The Launch Blog: Expert Advice from the CorpNet Team

Do You Need a Corporate Veil?

What Is the “Corporate Veil”? When a company is formed as a Limited Liability Company (LLC) or corporation, it is regarded as its own legal entity. Therefore, the business—rather than its owners—is held accountable for its debts and legal responsibilities. “Corporate veil” (also called a “corporate shield”) is a business term that refers to the legal distinction between an LLC or corporation and its owner(s). It is the legal separation established by keeping a company’s activities, assets. and liabilities independent from those of the business owner(s). Is it Necessary? The corporate veil, when kept intact, helps protect a [...]

2018-08-28T16:28:05+00:00 August 29th, 2018|Categories: Ongoing Management and Protection|Tags: |

What Is a Reseller License?

If you’re starting a retail business (whether online or at a brick and mortar location), you’ll want to apply for a reseller license. A reseller license certifies you don’t have to pay sales tax when buying products on a wholesale basis for the purpose of reselling them to customers. In some states, a reseller license might alternately be called a reseller permit, resale license, resale certificate, sales tax permit, or some other term. Regardless of its name, its purpose is to identify your company as a reseller. Reseller License and Sales Tax In the United States, a business [...]

2018-08-14T12:22:16+00:00 August 22nd, 2018|Categories: Ongoing Management and Protection|Tags: |

How to Legally Start a Food Truck Business

You’ve likely seen them on busy city streets or at the town fair. They’re also popular sitting outside breweries and concert venues. Schools often hire them for fundraising events. We’re talking food trucks, of course. According to Food Truck Nation, food trucks brought in an estimated $2.7 billion in revenue in 2017, and this industry is not done growing. The road to success with a food truck business is one paved with growth and opportunity, as long as you know (and follow) the rules of the road. Whether you’re adding a food truck to your existing brick-and-mortar restaurant [...]

2018-08-14T04:49:19+00:00 August 15th, 2018|Categories: Startup and Launch|Tags: , , , , |

How to Hire a Ghostwriter for Your Accounting Blog

Does your accounting business need a blog? Yes, web content like blogs helps your business rise in the search engine rankings. So, if your business website doesn’t have a blog, it’s time to create one. If you already have a blog, are you keeping it current? When potential clients see a website with an outdated blog, it immediately gives them cause for concern. But, you may be thinking, you’re so busy running your accounting business, you don’t have the time to create and maintain a blog. Why not hire a ghostwriter to write some—or most—of your posts? By [...]

2018-08-08T11:59:35+00:00 August 9th, 2018|Categories: Growth and Expansion|Tags: , |

Do Uber Drivers Need an LLC?

Uber drivers, even those doing rideshare driving as a side-gig, are considered to be earning income through self-employment. Just like other self-employed independent contractors, they face some critical startup decisions—including what business entity type to choose for their business. Should Uber Drivers Form an LLC? After signing the Uber contract to designate themselves as a self-employed private contractor, Uber drivers face the decision of what type of business structure they should operate under. They shouldn’t take this lightly, because the business structure chosen will affect their tax obligations and degree of personal liability. When Uber drivers don’t establish [...]

2018-08-07T05:54:44+00:00 August 7th, 2018|Categories: Startup and Launch|Tags: , |

What Is the LLC Tax Rate?

Before forming an LLC, many entrepreneurs ask about the standard LLC tax rate to see if this form of entity is a solid option for their new business. This is an excellent question and one that can be best answered by exploring what an LLC is and how it is taxed. The LLC (limited liability company) business entity type is one of the most popular selected by small business owners. It shields the owner’s personal assets from the liabilities of the business and may result in some tax savings to boot. The LLC is an entity formed according [...]

2018-08-02T13:34:10+00:00 August 2nd, 2018|Categories: Ongoing Management and Protection|Tags: , , , , , |

What to Expect When Selling Your Business

Maybe your end game has always been focused on selling your business. Or is the pace of running a business becoming too much, and you’re ready to slow down and retire? Perhaps you have a new business idea and you want to sell your business to pursue (and finance) that dream. Whatever your reason for selling your business, your timing is spot-on. According to BizBuySell, an online marketplace for small business buyers and sellers, small businesses are currently selling for record-breaking prices. BizBuySell surveyed 2,300 small business sellers and future business buyers and found sellers can sell for more money because [...]

