Many people who desire the financial security and independence of owning their own business assume franchises are simply too expensive to consider. While it’s true many name brand franchises like Dunkin Donuts and Subway carry price tags that can climb into the millions, there are a growing number of franchises for entrepreneurs interested in a low-cost opportunity. For the risk-averse and those with less money to invest or who wish to avoid going through the gauntlet of finding bank financing, the advantages of a low-cost franchise are quite appealing. While the investment is smaller, they still come with [...]
This time of year is a rite of passage for any student and parent, but it also signals that we’ve entered the home stretch of the year. We want to make sure that small businesses end the year with success! That’s why we put together a back-to-school legal checklist for entrepreneurs. Instead of hitting the books this fall, small business owners should take the time to make sure their legal and administrative obligations are in order. The Legal Checklist for Entrepreneurs 1. Incorporate or Change your Business Structure Many small businesses start out as a sole proprietorship or [...]
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 [...]
Happy February! With winter now in full swing, we will be talking about a way to get away from the cold with Foreign Qualifying! This month, we discuss the opportunities of Foreign Qualification into another state and what the requirements are for those states. Q: What is foreign qualification? A: A corporation or LLC transacting business in a state(s) outside of their state of incorporation is typically required to foreign qualify in those other states. Q: What constitutes transacting business in another state and when do I need to foreign qualify? A: As examples, your company is considered [...]
Another month has flown by - 2017 is off to a great start for us in the CorpNet office! Our New Year's resolutions are still going strong. How about you? Our CEO, Nellie Akalp has been busy as always in the press letting you know the best ways to start your business and how CorpNet can help! Call us today to incorporate, Form an LLC, file a DBA or for your other business formation needs. Here's a recap of what was published in January! Interviews & press Mentions Small Business Trends - 10 Essential Ingredients of a Successful Business [...]
What Is The Series LLC (SLLC) Business Structure? The series LLC (or SLLC for short) allows multiple “series” within a master LLC to operate as separate entities (with their own names, bank accounts, and record keeping). Each series can conduct business independently in this way because series LLCs’ articles of formation explicitly allow them to have unrestricted segregation of membership interests, assets, liabilities, and operations. Different members and managers might run each series, and their rights and responsibilities might vary from series to series. Each individual series may secure contracts, own property, sue, and be sued without affecting [...]
Thinking of starting a franchise? A lot of new franchisees expect that absolutely everything will be taken care of by the franchisor. While yes, a lot of processes, supplier relationships, et cetera, will be handed down to you by your franchisor, there are some decisions you’ll have to make, such as what business structure your franchise will use. Now that you know you’ve got a big decision, you likely have questions. Here, I’ll answer some of the more common questions from franchisees about business structures. Which Business Structure is Right for Me? While there’s no one-size-fits-all answer to [...]
Here’s another interview with one of our amazing CorpNet clients! Meet Richard Giorla, who turned personal physical tragedy into a business he’s passionate about: Cardio Barre.
New Year, New Press! Nellie has been busy starting the year off with some fantastic opportunities to educate entrepreneurs on and offline about starting a business.
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!
The Franchise Disclosure Document (FDD) is a legal document that franchisors must furnish to prospective franchisees, by law. The Federal Trade Commission (FTC) is the regulatory body that enforces it. That makes it kind of a big deal. The FDD contains information…facts and figures on the franchise business opportunity, and is provided to help you analyze the offering.
Here’s a question I get almost daily: what’s the best state to incorporate in? The second most asked question I get is: “what are the fees for incorporating in [state]?” It’s interesting that the fees vary so much. For example, to incorporate in Connecticut, it costs $455. That’s on the high end! On the opposite end is Mississippi, at just $50.
Are you seriously thinking of becoming your own boss this year? Is starting a business something that you’ve been thinking about…but haven’t pursued? Finally, why are you considering business ownership now?
Starting a business creates a lot of questions for you as the owner. What should you sell? Who are your customers? Will this even work? But there are other essential questions that you need to find answers to before you even open your (physical or virtual) doors. Let’s look at a few of them and get you on the path to the right answers. What’s the Right Business Structure for My Company? This is a great question with no easy answer. Let’s review the primary structures for small businesses, and you can determine for yourself which is the [...]
Before you form an LLC in Texas or incorporate a business in Texas, it’s important that you know what your responsibilities will be in reporting on your business in future years. If you’ve already formed an LLC or corporation, you need to be aware of an important deadline on May 15. That’s the date your Annual Report — also called Franchise Tax Report — is due. Here’s what you need to know to ensure that you stay compliant with the state of Texas.
There’s little you can do that’s more important than to protect your business by incorporating it. But so many entrepreneurs think the process of incorporating a business is complicated and so never bother with it. Nothing could be further from the truth. Here are six simple steps to help you incorporate.
Forget the “hottest” franchises. Ignore suggestions from franchise brokers on which franchises are “a possible fit” for you. Take articles that rank franchises from 1-100 with a grain of salt. Consider them to be “light reading.” Forget what you’ve learned about franchising up to now. Empty your mind. Clean your slate. I’m about to teach you about the two most important words in franchising. Ready?
I get asked a lot: does incorporating my business automatically trademark it? The fact is: being incorporated keeps anyone else in your state from using the name, but it doesn’t protect that name in the other 49 states. For that, you need a federal trademark.
Have you formed a corporation in Delaware or operating your business as a Delaware corporation? You may not realize that your Annual Report is due soon on March 1. Additionally, you will need to pay your annual franchise tax fee. Here’s what you need to know to stay compliant with the state of Delaware.
Assume incorporating a business is too complicated for your lil ole company? Think again. There are really only six steps to incorporating, and you can do them yourself or let the professionals at CorpNet handle them.