with the state, such as sending in an annual report and paying any fees. Keeping your paperwork and recorded information up to date is another key element to staying compliant.

For example, if you changed your business address, authorized more shares or had a board member or director leave, then you’ll need to notify the state of these changes.

This may seem like trivial paperwork, but it’s actually quite important. You’ve got to make sure that your corporation or LLC remains in good standing because if your business happens to be sued, the plaintiff may attempt to show that you have not maintained your LLC/Corporation to the letter of the law. And if successful, your corporate veil is pierced and the plaintiff can seek recovery against your personal assets.

What Changes Need to be Recorded?

As a general rule of thumb, whenever you’re changing any of the information included on your original formation paperwork, you’ll most likely need to notify the state. Here are the most common changes:

Continue reading “Do You Need to Notify the State of Changes to Your Business?” »

By | December 4th, 2013|Business Checklists|0 Comments

Annual Report: Does Your Business Need To File One?

609_3691304Once you’ve formed an LLC or a corporation for your business, your operational and administrative obligations are going to be higher than a sole proprietor’s. While an LLC involves significantly less paperwork and formal administration than a corporation, both business entities generally need to file an annual report with the state.

Here’s what you need to know about this important filing to keep your small business in corporate compliance.

What is an Annual Report?

Also known as a Statement of Information, the annual report is typically required by the state so they can keep up to date with your company’s vital information. For example, you may be asked to submit information about directors and officers, and the registered agent and office address of the company.

In most states, there’s also a small filing fee associated with the report.

All states except Ohio and Alabama require some kind of annual report. Continue reading “Annual Report: Does Your Business Need To File One?” »

By | November 18th, 2013|Business Checklists|0 Comments