2018-08-01T08:17:18+00:00 August 1st, 2018|Categories: Maturity and Exit|

Do I Need a Business License to Sell on Amazon?

Entrepreneurs who want to sell their products through Amazon’s marketplace face many of the same opportunities and challenges as brick-and-mortar stores. Naturally, they have a lot of questions about launching and running an online business. It’s exciting to think of the possibilities but often daunting to figure out where to start, what to do, and where to turn for help and direction. One of the things these business owners want to know is, “Do I need a business license to sell on Amazon?” Regardless of whether an Amazon seller has formed an LLC or corporation or is operating [...]

2018-07-24T11:43:07+00:00 July 26th, 2018|Categories: Ongoing Management and Protection|Tags: , , |

Choosing the Best State to Start a Business

Choosing the best state to start a business is an important detail in your overall business plan. When it comes to launching a small business, “Location, location, location” is part of the formula for success. If you’re wondering if a specific location would give your startup an extra advantage over the competition, you should check out WalletHub’s latest report on 2018’s Best & Worst States to Start a Business. With a bad location ranked as one of the top reasons for business failure, choosing where to launch your business can be almost as important as choosing what business [...]

2018-07-10T11:54:54+00:00 July 24th, 2018|Categories: Startup and Launch|Tags: |

Buying a Business Checklist

Want to buy an existing business? You’re not alone. BizBuySell.com, a marketplace for business buyers and sellers, reports continued strong business-for-sale activity in the second quarter of 2018. Small businesses sold for a median sale price of $239,000 in the second quarter of 2018. BizBuySell.com predicts 2018 will be a “recording-breaking year when it comes to small business transactions.” As a result, more sellers are putting their businesses up for sale—adding to the already sizeable number of baby boomer entrepreneurs who are selling their businesses in preparation for retirement. You probably have good reasons of your own for [...]

2018-07-18T13:57:59+00:00 July 19th, 2018|Categories: Startup and Launch|

CorpNet Partner Program: How It Helps Accountants and Other Professional Firms Increase Revenue Without Adding Overhead

CorpNet has always been focused on helping entrepreneurs in all industries succeed. We not only offer services to help them save time and money in forming their own businesses, but we also provide a program for accountants, attorneys, and other professionals to enable them to expand their client services and increase revenue. I recently presented two webinars about the CorpNet Partner Program: Increase Revenue & Client Satisfaction Without Increasing Overhead or Staff – Which explains the Partner Program and how it enables accountants to expand their services quickly and with minimal effort. How to Maximize Your Revenues as [...]

2018-07-17T06:57:37+00:00 July 17th, 2018|Categories: Partner Program|

Do Amazon Sellers Need an LLC?

Amazon sellers, like other entrepreneurs that sell products online, should think about how their business structure affects them professionally and personally. The business entity type chosen has an impact on income tax obligations, ongoing business compliance requirements, and the financial and legal liability of the business owner. So, you’re asking a valid question if you’re wondering “Do Amazon Sellers Need an LLC?” While it doesn’t appear that Amazon requires sellers to form their businesses as any particular business entity type, it’s wise to consider the potential advantages of operating as something more than a sole proprietorship or general [...]

2018-07-11T07:32:59+00:00 July 11th, 2018|Categories: Startup and Launch|Tags: |

How to Become a Virtual Bookkeeper

Coming from the corporate world, leasing office space seemed like the obvious choice when I started my own company. But after 18 months of commuting to an office and paying rent and other overhead expenses, my two partners and I realized the cost—and time—savings of transforming into a virtual business. Luckily, we all had space to work from our homes, and with the right equipment, we made the transition to being a virtual business without a hitch. If you’re just starting out or, like us, tired of paying for office space, there is another option: Become a virtual [...]

2018-07-10T07:09:43+00:00 July 10th, 2018|Categories: Startup and Launch|Tags: |

Five Side Hustle Options for Single Moms

Throughout my career, I’ve managed all kinds of people with all kinds of living situations. Out of all my employees, I’d have to say single moms are among the hardest working and most dedicated — no matter what life challenges are thrown at them. Making enough money to support yourself and your children as a single mom while still handling all of the childcare duties yourself is one of life’s biggest challenges. For some single moms, the traditional 9-to-5 job may not fit their schedule (nor sufficiently pay their bills). One way around this: Start a side hustle [...]

