/Running A Small Business

Professional LLCs – FAQs

Happy June! Summer is fast approaching and with new beginnings, we bring you a new post in our FAQ series! This month, we discuss the Professional LLC, or “PLLC” and the ins and outs of filing them.

 

Q: What is a PLLC?

A: A Professional Limited Liability Company is a special type of LLC that’s designed for licensed professionals, such as accountants, lawyers, and doctors (typically, professions that require a license). Some states do not allow licensed professionals to form an LLC since they don’t want them to escape personal responsibility for professional malpractice by “hiding behind” the personal liability protection of an LLC. Instead, they allow professionals to form an LLC. But, specific rules vary by state.

 

Q: If I’m a licensed professional, how can I find out if my state allows me to form an LLC, PLLC, or something else?

A: The LLC and PLLC are state constructs; as such, rules vary widely by state. For example, professionals in New York cannot form an LLC, but may form a PLLC. Professionals in California cannot form an LLC or a PLLC, but can form a RLLP (Registered Limited Liability Partnership) or PC (Professional Corporation). And professionals in Arizona can choose between an LLC or PLLC. And the specific rules within a state may also depend on the type of profession as well.

The easiest way to determine your business entity options is to give us a call at 1.888.449.2638 and we’ll discuss which entities are available for your profession in your state.

 

Q: How do I form a PLLC?

A: As expected, the process to form a PLLC is more involved than forming an LLC. You’ll typically need to have your state licensing board approve your articles of organization first (again, this requirement varies by state). As a result, it takes longer to form a PLLC than an LLC. After the proper state licensing board has approved your articles of organization, then you will need to file the articles of organization and other formation paperwork with the state. Most states require a signature and license number of a licensed professional to form the LLC.

Our small business experts can help you with each stage of the process. First, we’ll ensure that your particular business needs to file a PLLC in your state. Then, we’ll help obtain the necessary approvals and file your paperwork.

 

Q: Who can be an owner/member of a PLLC?

A: While specifics vary by state, many states limit who can be an owner/member of an PLLC. In some states, only licensed professionals of the specific service can be members in a PLLC.

 

Q: How does limited liability work with a PLLC? 

A: Like an LLC, the PLLC creates a separation between the individual owners and the business. But there’s a very important distinction. You will still be personally liable for malpractice claims related to your own actions. For this reason, you’ll need to have a good malpractice insurance policy even if you form a PLLC. However, a PLLC will typically protect you from personally liability for the business debts, as well as the malpractice of other owners within the company.

 

Do you need help registering a PLLC or have a questions regarding the process? Call the CorpNet.com team today for a free business consultation at: 888.449.2638

                               

Local SEO for Your Local Business: Get Listed Where It Counts Most

Local SEO, the art and science of optimizing your business website for local search, has a few more steps to it than your general SEO practice. After you’ve identified your general keywords and optimized your content for them, you still need to take a few more steps to make your local business stand out from your competition.

Most local search is performed with the intention of an immediate visit, so you want potential customers to be able to find you as they drive around town and in emergency situations, if that is relevant to your product or service.

Let’s take a look at the finishing touches to your SEO strategy, so you rank highly and are easily found by your target prospects.

Standardize Your Business Display

By standardizing your business display, we are talking about making sure your NAP information is the same from place to place on the web and across your website.

  • N = Name
  • A = Address
  • P = Phone

You want the exact same details formatted in the same way when other websites display your business. First, decide exactly how your information should be presented, then use Schema.org markup, so it will display correctly no matter where it appears online.

Claim Your Google My Business Page

Your Google My Business page is an important factor in your Google search engine rankings. When you claim your page, it is critical that you fill out all information, especially your categories, to get the edge on your competitors.

  • Use a correctly formatted, unique description that includes links.
  • Select the correct categories for your business.
  • Upload as many photos as you can.
  • Add a local phone number to the listing, not just the toll-free number.
  • Upload a high-resolution profile image and cover photo.
  • If relevant, enter the days and times you are open.
  • Get reviews from real customers.

Get Local Reviews

A local business needs local business reviews; they have a direct impact on your local search rankings. Although Google Reviews are important, don’t neglect other review sites such as:

  • Yelp
  • Trip Advisor
  • Angie’s List
  • Merchant Circle
  • Local directories

Encourage your current customer base to provide reviews by giving out an incentive, such as a discount on products or services. Make it easy for them to know where to put the review by placing instructions on your website, a good thing to do if your customers are not familiar with the online review sites.

