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 [...]
One of the most important steps you’ll need to make when starting your business is reviewing business entity types and deciding which one you should choose for your company. The structure you pick will affect your business from legal and tax obligation standpoints. That’s why it pays to understand the various business entity types—and the potential advantages and downsides of each. I recommend talking with a business attorney and accounting professional for guidance. In the meantime, I’m going to share some information about the most commonly used business structures to give you a head start in furthering your [...]
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 [...]
One of the most valuable assets your business will ever have is its name. Your business name is more than what your company is called—it represents your brand’s identity and it’s a way for you to distinguish yourself from your competition. With your business name carrying that much weight, it makes sense to protect it. As you start your business, consider these two approaches to prevent other companies from using your name and confusing your customers: Business Name Registration If you form an LLC or apply to incorporate a business in a state, your business name is automatically [...]
Looking to start a business, but short on cash? Not to worry; there are plenty of business ideas you can consider that cost little to start up.
Starting a business can be an exhilarating time, where everything seems full of potential and purpose. But amidst the excitement, navigating the logistics of launching a business can be daunting for the first-time entrepreneur.
Colorado is a great place to start a small business. Not only is the weather great (pleasant summers and ski-fun winters), but the business climate is appealing too. Once you start a business in Colorado, you’ll need to think about the business structure you want for your company. If you do nothing, it will be a sole proprietorship. And while that’s the easiest business structure to have, it leaves your personal assets vulnerable.
You spend time coming up with the perfect name for your business...only to find someone else decides to use it right after you open your company. With another business with the same or similar name in town, your customers are getting confused, and you start losing sales. It happens to many entrepreneurs, and it’s completely preventable. There are two strategies you can use to protect your business name: registering a business name and trademarking a business name. We’ll look at both so you know which is the best fit for your company.
If you’ve decided to form an LLC in New York, you’ll need to file your Articles of Organization, as per Section 203 of the New York State Limited Liability Company Law. To file those Articles of Organization, you have several options: You can file them yourself with the State of New York You can work with a business filing service like CorpNet You can hire a lawyer to help
So you’ve decided that forming an LLC in Florida is the best move for your small business. Congratulations! The LLC is preferred by many small business owners because it serves as a kind of hybrid business structure: it’s got the best features of corporations, combined with those of limited partnerships. Best of all? The LLC protects your personal assets and creates a legal separation between you and the business.
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.
If you’re considering forming an LLC, you’ve probably got questions. Fortunately, we’ve got answers. We’ve helped thousands of people form an LLC, so you could say we’re kind of experts on the subject.
Once you start a business, it seems like every time you turn around, you’re getting another notice to renew a license or pay a business tax. It’s hard to know what they’re all for, but keeping them straight is a necessity if you want to stay compliant with your business.
Once you decide to take on a partner for your small business or startup, you enter precarious territory. There’s much more opportunity for things to fall apart when you’re sharing ownership of your company with one or more individuals. Before you commit to taking on partners, consider what can go wrong and create a contingency plan.
Whether you're a wiz at managing your finances or you look at it equal to getting a shot in the you-know-where, when you work for yourself, how you handle your finances can make or break your business. Here are seven tips to help you get on top of your company’s financial situation.
When you start a business, you might be faced with deciding how to set up your tax year for your business. Should your accounting period be aligned with the regular calendar year (as you’ve probably been accustomed to with your personal taxes) or should you define your own start and end dates for reporting your tax year?
Now that your 2012 taxes are history, it’s time to breathe a sigh of relief. Another tax day has come and gone. And if you’re self-employed and operating as a sole proprietorship or a partnership, you dutifully filled out your Schedule SE and paid your self-employment taxes. I bet it made you wonder where all your hard-earned money went.
If you've ever had the dream to start a home business, but didn't know where to start, read on. Here, we cover the best home business ideas for 2013, and give you a nudge in the direction of getting started. 1. Ecommerce This covers a lot of territory, but if you have a bit of cash to invest in inventory and a well-designed website that will help you process payments and orders, you can sell just about anything, from clothing to computers. And if you want to start a home business in ecommerce with a little help, consider an out-of-the-box solution like eBay or Amazon, which allows you to sell on the site while taking a cut of your revenues.
Filing taxes with the IRS is something we all have to do. Before moving forward with this process, however, it’s important to ask yourself some simple questions to ensure you enjoy a stress-free tax-filing experience. Corporate Tax Network recommends that you consider the following questions: 1) What is your tax-filing status? Your filing status should be easy to determine, unless you’ve had a recent life-changing event. If you are single with no children, you should file your taxes individually. If you are married, you can file either jointly or separately. Another option is the head-of-household status, which can apply to single parents or married couples with one or more dependents. On the other hand, a divorce or the birth of a child could change your status, so make sure you know what it is prior to filing your returns.
The New Year is in full swing, but before you start kicking off all those new projects, have you given your legal situation some thought? With a full year behind you, it’s the perfect time to reflect and reboot so here are 5 tips to get your business legal ready in 2013: 1. Notify the state of any changes to your business (if necessary) If your business is structured as a corporation or LLC, you’re obligated to alert the state where you incorporated of any changes to the business. For example, if your business changed its address or official company name (even if you just dropped the .com from your official name), authorized more shares, or had any changes to your board or members, you’re required to file Articles of Amendment paperwork with your state. This form will take you just minutes to complete, and is important to making sure your business stays legit.