IRS

5 Ways to Keep On Top of Your Accounting

A small business lives or dies by its cash flow. If you’re not staying on top of your accounting, you could be making significant mistakes that can derail business growth. Failing to reconcile your business bank accounts, not keeping track of income and expenses, or waiting to apply payments to open receivables leads to incomplete or incorrect accounting information. Business accounting doesn’t have to be an onerous task. With the right mindset, tools, and support, you can stay on top of your accounting and keep accurate track of your business’ income and expenses. These five tips will help [...]

2017-12-27T11:14:37-07:00 December 15th, 2016|Categories: Ongoing Management and Protection|Tags: , , |

What Should You Do If Your Business Is “Inactive”?

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, [...]

2017-12-22T10:46:41-07:00 December 13th, 2016|Categories: Maturity and Exit|Tags: , , |

10 Steps to Starting an Email Newsletter to Market Your Business

If you are looking for an effective way to increase sales and keep your business in the forefront of customers' minds, email is the perfect solution. With an ROI of $38 to every one dollar spent, according to a survey last year, email marketing can pay off big for a small business. After all, we all get email, and most of us check it multiple times a day. Inundating prospective customers with daily emails about sales or discounts isn't the way to get their attention, however. Instead, try offering them something useful: an email newsletter. 10 Steps to [...]

2017-12-27T11:23:56-07:00 December 13th, 2016|Categories: Growth and Expansion|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 [...]

2017-12-28T06:53:33-07:00 December 6th, 2016|Categories: Startup and Launch|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 [...]

2017-11-14T04:21:41-07:00 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 [...]

2017-09-08T10:48:58-07:00 November 17th, 2016|Categories: Events & Announcements|Tags: , , , , |

9 Customer Appreciation Tactics

Ah, it’s Thanksgiving season—time to stuff yourself with turkey, watch football, start your holiday shopping and argue with your crazy uncle at the dinner table. For small business owners, it’s also the perfect time to show your customers and clients how much you appreciate their business all year long. Here are nine customer appreciation ideas that will help build customer loyalty. Throw a party. Host a thank-you dinner or lunch event for your top customers. November is a great time to get festive, before all the holiday parties start and people’s calendars fill up. Make it special with [...]

2017-12-13T13:57:44-07:00 November 10th, 2016|Categories: Growth and Expansion|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: [...]

2017-09-27T09:20:42-07:00 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 [...]

2017-12-27T13:30:07-07:00 October 25th, 2016|Categories: Ongoing Management and Protection|Tags: , , , , |

Hiring the Best Candidates: 3 Filters to Add to Your Interview Process

Some studies estimate that the cost of hiring someone is approximately six to nine months’ of their salary. An employee making on average $40,000 might cost $20,000 or more to find if you factor in the time to recruit, screen, hire and train new employees. With so much on the line for finding a great candidate, it’s critically important to do your best to screen potential employees as rigorously as possible. Weeding out those who aren’t qualified is easy, but screening the final group for the star performer in the mix is difficult. These three filters to add [...]

2017-12-27T14:12:30-07:00 October 18th, 2016|Categories: Ongoing Management and Protection|Tags: , , , |

5 Reasons Your Business Needs a Blog

More people are purchasing goods online than ever before, and adding blog content to your website helps capture the attention of digital shoppers and beyond. U.S. eCommerce sales in the second quarter of 2016 reached $97.3 billion, an increase of 4.5 percent quarter-over-quarter and a whopping 15.8 percent increase year-over-year, according to the Department of Commerce. When your company provides blog content your potential customers are searching for, you build trust in your business and increase positive sentiment about your brand, which leads to sales when blog visitors need your product or service. Your competitors are already blogging. [...]

2017-11-14T04:21:41-07:00 September 22nd, 2016|Categories: Growth and Expansion|Tags: , , , |

Ready For Estimated Tax Payments?

When starting a business, you need to do quite a bit of heavy lifting. Of course, a big part of this is handling the complexities of the US tax system. In fact, one particular area that often trips up entrepreneurs is something called estimated tax payments. The main reason is that this is quite different from when you have a job. You see, a self-employed person needs to essentially do what an employer does – that is, make ongoing payments to the IRS. This often comes as a complete surprise to first-time entrepreneurs. After all, when April 15th [...]

2017-12-13T13:59:39-07:00 September 20th, 2016|Categories: Ongoing Management and Protection|Tags: , , , , |

Back To Basics: The Difference Between Copyright and Trademark

As the kids are back to school and studying new things, it’s also a wonderful time to revisit some basic elements of business. Whether you’re starting a business or are already running your company, knowing the difference between a copyright and a trademark is one of the fundamental “must knows” every entrepreneur should understand. So, what is the difference between a copyright and a trademark? Let the learning begin! Copyright A Copyright protects works you’ve created, such as: research, photos, blog posts, books, articles, music, art, website content, computer code, and other forms of expression. As soon as you [...]

Filing a DBA – FAQ

This month in our FAQ series, we tackle the most commonly asked questions about one of the most popular entity types - the DBA. Starting a business can be overwhelming, and one of the first and most important steps is choosing a business entity. A DBA, which stands for "Doing Business As", is also known as a fictitious business name or assumed business name. A sole proprietor can file a DBA in order to operate under their preferred business name, or a DBA can be filed underneath an existing corporation or LLC in order to advertise as or [...]

2017-09-27T08:45:19-07:00 September 6th, 2016|Categories: Startup and Launch|Tags: , , , , |

How to Get an LLC License

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 [...]

2017-12-26T08:17:53-07:00 August 31st, 2016|Categories: Startup and Launch|Tags: , , , , , |

Registering Your Business Name: Three Ways To Get It Done

What’s in a name? More than you might realize when it comes to choosing one for your business! Aside from the obvious must haves of grabbing customers’ attention and being memorable, a business name must also be available to use—and protected. Selecting a name for your company is only the first step in the process. You also have to determine that no one else is already using the name by performing a name search.  Then register your business name, so you can legally use it and so other businesses don’t try to claim it as their own. Imagine [...]

2017-12-20T11:34:06-07:00 August 23rd, 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 [...]

2017-12-26T10:41:04-07:00 August 16th, 2016|Categories: Ongoing Management and Protection|Tags: , , , |

Email Ethics: What Small Business Owners Can Learn From the Latest Political Scandals

The conversations centered on Hillary Clinton’s email practices and the leaked DNC email messages have probably not escaped your notice. Regardless of political affiliation or viewpoint on the controversies, I think there’s one thing we might all agree on as business owners: It’s important to treat our email communications with care. We can learn some valuable lessons from the email mistakes and oversights made by individuals in the public’s eye. And we should also think about how we might avoid other sorts of damaging email mishaps. Never badmouth a colleague, vendor, competitor, or client in your email messages. [...]

2017-12-20T10:04:09-07:00 August 11th, 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 [...]

2017-09-28T06:14:09-07:00 July 26th, 2016|Categories: Startup and Launch|Tags: , , , , , |

5 Ways to Simplify the Payroll Process

Paying your employees on time can be a headache for small business owners looking to do the task themselves. It sounds simple, but when you factor in taxes, fees, and other regulations, it quickly becomes one of the biggest minefields associated with running a business. Fortunately, by following the tips below, you should be able to streamline your payroll processes with minimal effort on your end. Direct Deposit As the name implies, direct deposit is a system which enables you to send employee payments directly to their bank accounts without having to worry about costly paper checks or [...]

2017-12-22T11:13:08-07:00 July 21st, 2016|Categories: Ongoing Management and Protection|Tags: , |