Startup and Launch

Are you considering launching a new business? If so our startup and launch articles are an ideal resource for you to dig into and educate yourself. Our blog posts cover everything from selecting the best type of business entity to knowing what state you should incorporate in. Don’t make unnecessary mistakes! Let our startup experts get you headed in the right direction.


Sole Proprietor vs. LLC

If you’re the sole owner of a business, you may have pondered the question: “Should I operate as a sole proprietor or a single member LLC?” Decisions, decisions! So what else is new when running a business, right? There are always choices to make—and deciding which business entity type will be right for your company is one not to be made lightly. The type of business structure you choose will have legal and financial implications. It will also affect the time you spend on efforts to keep your business compliant with whatever rules must be followed for the [...]

2018-09-29T14:42:55+00:00 October 2nd, 2018|Categories: Startup and Launch|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: , , , , |

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: , |

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|

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: |

LLC vs. PLLC: Which Structure is Right for Your Business?

Choosing the appropriate form of business for your company is complicated—and if you are an attorney, physician, accountant, architect or other licensed professional, there are some extra factors to consider. As a professional, you may want to opt for the liability protection and flexibility that a limited liability company (LLC) offers, as opposed to forming a corporation or partnership. But in many states, professionals whose jobs require licensing by the state aren’t legally allowed to form an LLC. Instead, they must form a professional limited liability company (PLLC). In this article, we’ll look at the difference between an [...]

2018-05-29T06:37:28+00:00 May 29th, 2018|Categories: Startup and Launch|Tags: , |

How to Apply for an EIN Number

One of the essential steps new business owners must take when launching their companies is to apply for an EIN Number. An Employee Identification Number (also known as a "Federal Tax ID Number" or "Tax ID Number") is a nine-digit number assigned to a business for filing taxes, submitting reports to the state, applying for business licenses and permits, and completing other documentation. Similar to how a social security number serves as identification for an individual, an EIN serves to identify a business. The IRS issues EINs at no charge. EIN Number Eligibility Requirements The IRS accepts EIN [...]

2018-05-22T13:48:19+00:00 May 24th, 2018|Categories: Startup and Launch|Tags: , , |

The Accountant’s Role in Business Formation

How much do you value your accountant? If you answered “plenty!” then you’re in good company. According to a survey* by Wasp Barcode Technologies, small business owners ranked accountants as the most important professional to their businesses. Not surprisingly, when asked how familiar the business owners are with accounting functions, most answered in the middle range. Most business owners would never attempt to file their business taxes without the help of an expert accountant, so why wouldn’t you turn to your accountant for help with business formation, too? Most business owners hire an accountant for taxes and accounts [...]

What is a Certificate of Incorporation?

When forming a corporation, business owners need to file for a “certificate of incorporation” (sometimes referred to as “articles of incorporation”) to register their company with the state. What is a certificate of incorporation exactly? It is a legal document serving as a formal record of a company’s formation. Who Needs to Submit a Certificate of Incorporation? Entrepreneurs who want to operate their company as a corporation—a legal entity that is separate from and that provides personal liability protection for its owners—must file a certificate of incorporation form. They must have their certificate of incorporation approved by the [...]

2018-05-09T06:39:37+00:00 May 10th, 2018|Categories: Startup and Launch|

How to Foster a Culture of Communication and Trust Within the Startup Environment

Much has been said about how it takes equal parts hard work and dumb luck to turn a good idea into a viable business. However, when it comes to startups, there’s no set or specific recipe for success — there’s no “secret sauce” that you can pour into a business incubator and end up with a fully-functional startup, especially considering how even the most well-thought-out startups can crash and burn for seeming any reason. By the same token, however, there are some things that are universal when it comes to successful startups. For any organization to flourish, a [...]

