Insurance

Why All Home Businesses Need Professional Indemnity Insurance

Professional indemnity insurance, also known as errors and omissions insurance, is a policy that covers the legal costs and expenses during your defense against a client. If a Client has accused you of inadequate services, designs or advice they may want to take you to court if they felt they have lost money in the situation. Working from home can be a great experience in life but if you aren't fully protected and a problem escalates, you can be left vulnerable with no one to turn to. People can put off getting professional indemnity insurance especially whilst starting [...]

2018-03-12T11:16:00+00:00 March 7th, 2018|Categories: Ongoing Management and Protection|Tags: |

The CPA’s Guide to Assisting Clients with Business Compliance Issues

As a CPA, you probably sometimes find that clients inquire about more than just their business’s taxes and finances. With the strong connection between their money and all aspects of their companies, they may toss you questions about a variety of business compliance issues that aren’t in your normal area of focus. You need to exercise caution in responding because your insight shouldn’t take the place of proper legal counsel or human resources guidance. But having a working knowledge of diverse compliance topics can help you aid your client’s understanding of certain issues and steer them to the [...]

2017-12-27T12:58:02+00:00 December 29th, 2017|Categories: Ongoing Management and Protection|Tags: , , , , , , |

How to Start a Trucking Business

If you’ve always wanted to start a trucking business, now could be the perfect time to put your plan into action. In the third quarter of 2017, e-commerce accounted for 9.1% of overall retail sales—almost double the figure from 2010. Online retailing’s popularity is just one reason the amount of goods hauled by truck is projected to grow by more than 3% annually for the next five years, according to the American Trucking Associations (ATA). Demand for trucking will be so great that the ATA predicts the industry will need to recruit almost 100,000 new drivers per year. [...]

2017-12-18T10:36:23+00:00 December 27th, 2017|Categories: Startup and Launch|Tags: , |

The What, Why, and How of LLC Insurance

Does your LLC need insurance? LLC insurance coverage is a measure you can take to help protect your business assets in the event of a legal claim against your company. While forming an LLC creates a separation between your personal assets and those of your business, having insurance for your LLC helps guard your company against losses as a result of circumstances in the course of doing business. How Do You Know What Kind of LLC Insurance You’ll Need? The type and amount of LLC insurance coverage will depend on a variety of factors including the level of [...]

2017-11-27T14:18:37+00:00 December 1st, 2017|Categories: Ongoing Management and Protection|Tags: , |

Closing Down a Business – The 12 Steps of Corporate Dissolution

You're not the first owner to consider closing down a business and you certainly won't be the last. But it is a big decision and one that should be taken lightly. Regardless of your final decision, you need to prepare yourself for the necessary steps involved in the process. Closing down a business requires a certain process be followed. This process is just as important as the steps required to start a business. I have not failed. I've just found 10,000 ways that won't work. ~ Thomas A Edison 12 Effective Steps for Closing Down a Business 1. Admit [...]

Top Real Estate LLC Mistakes and How to Avoid Them

With any property, there are inherent liabilities — from a broken balcony railing to old electrical wiring or mold. And with an LLC, your personal assets aren't vulnerable should you be sued by a tenant or property guest. Forming an LLC is a relatively quick and painless process. And while it may straightforward, there are some common mistakes that investors make that can impact the benefits of the LLC as dicussed and laid out wihtin this blog post.

2017-12-20T11:31:41+00:00 September 20th, 2017|Categories: Ongoing Management and Protection|Tags: , , , |

Professional LLCs – FAQs

Happy June! Summer is fast approaching and with new beginnings, we bring you a new post in our FAQ series! This month, we discuss the Professional LLC, or "PLLC" and the ins and outs of filing them. What is a PLLC? A Professional Limited Liability Company is a special type of LLC that’s designed for licensed professionals, such as accountants, lawyers, and doctors (typically, professions that require a license). Some states do not allow licensed professionals to form an LLC since they don’t want them to escape personal responsibility for professional malpractice by “hiding behind” the personal liability [...]

2017-12-13T14:16:24+00:00 June 13th, 2017|Categories: Startup and Launch|Tags: , , , , , , |

Share, Learn, Grow – Join The “Business Startup Experts” Facebook Group!

With a passion for helping entrepreneurs work toward fulfilling their dreams, it thrills me to welcome you to join the new Business Startup Experts group that I’ve started on Facebook. Its purpose is simple: To serve as a hub for startup experts of all types to exchange knowledge with one another and with new business owners. I invite anyone who either has or is looking for insight on starting and growing a business. The following types of professionals and many others will find it an engaging place to showcase their expertise and make valuable connections: Accountants Business coaches [...]

2017-11-20T11:17:32+00:00 May 8th, 2017|Categories: Partner Program|Tags: , , , |

How to Start an Accounting Firm

If you’re a CPA or an accountant, the transition from working for someone else to being your own boss has probably crossed your mind. When you start an accounting firm, you'll soon see that self-employment offers an opportunity to have more control over your own schedule, allowing you to better balance your professional endeavors and personal life. It also enables you to manage your firm the way you want to manage it. But where do you start? How can you start an accounting firm and make sure you are checking all the boxes for compliance? Seven Steps to [...]

7 Small Business Expenses to Account for in Your Monthly Budget

Budgets are essential to manage your costs and keep your small business expenses limited and your company profitable throughout the year. Due to the dynamic nature of any small business, you can’t just set a budget in January and let it sit unchanged until the end of the year. Every month, take stock of your business’ performance and expenses and use that data from the prior month to update your budget. Your monthly budget needs to provide you with enough detail so that you can identify potential cash crunches in the near future as well as opportunities to [...]

