When you’re starting a business, it’s hard to imagine a time when you would actually turn away business or find yourself in a situation where firing a client is required. In the beginning, of course, beggars can’t be choosers, and even if the client isn’t a big spender, every penny counts. Plus, at the beginning, you’re more concerned about getting experience and building your reputation, in your industry and community. But eventually, as you get more established, there will likely be a situation when you have to decide whether a particular client is worth the hassle or whether [...]
What Is Business Compliance? While definitely not the most glamorous aspect of running a business, complying with applicable rules and regulations is a must. Business compliance (known as “corporate compliance” for incorporated businesses) is critical for keeping your company in good standing with your state. The specifics of what you need to pay attention to depend on the legal structure of your company and where you’re registered to operate your business. The compliance requirements Limited Liability Companies (LLCs) and corporations have to meet can vary from state to state (and sometimes even from one municipality to another), so [...]
At CorpNet, we field a lot of questions centered on what aspiring entrepreneurs need to do from an IRS-standpoint to start a business. Almost daily, I see inquiries arrive about obtaining an EIN (Employer Identification Number). I’m glad people ask about that because it is indeed an important item to check off a startup’s to-do list. What Is An Employer Identification Number? You may see EINs also referred to as “Federal ID number,” “Tax ID Number,” or Federal Tax ID Number.” It is a nine-digit number used for tax filing and reporting and for other business documentation purposes. [...]
Welcome January and 2017! With the holidays behind us and a bright new year ahead of us, it is a great time to start a business. This month, we discuss the ways CorpNet can assist with our Business Information Zone or B.I.Z. in keeping your company in compliance! Q: What is B.I.Z.? A: Think of B.I.Z. as your business’ personal concierge service. Once you sign up, you’ll receive email reminders on tax and compliance alerts. You can also use B.I.Z. to store your business documents, and keep a personalized business profile that tracks important data about your company [...]
Just because you’ve stopped working with customers, taken down your website, and aren’t making money from your business, it doesn’t mean your company is considered “closed.” Closing a business, whether an LLC or corporation, requires formally dissolving it with your state. If you don’t, you could be stuck with the responsibilities of filing your inactive business’s annual reports and state/federal tax returns. And you may be legally obligated to renew your business licenses and permits, too. All of that costs time and money. So if you’ve stopped doing business and are sure you want to retire your company, [...]
Although most of the year has already passed and we’re now into the autumn season, don’t panic if your business has fallen a little bit behind on its goals. It’s not too late make changes that can help lead to a strong finish in 2016. Whether you’ve just started your business or have been running yours for years, the key is to take action sooner rather than later—and to focus on efforts that will improve your bottom line now and into 2017. Nurture Customer Relationships If you’ve fallen out of touch with some customers, now’s the time to [...]
Ghosts, ghouls and goblins—oh my! While children clad in Halloween costumes may fear witches and zombies, many entrepreneurs are equally terrified of failure. But since failure is an inevitable part of launching and growing a small business, fear of failure could be holding you and your business back from success. Whether your business is already underway or just getting started, here are six ways to overcome your fear of failure: Go step by step. When we’re scared, it's easy for fear of failure to paralyze us and we end up doing nothing. Instead of taking an all-or-nothing approach, break [...]
Here at CorpNet, we are often asked how to form an LLC, also referred to as a Limited Liability Company, when wanting to start a business. To be clear, an LLC is not a business license; as one cannot obtain an LLC license. A Limited Liability Company (LLC) is a legal entity that bears similarities to both corporations and partnerships. An LLC is formed under specific state statutes that provide for the creation and regulation of this special type of entity that has come to be commonly used and respected in business. An LLC can be used to [...]
As an online legal document filing service that helps entrepreneurs with an array of startup needs, we get asked a ton of questions from our clients about various topics. We decided to start sourcing these questions and create a new blog post series for our readers, as some of you may be wondering the same thing but haven’t found the answer elsewhere. Today we are launching our new FAQ series starting on the topic of business licenses. Here are some of our most frequently asked questions on the popular topic followed by answers from our CEO Nellie Akalp. [...]
Are you worried about the high cost of launching your new business? Calm down: Starting a business doesn't have to cost a lot of money. Here are six ways to save big on your startup. Buy used. From restaurant equipment to retail fixtures and construction tools, just about every type of business equipment and furnishings can be purchased used. You can find used business equipment and furniture at resellers or auctions near you, going-out-of-business sales or searching for used equipment on eBay. You can even buy used computers—just make sure they've been reconditioned and come with some type [...]
If you are over age 50 and thinking about starting a business, you're not alone. In fact, entrepreneurs age 50 and up are one of the fastest-growing categories of small business owners, according to the Small Business Administration (SBA). At 50-plus, you've got a lifetime of work experience to draw on — not to mention the wisdom that comes with age — in launching your new business. To help ensure your startup success, follow these tips: Tap into your experience. If you're not sure what type of business to start, think back to your past work and life [...]
According to the IRS, it expects more than 70 percent of taxpayers will receive tax refunds this year. Last year, the average refund of the 109 million issued was $2,797. That’s no chump change! If you’re one of the fortunate taxpayers who will get a tax refund this year, how are you planning to spend that “bonus”? Decisions…decisions. While you may find it tempting to blow the cash on a Louis Vuitton handbag or put a deposit on a tropical vacation getaway, there’s something more fulfilling you can do with that money: Invest it into your business. Yes, I [...]
There are plenty of books about time management. But, as a startup business owner, chances are you're too busy to read them. Am I right? No worries, here are five quick tips to help you get a grip.
Maintaining a corporation or Limited Liability Company (LLC) is an ongoing process that requires constant attention. Unfortunately, most small business owners don’t know what they don’t know—and busy entrepreneurs often find it tough to carve out time to research what’s required, let alone follow through on it.
Any business that doesn’t deliberately choose a business structure launches by default as a sole proprietorship (or a partnership, if it has partners). But sometimes down the road, needs change, and the business starts to consider a different structure to protect itself.
Taxes may be the last thing you want to think about as a freelancer, but they’re still really important to pay attention to. Looking back, did you maximize your business expenses and keep your accounts in order? If not, there’s still time to set yourself up for success come tax time next year.
If you’re a small business owner, you’re well aware of how many documents you need to apply for a loan. But these financials aren’t just important to have when you’re looking to pay off debt or expand operations--they can help you plan your business, adjust for changes, and understand all the whys and hows of your success. They give you hard-and-fast information and analyses you should never go without.
Long known for having no income tax and being a popular choice for incorporating a business, Nevada has some big changes underfoot that could affect you if you run a business (or are incorporated there).
If 2015 brought the end of a business for you, don’t sweep it under the rug. You’ve still got legal responsibilities to handle to avoid penalties and fees.
You may have been too busy to notice that things have changed in your business. Maybe you started out as a one-man or one-woman show, and now you’ve got a real team working for you. Or maybe you’ve shifted directions from where you first started out with your business.