C Corp

Business Compliance: How To Stay In Good Standing

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 [...]

How to Legally Structure Your Business To Secure Financing

All the pieces of your entrepreneurial dream are finally falling into place. You have a name for your business, a product or service that makes you super excited, and you’ve even started noodling designs and logos. Before you can go much further, however, you’re going to need funding. And in order to get funding, you will need to decide what type of structure is best for your business: a sole proprietorship DBA (doing business as); a C corporation or S corporation; a professional limited liability company (PLLC) or a limited liability company (LLC). Let’s take a look at [...]

Start & Run Your Business Right: Join Our Facebook Group and Partner Program

The process of starting a business is both thrilling and intimidating. There’s the exhilaration that comes from working through the details and making the dream a reality. And then, there are the business formation options and ongoing compliance requirements that often raise questions and sometimes cause confusion. That’s why I’m hosting the “Business Formations & Compliance” Facebook group. The group is a place where business owners and aspiring entrepreneurs can get insight on anything related to forming a business and complying with the rules to keep it in good standing. You can join for free, so there’s no [...]

2018-02-23T07:45:55+00:00 May 24th, 2017|Categories: Partner Program|Tags: , , , |

S Corporation Election Deadline Is Almost Here: What You Need To Know

If you’ve legally established your business as a C Corporation or Limited Liability Company (LLC) that has elected to be viewed as a corporation for tax purposes, you have the option of filing IRS Form 2553 to get S Corporation tax treatment. Why would you want to do so, you ask? Because it could make a big impact on your business’s bottom line. The Potential Advantage for LLCs LLC owners who find themselves with a high self-employment tax burden might benefit from choosing the S Corp election. LLCs are normally taxed like sole proprietorships—with all business profits subject [...]

2018-02-23T07:16:54+00:00 March 2nd, 2017|Categories: Ongoing Management and Protection|Tags: , , , , , |

What Every Small Business Should Know About 1099s

Every year when tax time rolls around, I field questions from business owners about whether or not they need to send 1099s to their vendors. As common as 1099 forms are, they remain one of the most misunderstood Internal Revenue Service (IRS) requirements. To make sure you understand the circumstances under which the IRS requires issuing 1099-MISC forms to vendors, I’m going to provide some basic “must-know” information here. What Is A Form 1099-MISC? You must issue an IRS Form 1099-MISC to each person you’ve paid $600 or more in services (including parts and materials), prizes and awards, [...]

2017-09-25T10:39:02+00:00 January 31st, 2017|Categories: Ongoing Management and Protection|Tags: , , , , , |

Starting a Part-Time Business

So you’re not ready to quit your “day job,” but you want to launch a business? Many entrepreneurs dip their toes to test the waters by starting a part-time business. In some ways, it’s the best of both worlds; you pursue your dream of business ownership while still bringing home a steady paycheck. 4 Steps for Starting a Part-Time Business Off Right Although there are some considerations unique to starting a business part-time, you’ll find other aspects are the same as when starting a company full-time. For example, you have to take the necessary steps to operate your [...]

2017-10-04T08:40:30+00:00 January 11th, 2017|Categories: Startup and Launch|Tags: , , , , , , |

Business Information Zone (B.I.Z) – FAQs

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 [...]

2017-11-28T10:25:43+00:00 January 5th, 2017|Categories: Startup and Launch|Tags: , , , , , , |

Nellie in the News: December 2016

Happy December and Happy Holidays! With the new year only a few days away, it is time to re-evaluate your business! This month, our CEO, Nellie has been busy all over the internet with different informational articles that could help your business prepare for the fast approaching 2017! Interviews & press Mentions Monster.com - When Is it Time to Hire Another Employee? http://mnstr.me/2gQYfDn Feedspot - Top 100 Small Business Blogs On the Web http://bit.ly/2glhyry TenFold - 20 Experts Answer: What's Your #1 Sales Follow Up Tip? http://bit.ly/2gWB7m4 Small Business Advocate - When Is the Right Time to Change yor Business to [...]

2017-11-08T07:07:04+00:00 December 29th, 2016|Categories: Nellie in the News|Tags: , , , , , |

Filing an LLC – FAQ

We are excited to bring you another post in our monthly FAQ series! This month, our CEO Nellie Akalp is answering questions about one of the hottest entity types for small businesses - the LLC. What are the requirements of filing an LLC? What are the benefits? Read on to find out! Q: What are the benefits of forming an LLC? A: In an LLC, the owner’s personal assets are shielded from business liabilities just as they would be in a corporation. In addition, the IRS views the LLC as a “disregarded entity.” Thus, an LLC does not [...]

2017-12-28T06:53:33+00:00 December 6th, 2016|Categories: Startup and Launch|Tags: , , , , |

Will Your Business Need Financing in the New Year?

As you plan and set goals for your small business in 2017, one area to look at is financing. Will you need additional funding at some point in the New Year? If the answer is yes, how will you raise the money? Take a closer look at the two primary means of raising capital — equity financing and debt financing — and what you need to know about each. Equity Financing In equity financing, you give up a piece of your business (equity) in return for an investment of capital. Equity investors may be private investors, venture capital [...]