2017-09-28T05:56:08+00:00 April 5th, 2017|Categories: Ongoing Management and Protection|Tags: , , |

Should Your Company Use a Professional Employer Organization?

Small business owners may be new the phrase professional employer organization, but PEOs have been around now for several years and changing the face of human resources management. A PEO provides comprehensive outsourcing for all tasks and functions typically performed by an in-house human resources department. This may include employee job descriptions, benefits, payroll, insurance, and regulatory requirements. PEOs act as a "co-employer" with your company so that they share contractual obligations with your employees. Management decisions, however, remain with your company. You continue to guide the daily job duties and responsibilities of your employees while the PEO [...]

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: , , , , , |

How to Handle Payroll for Your First Employee

It's easy to get frustrated when you're new to hiring and you're trying to figure out how to handle payroll and the legal issues that come along with new employees. It doesn't have to be overwhelming. When business is booming and it’s time to hire your first employee, you might discover finding great talent, hiring someone, and making sure that all of your new hire paperwork is in order is often a steep learning curve for entrepreneurs. Fortunately, once you go through the on-boarding process with one employee, you’ll be ready to handle many more as your company [...]

2017-11-14T04:21:41+00:00 November 22nd, 2016|Categories: Ongoing Management and Protection|Tags: , , , , |

9 Ways to Show Your Employees You’re Thankful for Them

With Thanksgiving just around the corner, our thoughts naturally turn to what we’re grateful for in life. As a small business owner, I know you’re thankful for your employees. After all, how would you run your business without them? In honor of Thanksgiving, here are 9 ways to say “thank you” to your employees. Give out bonuses. Let’s face it: Most people are highly motivated by money. There are a couple of ways to handle bonuses. You can set performance goals and give employees bonuses for meeting them—for example, giving a bonus to salespeople who surpass their quotas [...]

5 Must Have Types of Insurance for Small Business

Ready to take your small business to new heights? As a small business owner, you'll need every advantage you can find in today's highly competitive, global business landscape. Becoming the next startup like Uber or Airbnb that now are valued at $1 billion or more by venture capital firms worldwide remains an uphill climb. As such, small business owners may devote substantial time and resources to grow their companies, yet many of them will fall short of achieving their long-term business goals. Attention to detail is what separates an average small business operator from an extraordinary one. With [...]

2018-02-22T07:07:13+00:00 October 13th, 2016|Categories: Ongoing Management and Protection|Tags: , |

5 Avoidable Mistakes Real Estate Investors Make With Their LLCs

With any investment property, liabilities come with the territory—faulty electrical wiring, broken stairway railings, black mold, and other possible flaws are all inherent threats. It’s no wonder savvy real estate investors decide to form LLCs (Limited Liability Companies) to protect themselves. The LLC legal business structure shields investors’ personal assets from liability associated with their investment properties. So with an LLC, your personal assets won’t be vulnerable if a tenant or visitor to your property sues you. While forming an LLC can be done rather quickly and without any great degree of complexity, I’ve seen otherwise smart real estate [...]

2018-02-22T07:06:16+00:00 July 12th, 2016|Categories: Ongoing Management and Protection|Tags: , , |

Should You Hire Temporary Employees for Your Business?

Does this sound like you? You need help handling all the duties of your business, but you don’t want to hire additional permanent employees. Whether you’re looking ahead to holiday shopping season or suddenly need summer staff, temporary workers might be able to fill the bill. Temporary workers can help a small business in many situations: You are faced with sudden, unexpected demand for your product or service, but aren't sure how long it will last. You need workers to help with seasonal tasks, such as employees to help your accounting firm get through tax season or retail [...]

2017-12-26T09:45:43+00:00 July 7th, 2016|Categories: Ongoing Management and Protection|Tags: , |

Don’t Sign a Commercial Lease Until You Answer These Questions

Whether you’re preparing to lease your first commercial location or your 10th, it’s critical to ask lots of questions before you sign on the dotted line. Asking key questions at each stage of finding your space will prevent unpleasant surprises such as getting locked into a lease and finding out the building lacks something essential (like air conditioning!). Before you ever talk to a commercial realtor, ask yourself some questions to determine your needs: How much square footage do you need? Do you want a turnkey space or are you willing to build out the space yourself? Do [...]

2017-12-20T09:55:42+00:00 June 16th, 2016|Categories: Ongoing Management and Protection|Tags: , , |

3 Key Ways to Reduce Costs for Your Small Business

As a small-business owner, there’ll be times when you need to boost cash flow while keeping prices competitive. Or maybe you’re just starting a business and are losing more money than expected, but you can’t figure out why. Even if you’re already frugal, there likely are plenty of ways for your small business to slim down and spend more wisely. Here are some tips from experts on how to cut costs in ways that are productive and responsible. Track your inventory, then buy in bulk where possible. This is an essential first step for new small-business owners, but enterprises [...]

2017-12-26T08:09:50+00:00 June 9th, 2016|Categories: Ongoing Management and Protection|Tags: , , |

Eight Must-Haves To Include In Your Freelance Work Proposals

As a freelance professional, establishing a solid working relationship with your clients often hinges on mutual understanding and clear expectations. New entrepreneurs learn that very quickly upon starting their businesses! That’s why having a proposal that covers all the bases can be one of your best business assets. Proposals that provide clarity and detail help to ensure you and your clients are on the same page. That’s important for both “one-off” transactional projects and ongoing assignments. What should your proposals include? At a minimum, I recommend you make sure they have the following pieces of information: Introduction/Overview – [...]

2018-02-22T07:21:56+00:00 March 29th, 2016|Categories: Ongoing Management and Protection|Tags: |