Understand Local On-Page SEO Factors

On-page SEO content weighs heavily in local search listings. Make your business stand out by optimizing your website pages for your city or region. On your landing page add the name of your city plus a relevant keyword, for example:

Houston Tax Attorney

Place the city-keyword combination in the following areas of your landing pages:

  • Title tag
  • H1 tag
  • URL
  • In the content
  • Image ALT attributes

One more thing you can do to get to the top of the Google search engine page rankings is to embed a Google Map with your business marker into the landing page. Users will know immediately where you are located, making them more likely to select you.

Build Local Links and Citations

Simply put, a citation is an online reference to your business’s NAP. It does not have to be linked to your website as long as your NAP is in the same format as on your website, across citations, and around the web. (See why standardization and markup are so important?)

Links refer, of course, to links from other websites to yours. Make them count. Build links from high authority websites, preferably local to you, that talk about similar topics as you. Search engine rankings rely heavily on relevant, high-authority links so beware; don’t accept a bunch of spammy, non-relevant links. Google will penalize you.

Where should you have citations? Find out where your competitors have theirs and add yours. You can build citations through top national directories (besides Google My Business), including:

  • BBB (Better Business Bureau)
  • YouTube
  • Bing Places
  • Yelp
  • LinkedIn
  • Facebook
  • Manta (especially for small businesses)
  • YP Yellow Pages
  • Merchant Circle

Don’t forget industry directories depending on your niche. You can find these by searching with your keywords. An example of an industry directly is Findlaw.com for attorneys.

Finally, local directories should have your information:

  • Chamber of Commerce
  • City directory
  • County directory
  • Local business listings

As a local business, local SEO is imperative to your business’s existence in today’s online society. More searches are performed for local products and services than any other. Don’t miss out; make sure your NAP information is correct, and you are listed in every relevant directory.

Take the few extra SEO steps for local listing and search engine rankings and get prepared for the traffic.

Registered Agents – FAQs

Happy May! This month, we will be going over the requirements for being or maintaining a registered agent and what the registered agent does for your business.

 

Q: What is the purpose of the registered agent?

A: The registered agent is the person named to receive important legal and tax documents on behalf of a business in a given state. This includes important mail sent by the state (annual reports or statements), state tax documents, as well as any Notices of Litigation. Virtually all states require corporations, LLCs, LLPs, LPs and nonprofits to appoint a registered agent in the state where the company is formed. And, if a company registers to transact business in another state (via a foreign qualification), it will typically need a registered agent in that state too.

 

Q: What are the requirements for a registered agent?

A: The registered agent can either be an individual or a company approved by the state to be a registered agent. The registered agent must be located at a street address – P.O. boxes are not acceptable. In most cases, the registered agent also needs to be located in the state where the company is incorporated or qualified to conduct business. Keep in mind that a P.O. box is usually allowed as the mailing address for the business.

 

Q: Can I serve as my company’s registered agent?

A: Yes, absolutely! However, states require that the registered agent must be available at all times during normal business hours to receive and sign for any important documents. That’s because the state needs to make sure a summons, lawsuit, or other official state documents are actually received by the company and not “lost in the mail.” If you’re confident that you’ll always be on hand during normal business hours at the designated address, you can be your registered agent. But most small business owners prefer to have a third party serve as the registered agent for the state.

 

Q: Will my business fall out of good standing without a registered agent?

A: Here’s one scenario of what can happen. Let’s say you fail to maintain a registered agent service, or you choose to serve as your own registered agent and either move or aren’t around to receive an official communication. If an official document from the state can’t be delivered to/accepted by your registered agent, then the state may put your business in bad standing until you update the state records with an active registered agent.

 

Q: What is Service of Process?

A: This refers to the delivery of legal documents such as a lawsuit, summons, subpoena for records, wage garnishment or any other official correspondence from the state. Your business is required to have a registered agent in the state who can receive service of process during normal business hours.

 

Do you have a questions regarding a Registered Agent? Call the CorpNet.com team today for a free business consultation at: 888.449.2638

 

                               

Share, Learn, Grow – Join The “Business Startup Experts” Facebook Group!

With a passion for helping entrepreneurs work toward fulfilling their dreams, it thrills me to welcome you to join the new Business Startup Experts group that I’ve started on Facebook. Its purpose is simple: To serve as a hub for startup experts of all types to exchange knowledge with one another and with new business owners.