2018-04-24T14:21:28+00:00 May 2nd, 2018|Categories: Startup and Launch|

How to Start a Home-Based Business

If you’re thinking of starting a home-based business, you’re probably wondering, “Where do I begin?” It's a question many entrepreneurs who plan on having an office outside of the home ask, too. When you launch a business from home, you don't have to worry about things like looking for affordable office space, finding a place to park, etc., but you do have to pay attention to many of the other startup tasks that all businesses do. An at-home company still needs to follow certain steps and rules to operate legally and successfully. Let's explore the following steps: Set [...]

2018-04-25T05:19:05+00:00 April 26th, 2018|Categories: Startup and Launch|

What Is a 501c3 and When Do You Need One?

Have you always dreamed of starting a nonprofit organization so you can give back to your community? Maybe you have a charity that’s close to your heart, such as research for autism or helping the homeless, and you’ve always wanted to have the same kind of impact through your own nonprofit. Whatever your vision, making your nonprofit organization a success starts the same way as any other business—by staying in compliance with government regulations. Your nonprofit organization is accountable to state and federal agencies, including the IRS, which is where 501(c)(3) (also referred to as a 501c3) status [...]

2018-04-17T07:19:56+00:00 April 17th, 2018|Categories: Startup and Launch|Tags: |

Business Name Restrictions: What to Know Before Registering Your Business

One of the most exciting initial tasks to tackle when starting a business is brainstorming names for your company. It’s also one of the most critical to-dos; your company’s name will be the foundation of your brand, so you need to consider it carefully. As you embark upon the process of deciding what you will call your company, there are some business name restrictions you should be aware of. Every state has its own set of rules regarding what is and is not allowed in business names. Most states will not allow a business to: Include business entity [...]

2018-04-11T07:08:28+00:00 April 12th, 2018|Categories: Startup and Launch|

Simple Business Tips That Can Lead to Startup Success

When your business is still in infancy, it is difficult to make major moves that can take your company to the next level. After all, big moves often require resources that you just do not have at the moment. However, this does not mean you can just stand pat and do nothing to improve your business. Sometimes, little things can have the biggest impact. In fact, here are 5 simple business tips that can lead to more success for your startup. 1. Turn to the Cloud for Technology One of the fastest ways to increase efficiency and productivity [...]

2018-03-21T16:41:04+00:00 April 12th, 2018|Categories: Startup and Launch|

How to Start a Successful Bookkeeping Business

Good accounting software, a few clients, high-speed internet and a passion for being your own boss…what else does it take to start your own bookkeeping business? As with every small business startup, it’s important to do some research, and take care of the basics before you actually open for business. If you start your business on the right foot, you won’t stumble when you’ve grown and had so many clients you need to hire help. Increasing Your Chances for Business Success Get training or real-world experience. Working at an accounting firm or bookkeeping business can give you some [...]

2018-02-07T07:22:29+00:00 February 13th, 2018|Categories: Startup and Launch|

Benefits of an S-Corporation

Incorporating is one of our favorite services, not only for the tax savings it provides those who are self-employed, but also for the asset protection it offers those with passive real estate investments or one-off productions in the entertainment industry. Before we dive into the benefits of an S-Corporation, let’s first understand each type of business entity: S-Corporation: Entity used to assist self-employed individuals transition from small to medium sized business structure. Only entity that allows the self-employed to reduce social security and Medicare tax (SE tax). An S-Corporation can also be an LLC electing to be taxed [...]

2018-01-09T06:13:59+00:00 January 18th, 2018|Categories: Startup and Launch|Tags: , , , , , , |

6 Business-Boosting Benefits of Incorporating Your Company

One of the most critical decisions you will make as a business owner is choosing the business entity type for your company. Sole proprietor or partnership? Limited Liability Company (LLC), or corporation? Decisions, decisions! For many of the entrepreneurs that I work with, incorporating offers a variety of advantages legally and financially over operating as a sole proprietorship, partnership, or LLC (Limited Liability Company). You should talk with your attorney and accountant or tax advisor before you select a business structure because it’s important that you fully understand the pros, cons, and your compliance responsibilities. To get you [...]

2018-02-22T06:03:48+00:00 January 2nd, 2018|Categories: Startup and Launch|Tags: , |