2018-06-27T14:09:23+00:00 July 3rd, 2018|Categories: Startup and Launch|Tags: |

Four Small Business Freedoms That Make Every Day Like Independence Day

Picnics, fireworks, sparklers, and red, white, and blue-themed decorations every Fourth of July. Many of us pull out all the stops to celebrate the freedoms we enjoy here in the U.S.A — and rightly so! We have a lot to be thankful for. As my family celebrates this holiday, I thought about how fortunate we are to be small business owners. In a way, every day is Independence Day for entrepreneurs who have taken charge of their own destinies. So what better time than this week to take pause to reflect on your freedom as a small business [...]

2018-07-02T11:09:43+00:00 July 2nd, 2018|Categories: Ongoing Management and Protection|Tags: |

Trademark vs. Service Mark

Trademark vs. service mark? What's the difference? Both are issued by the United States Patent and Trademark Office to distinguish a brand's products and services from those of other businesses. Trademarks distinguish a company's products, whereas a service mark relates to the services a company provides. Both fall under the category of intellectual property. Why Apply for a Trademark or Service Mark? When you're building a brand, it's important to differentiate yourself from your competition. Moreover, the last thing you want is for another company to hijack your company name or logo and confuse customers about with whom [...]

2018-06-27T14:06:34+00:00 June 27th, 2018|Categories: Ongoing Management and Protection|

Don’t Let Poor Accounting Firm Management Stifle Your Growth

What barriers to business growth is your accounting firm facing? Although the answers to that question might vary from industry to industry, I’m sure most boil down to similar sentiments. I know in my business, bandwidth can be a barrier to growth—but not bandwidth in the technical sense. Instead, we’re sometimes limited by our own bandwidth and how much our team can accomplish with the time and resources we have. Sometimes we manage our bandwidth well, and sometimes we don’t. There were times we tried to take on a task we should have outsourced, or skimped when a [...]

2018-06-15T06:26:35+00:00 June 26th, 2018|Categories: Growth and Expansion|Tags: |

Automate Your Sales: 5 Chatbots With the Best ROI for Small Businesses

The growth of artificial intelligence is not rendering the customer service industry obsolete—not right now anyway—but this modern technology is changing how businesses engage and interact with their customer base. Major corporations like Marriott, Sephora, Amazon, Google, Netflix, and Facebook have launched AI interface platforms to automate their client communication, and now small businesses are recognizing the benefits of this trend as well. When it comes to an organization’s customer relationship management strategy, the use of AI chatbots has specifically become a game-changer. From answering customer questions and troubleshooting their concerns, to producing new business leads and marketing [...]

2018-05-30T08:20:30+00:00 June 21st, 2018|Categories: Growth and Expansion|Tags: , |

The Top 10 Guest Blogging Mistakes

Guest blogging is a tried-and-true strategy to help build backlinks and drive traffic to your website. It seems like everyone is trying to guest blog. And, if you haven’t noticed, it’s getting increasingly difficult to find a host for your guest blog. The reason for this is that website owners and bloggers are becoming overwhelmed with poorly-written requests. You’ll find greater success in placing your posts by avoiding these guest blogging mistakes. Mistake One: Not Researching the Host’s Website The old saying goes that you need to crawl before you can walk. The same idea holds true for [...]

2018-05-30T07:24:03+00:00 June 19th, 2018|Categories: Growth and Expansion|Tags: |

Your e-Commerce Brand is Yearning for Influencer Marketing

The race of social media marketing is on and the competition is running rampant. Facebook takes the center stage with almost 2B accounts, while YouTube contends as the runner-up, having amassed a total of 1.5B accounts. Apparently, recent statistics reveal that Instagram has more than 800 million accounts under its belt, which makes it the third most recognized social media platform across the Internet. Influential marketing is also a buzzword trending on the horizon. It has engulfed a better part of the society in its folds. Who would’ve thought that social media can be such a powerful platform, [...]

2018-04-19T09:24:44+00:00 June 14th, 2018|Categories: Growth and Expansion|Tags: , |