I invite anyone who either has or is looking for insight on starting and growing a business. The following types of professionals and many others will find it an engaging place to showcase their expertise and make valuable connections:

  • Accountants
  • Business coaches
  • Tax advisors
  • Attorneys
  • Marketing and branding experts
  • IT consultants
  • Quickbooks advisors
  • Insurance professionals
  • Members of other business groups (like Business Rockstars, Entrepreneurs’ Organization, Secret Entourage, etc.)

The Business Startup Experts Facebook group is a free membership forum where you can ask or answer business startup questions. It is where you will have access to premium, moderated content that can help you move your business forward.

In addition to informative, interactive posts, the group also holds Facebook Live online streaming events hosted by various types of business experts who will share their tips and answer questions.

As you’re more active within the group, you may have an opportunity to become a moderator. In that role, you can gain additional exposure as an expert in your field. And of course, aspiring entrepreneurs will benefit from being a part of the group. Eventually, the group will have experts in virtually every aspect of starting a business. What a powerful resource it will be!

Let’s get down to business—together! 

The more startup experts and aspiring entrepreneurs we have in the group, the greater it will empower all of us. Please visit the Business Startup Experts group on Facebook and request to join it today. Together, we can all become savvier, stronger business owners!

National Small Business Week: What It Means For You And How To Make The Most Of It

Sunday, April 30, 2017, marked the start of National Small Business Week. From that day through Saturday, May 6, the U.S. Small Business Administration (SBA) has organized a variety of events to celebrate small businesses and the impact they have on our national and local economies.

According to the SBA National Small Business Week website, “More than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year.”

I say that’s reason to celebrate! Don’t you agree?

We’re celebrating at CorpNet.com by offering  10 percent off of the cost of any complete business formation package this week only! Visit the CorpNet website’s home page and click the “Get Started” button to view the formation packages for your state. At checkout, use code CNSBW to apply your discount.

Other highlights of the week will include: small business award ceremonies; a live chat over social media with SBA Administrator Linda McMahon and Facebook’s VP and Chief Privacy Officer for Policy Erin Egan about how to start and grow a business; a road tour that kicks off in the Indycar town of Indianapolis and continues with stops in Arlington, Texas and ends in Fresno, California; and free webinars.

What Does This Mean For You?

In a word: Plenty!

As the SBA is promoting National Small Business Week, you can piggyback off the momentum and remind your customers about why supporting small businesses is the way to go.

  • Local small businesses typically hire local people from within their communities.
  • Local small businesses often seek to source raw materials from local suppliers, thus further stimulating the local economy.
  • Local small businesses tend to be vested in and give back to their communities in time, talent, and dollars to improve the lives of those around them.
  • Local small businesses build personal relationships with their customers and nurture a sense of community.

How Can You Get Involved?

For starters, check out the SBA National Small Business Week website for what’s happening each day from April 30 to May 6. Also, generate some buzz by posting about National Small Business Week on social media (hashtag #smallbusinessweek). And consider offering some special deals to draw people to your local small business. Even better, partner with other local small businesses in your area to cross-promote each other’s products, services, and special offers. That’s a powerful way to show your solidarity as small business owners.

A Time To Shine

SBA’s National Small Business Week is a perfect time to reflect on your business success and move onward to an even brighter future. And if you’re an aspiring entrepreneur who wants to move past kicking the tires and start your own business, what better time to take your first steps?

*Image from the National Small Business Week website*

What Can Employers Not Discriminate Against?

As a business owner, it’s exciting to hire employees and watch your company grow. But there are legal risks if you give job candidates and employees reason to believe your staffing decisions and policies are discriminatory.

The first step in avoiding a job discrimination lawsuit is to have a basic understanding of what you can’t discriminate against and the nature of the laws that prohibit employment discrimination.

You need to comply with all applicable federal and state (even some local) laws that protect people from job discrimination. So, in your employment ads, job applications, job interviews, background checks, social media account reviews, employment policies and anything else you do in your efforts to hire and maintain your workforce, you need to follow the rules. State laws vary, so make sure you do your research to find out which apply to you. Passed by Congress, signed by the President, and enforced by the U.S. Equal Employment Opportunity Commission (EEOC), federal anti-discrimination laws prohibit various types of discrimination and affect employers everywhere in the United States.