Nellie in the News: November 2016

Thanksgiving and November have come and gone and the holidays and 2017 are creeping up on us fast and we are here help prepare your business for the new year! CorpNet can help you incorporate a business or form an LLC right now or as a delayed filing in any state. This month, our CEO Nellie Akalp has been busy writing a ton of articles to help small business owners start a business, stay in compliance and prepare for the new year. Below are some highlights from the month of November! Want Nellie to speak at your next [...]

2017-09-08T10:48:58+00:00 November 29th, 2016|Categories: Nellie in the News|Tags: , , , , , |

Setting Up a Corporation – Top FAQs

Happy November! We are excited to bring you another post in our monthly FAQ series! When starting a business, one of the first questions an entrepreneur must ask themselves is, "What entity type should I register?" Here at CorpNet, we are often asked to explain the differences between a C Corporation and an S Corporation, how to file a corporation, and even, "What is a corporation?" In this month's FAQ post, our CEO Nellie Akalp answers all your burning questions about setting up a corporation! Nellie's Top FAQs for Setting Up a Corporation Q: What is a C Corporation A: [...]

2017-09-27T09:20:42+00:00 November 3rd, 2016|Categories: Startup and Launch|Tags: , , , , |

Fall Tips To Help Your Business Have A Strong End-Of-Year Finish

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 [...]

Back to Basics: LLC or Corporation?

Both forming an LLC and incorporating your business safeguard you by protecting your personal assets if legal action is taken against your business. They also give your business a boost of credibility by having either “LLC” or “Inc.” behind your company name. But there are differences that could make one or the other the better choice for you. I can’t emphasize enough the importance of knowing the pros and cons of the legal structures available to you before you decide which will serve your business most effectively. The Low-down On LLCs Many owner-managed businesses opt to form as [...]

2018-02-23T07:11:29+00:00 October 11th, 2016|Categories: Startup and Launch|Tags: , , , , , |

Why You Need to Incorporate Your Business

When you think about incorporating your business, do you scoff, “Not me. I’m just a one-person/home-based/part-time business—incorporation is for the big guys”? If so, it’s time to rethink your attitude. You see, every small business—no matter how small or informal—needs to be incorporated. That’s because no matter how small or informal your business is, you could be sued. Suppose your business isn’t doing well, you can’t pay a business debt and the creditor takes you to court to get their money back. Perhaps you are a children’s party planner, a child is injured during a birthday party you [...]

2018-02-22T07:22:40+00:00 September 13th, 2016|Categories: Startup and Launch|Tags: , , , |

How a Small Business Can Avoid Being Audited

It’s true that the odds of being audited are fairly low – under 1%.  Yet this may not last long.  The IRS has been changing some of its procedures – such as allowing agents to conduct audits via mail -- and has also been increasing its hiring. Besides, the agency tends to focus more on smaller businesses.  Why?  The assumption is that the recordkeeping is not as disciplined and business owners may be doing their own tax preparation, which could increase the risk of getting things wrong. When it comes to audits, though, there is one important thing [...]

2017-12-26T10:41:04+00:00 August 16th, 2016|Categories: Ongoing Management and Protection|Tags: , , , , |

Legal Steps to Start a Business & Special Offer

So you have an idea and want to get that business off the ground - congratulations!! When planning the steps to start your business, there are some legal aspects you don’t want to overlook. These steps may not be the most glamorous parts of starting a business, but you want to make sure the business is set up properly from the start to avoid issues down the road. Here are my must-do steps to legally start a business followed by a special offer on CorpNet.com services: 1. Choose a Business Name Have an ideal name in mind for [...]

2017-09-28T06:14:09+00:00 July 26th, 2016|Categories: Startup and Launch|Tags: , , , , , |

Should You Convert Your Business Structure to an S Corp?

You’ve been chugging along as a sole proprietorship for a while now, but you’re beginning to realize that might not be the best idea to protect your business. So you’re considering converting your sole proprietorship to another structure, specifically the S Corporation. Ask yourself the following questions to determine if now is the right time to convert your business structure. 1. Do You Want to Bring on Investors? Maybe you bootstrapped your business, but now you’re ready to take the company to the next level, and to do that, you need investors. This is an automatic reason to [...]

2017-11-28T11:44:55+00:00 March 1st, 2016|Categories: Startup and Launch|Tags: , , , |

Nontraditional Ways to Get Small Business Financing

Small business owners who encounter trouble securing traditional loans have an ever-increasing array of alternatives to choose from. Established banks working through the U.S. Small Business Administration offer the lowest interest rates on small business loans, but it’s tougher for entrepreneurs to obtain financing if their business is too new or too risky. Nontraditional lenders have stepped in to provide easier-to-obtain business loans for such entrepreneurs. The terms of this type of financing can vary widely, but expect to pay more for this speedier, easier option.

2018-01-10T12:16:51+00:00 February 11th, 2016|Categories: Ongoing Management and Protection|Tags: , , , , |

Nellie in the News – October 30, 2015

Don't get spooked that you don't know how to start or grow your small business! Nellie Akalp, our CEO, has plenty of content to help you this month. She's covered everything from benefits of an S Corp to how to build and sell a company (for 8 figures, no less), to how to fund your business without an investor. Happy reading!

2017-11-08T07:07:04+00:00 October 30th, 2015|Categories: Nellie in the News|Tags: , , , |