Here’s a rundown of what you can’t discriminate against and the federal laws that protect individuals:

Race/color, national origin, religion, sex, and pregnancy Title VII of the Civil Rights Act of 1964 prevents employers from denying employment based on the race, color, sex, religion, and national origin. It prohibits job discrimination against women because of pregnancy, childbirth, or any related medical conditions. In addition, it makes unwelcome sexual advances and other verbal and physical harassment of a sexual nature illegal. The law also makes it unlawful to not offer equal pay and benefits based on sex, race, religion, sex, and national origin. Something else you should keep in mind is that employment policies or practices that apply to everyone might be considered illegal if they negatively affect the employment of people within the protected classes under Title VII.

AgeThe Age Discrimination in Employment Act of 1967 protects individuals age 40 and older from being treated unfavorably based on age during hiring and employment by employers. It applies only to businesses with 20 or more employees, but some states have laws that apply to companies with far fewer employees.

DisabilityThe Americans with Disabilities Act protects qualified individuals with disabilities from being unfavorably treated in the workplace (including with regard to pay or benefits) and during the hiring process as a result of their disabilities. Discrimination protection also applies to applicants and employees who have a history of a disability (such as cancer that’s in remission) or because they may have a physical or mental impairment.

Genetic InformationTitle II of the Genetic Information Nondiscrimination Act of 2008 (GINA) prohibits discrimination against applicants and employees because of genetic information. It restricts employers, employment agencies, labor organizations, and certain other entities from asking for, demanding, buying, or disclosing individuals’ genetic information.

Standing Up Against Discrimination – Under all the laws that the EEO enforces, job applicants and employees are protected from discrimination and harassment as a result of them asserting their rights not to be treated unfavorably. Federal laws make it illegal to retaliate against job candidates and employees who take certain measures to protect themselves and others (for example: file a complaint, charge, investigation, or lawsuit; resist sexual advances or protect others from being sexually harassed; talk with a manager about discrimination or harassment, etc.).

Know The Rules And Follow Them

Besides knowing the laws and what they’re created to protect against, I suggest seeking the guidance of a trusted legal and/or human resources professional to ensure your employment practices comply. From making sure your job application doesn’t cross any lines to knowing the job interview questions that are illegal to setting salaries and benefit packages, you’ll find plenty of gray areas that may need specialized expertise. Having the peace of mind that your hiring practices are compliant with anti-discrimination laws is well-worth putting in a little extra time and attention when staffing your business.

Be Your Own HR Department with These 5 Tools

Small business owners wear many hats when running daily operations – especially when they are just starting to build their company. Their tasks include administrative work, client servicing, finance requirements and more.

One of the most tedious tasks of running a business is taking care of HR requirements. Unfortunately, your HR responsibilities don’t end when an applicant signs the employment contract. This part of the business plays an important role in keeping the company running smoothly on a daily basis. However, small businesses don’t always have the luxury of hiring a dedicated team member to focus on these tasks.

Fortunately, there are a lot of available resources to help small business owners with these functions without having to hire an HR manager. Below are 5 tools that you can use to be your own HR department.

1. Online Recruitment Tools

Online recruitment software organize a company’s hiring process by providing end-to-end solutions to their recruitment needs.

Features of online recruitment tools include being able to post job listings on multiple job boards, search for applicants that fit the company’s job description, review and rank candidates, schedule interviews and organize them based on the stage of their application. It also helps a company build a talent pipeline should a need to fill in a new role arises. All of which helps prevent a hiring manager from overlooking pending and ongoing applications.

While this tool helps in organizing the whole recruitment process, it is also important to have proper documentation and formalities once you get your new team member on board. Remember to accomplish all the necessary employee forms to help make employment agreements headache-free.

2. Online Payroll System

Using online payroll or accounting software is an efficient way to manage your employees’ compensation package in a timely manner. These tools are designed to help calculate monthly wages, apply deductions as necessary, file taxes, manage your accounts, and pay employees via direct bank deposits.

Employees are asked to fill out forms initially but once everything is set up, the tool will do most of the work moving forward, relieving an individual from accomplishing monthly recurring compensation tasks.

3. Employee Performance Review Software

One of the most important functions of HR is looking after an employee’s career growth in line with the quality of his performance within the company. The most effective way to do this is to conduct regular performance reviews with each employee to check if they are on track with the goals set from their last evaluation.  

Small businesses can use performance review tools to help them keep track of their employees’ performance documents. It’s a helpful and efficient way to see agreed upon targets and career plans without having to dig through physical files that sometimes get lost in piles of other documents.

4. Time Tracking Tools

Time tracking tools help managers oversee the time being spent by employees and freelancers on each project, client or tasks so that it’s easier to calculate their time worked at the end of each month. This is particularly helpful in determining whether a particular client is profitable based on the numbers that an employee puts into the project when measured against the amount of money that the client brings into the company.

Other uses of time tracking tools include prioritizing and reprioritizing employee tasks based on current client requirements. It also gives managers great visibility when assigning new tasks and avoiding giving more work to employees who already have a lot on their plate as they can see the projects each team member is working on.

Time tracking tools can be used on the go and have mobile app versions making it easier for employees to record their hours anytime, anywhere.

5. Perks and Reward Tools

Particularly useful for output driven professions, an employee reward system works by scoring an individual’s performance, calculating “earned points” and rewarding them for their great work.

Employers can customize their rewards package and input prizes a team member is eligible to claim should they reach a specific number of points. While this tool is more of a nice-to-have instead of a must-have, it’s a unique tool companies can use when looking for ways to motivate and give back to their employees on a regular basis.

If you’re looking for ideas on how to motivate your employees for their great work, read this article about using rewards and incentives in the workplace.

Bottom Line

While double-hatting as an HR manager and juggling operational roles is a tedious task, taking advantage of available and easy-to-use HR tools online can significantly relieve an individual from juggling all of the different functions related to HR.

Most of these tools are designed to help individuals organize HR functions especially when handling recurring tasks. Once you are done with the initial stages of setting up these tools, they will do most of the work for you so you can focus on more important things such as scouting for new clients and bringing in more money to your business!

Can An Employer Ask About Your Age?

If a job candidate is googling this question after a job interview at your company, you may be headed for trouble.

At both the federal and state level, anti-discrimination laws exist to prevent businesses from hiring or not hiring based on personal characteristics that are not relevant to an individual’s ability to do the job. Age is one of them. The Age Discrimination in Employment Act of 1967 (ADEA) protects people who are age 40 and older from being treated unfavorably because of their age during the hiring process—and when employed. In 2016, 20,857 age discrimination charges were filed with the U.S. Equal Employment Opportunity Commission (EEOC), the government agency that enforces ADEA.

For private businesses, the ADEA only applies to those with 20 or more employees, but why put your business at risk? If you intend to grow your business, doesn’t it make sense to establish policies and procedures now to help ensure you don’t become a statistic and possibly face a costly lawsuit?

You need to pay attention to every aspect of employment:

  • Hiring
  • Firing
  • Compensation
  • Work assignments and responsibilities
  • Opportunities for career advancement
  • Training
  • Fringe benefits
  • Layoffs
  • Firing

Any other terms or conditions of employment are also subject to age-related discrimination scrutiny.

While the ADEA doesn’t protect younger individuals from discrimination in the workplace, some state laws do. So, you could put yourself in a tricky situation if you in any way let the age of job applicants or employees affect how you treat people. Also, just because your business falls below the 20-employee minimum for ADEA to apply to you, you might be subject to your state’s age-related anti-discrimination laws. For example, individuals in Arkansas can file a claim against employers with a minimum of 9 employees under state law. And in Colorado, all employers, regardless of number of employees, must comply with the state’s anti-discrimination laws.

What can you do to help keep your business from violating the laws protecting against age discrimination?

Below are a few tips that can help:

  • In your employment ads, avoid language that could land you in trouble. (For example, “Looking for a young, energetic professional…”) Generally, ADEA deems it unlawful to mention age limitations, preferences, and outright specifications in job advertisements.
  • Be cautious when asking an applicant to disclose her age or date of birth. While it’s not explicitly prohibited, that type of inquiry will be closely scrutinized to ensure it wasn’t asked in an effort to deter older workers from applying for a position or otherwise discriminate against them based on age. According to the EEOC, “If the information is needed for a lawful purpose, it can be obtained after the employee is hired.”
  • Don’t establish company-wide policies or practices if they will adversely affect applicants or employees who are age 40 or older. [Note that liability might not apply if a policy or practice’s impact is due to a reasonable factor other than age (RFOA)].
  • Make sure your business’s managers and employees understand that age-related harassment is illegal when frequent or severe enough to cause a hostile work environment.

Realize we’ve merely glazed over the tip of the iceberg with the considerations above, so I encourage you to consult with a human resource professional and/or attorney for guidance and feedback on your hiring and employment efforts.

While avoiding a job discrimination lawsuit shouldn’t be a concern that keeps you up at night, it is something you need to be vigilant about through having sound standards, procedures, and staff training in place. I know you’ve worked hard to bring your business this far; don’t let sloppy employment practices stand in the way of your success.

How to Start an Accounting Firm

If you’re a CPA or an accountant, the transition from working for someone else to being your own boss has probably crossed your mind. Self-employment offers an opportunity to have more control over your own schedule, allowing you to better balance your professional endeavors and personal life. It also enables you to manage your firm the way you want to manage it.

Here’s seven steps to start your own accounting practice:

1. Select a business name

Think about whether you want to market your business using your own name (e.g., “Jane Smith, Accountant”) or create a business name (e.g., “Accounting You Can Count On”). As a solopreneur accountant, you might opt to use your own name because you and your brand are one in the same. On the other hand, choosing a business name might help you be perceived as well-established and experienced.

If you go with a business name, make sure it is available to use before you start printing it on business cards and other marketing materials. Check to see if the name is available in the state where you’re planning to operate your business by checking with your state’s secretary of state office. We have a free business name search tool here at CorpNet that can help, as well.

Also check to see if the domain name for your business is available (e.g., accountingyoucancounton.com). Sites like GoDaddy.com will let you instantly find out if there’s a suitable domain, and they will offer suggestions for alternate names if the one you want is already taken.

No one in your state is using the name you want? Excellent! Next, you’ll want to search the U.S. Patent and Trademark Office to see if anyone has a pending request for or has successfully registered a trademark for the name. Don’t skip this step because you’ll land in legal hot water if you infringe on another company’s trademark.

2. Choose a legal structure and register your business.

The business structure you choose will affect your business from both legal and tax standpoints. Solo accountants and small firms often choose to register as an LLC (Limited Liability Company),  PLLC (Professional Limited Liability Company), or PC (Professional Corporation). As state constructs, these business entities are subject to different rules in different states. You can find the specific rules for accountants in your state via the CorpNet website or you can call the Secretary of State’s office in your state to get the details you need.

3. Obtain the licenses and permits you’ll need.

Regardless of which state you’re operating your business in, you’ll need some form of licensing to provide public accounting services. You will need to hold a CPA license and your firm may need a public accountancy license. To determine the requirements in your state, check with your State Board of Accountancy.

Besides CPA accreditation you may also need other state and local municipality permits, as well. They might include a general business operation license, a signage permit, and possibly a home occupation permit (if you’re operating your business from home. CorpNet can help you determine the license and permit requirements applicable to you, or you can check with your local government office.

4. Apply for a Tax ID Number

Also called a Federal EIN (Employer Identification Number), this allows the IRS to track your business’s transactions. LLCs and corporations are required to have an EIN and many banks will require that you have one before they’ll allow you to open a business bank account.

5. Open a bank account exclusively for your business.

It’s important to keep your personal and business finances separate—for both legal and tax purposes. In fact, that separation is mandatory for LLCs and corporations. After you’ve registered your business with the state and have your Tax ID number, you will have the information you need to open a business bank account.

6. Get insurance to protect your business.

Even though officially forming an LLC or incorporating your business will help to lower your personal liability related to business debt and lawsuits against associates, it will not protect your personal assets if action is brought against you due to your own actions. That’s why it’s a good idea to consider getting an insurance policy for peace of mind. Talk with a knowledgeable and trustworthy insurance agent who understands the needs of accountants and other businesses in the financial services industry. A reliable agent can guide you to the type of coverage that will best protect you, such as a Business Owner’s Policy (BOP), Professional Liability, Insurance, Data Breach Coverage, or others.

7. Know your business compliance responsibilities.

Registering your business is just the beginning. LLCs and corporations have ongoing requirements to keep their businesses in good standing. For example, most states require LLCs and PLLCs to file an annual report each year and show proof of a valid certification. Corporations have more corporate compliance responsibilities. Besides annual reports, they must conduct annual meetings, prepare meeting minutes, and meet other compliance requirements.

I know it can be tough to keep up with everything that’s required and when it’s due, so I recommend using the CorpNet B.I.Z. (Business Information Zone) compliance tool. It’s a free monitoring tool that can help you stay on top of your state filings and fees due throughout the year.

The steps to starting an accounting business aren’t overly complex. To make sure you launch your business on solid legal ground, you’ll want to make sure you do it right. Consider talking with a legal professional who can guide you and look to CorpNet to ensure your business forms and filings are done accurately and on time.