LLCs

Get the Lowdown on Wyoming LLC Fees

Thinking of starting a business in Wyoming? Or maybe you already have one there, but want to change your business structure to an LLC. Either way, you need the scoop on how to form an LLC in Wyoming, as well as what it’ll cost you. Why Form an LLC in Wyoming The LLC — or Limited Liability Company — is a smart choice for your business structure. It protects your personal finances, home, vehicles, and other assets from being seized to cover your business’ expenses. It can also make it easier to position your business to borrow money [...]

2017-11-10T10:16:46-07:00 November 10th, 2017|Categories: Startup and Launch|Tags: , , |

Foreign LLC Registration and Management

Registering your business as a foreign LLC (also known as “foreign qualification”) is required under certain circumstances when you operate your business outside of the state in which you've formed your LLC. Despite the term "foreign," a foreign LLC operates domestically within the United States. Your LLC isn't considered foreign in the state in which you initially registered it, only in the states where you've expanded its operations. Breaking Down the Need for a Foreign LLC A few hypothetical scenarios of when you may need to file as a foreign LLC include: Your retail home decor business is [...]

2017-11-06T12:45:57-07:00 November 7th, 2017|Categories: Startup and Launch|Tags: |

Dissolve an LLC With These Six Easy Steps

For a variety of reasons, entrepreneurs may decide to close the business they worked so hard to start and grow. Situations change and the need to dissolve an LLC or corporation may need to be addressed. An entrepreneur can grow tired of small business ownership or may simply want to retire. Possibly the business has been losing money or it isn't as profitable as it needs to be. Regardless of the reasons, an LLC needs to be dissolved in a formal and methodical manner. This task doesn't have to feel daunting. Our six easy steps will provide a guide [...]

2018-02-16T09:58:30-07:00 October 31st, 2017|Categories: Maturity and Exit|Tags: , , , |

Expert Advice for Registering a Business in Oregon

Have you been thinking about making your dream of starting your own business in the beautiful Pacific Northwest a reality but not sure how to begin?  This post will help guide you through the process of registering a business in Oregon – one of the most scenic and culturally diverse states in the region. Registering a Business in Oregon - What You Need to Know Before we begin, realize the information going forward assumes that you have already decided that operating your business as a sole proprietorship or general partnership (if you will have multiple owners) is not for [...]

2017-10-25T10:18:48-07:00 October 26th, 2017|Categories: Startup and Launch|Tags: , , , |

LLC vs. S Corp vs. C Corp

Yes, operating a business as a sole proprietor or general partnership offers simplicity, but that comes at the cost of not having separation between you as an individual and your company. Are there other options? What about the LLC vs. S Corp vs. C Corp? For entrepreneurs who want to protect their personal assets and have tax flexibility, registering as a type of legal business entity—such as LLC or S Corporation or C Corporation—is well-worth exploring. LLC vs. S Corp vs. C Corp - What’s the Difference Anyway? Continue reading because I’m going to break down the basics of [...]

2018-02-19T06:49:57-07:00 October 23rd, 2017|Categories: Ongoing Management and Protection|Tags: , , |

Why Every Entrepreneur Needs to Know About Asset Protection

Entrepreneurs put a lot of sweat equity into starting and running their businesses. They make sacrifices and have a lot on the line. Unfortunately, despite how much time and energy business owners put forth, there’s no such thing as guaranteed business success. When a business doesn’t make it, it’s distressing. But when an entrepreneur’s home, family vehicle, personal savings account, and other non-business property gets pulled into the fray due to their failing company’s legal or financial troubles, it’s even more devastating. That’s why you and every business owner should be aware of what you can do to [...]

2017-10-02T14:34:05-07:00 October 4th, 2017|Categories: Ongoing Management and Protection|Tags: , , , |

Is a Multi-Member LLC Right For You?

The multi-member LLC is a Limited Liability Company with more than one owner. It is a separate legal entity from its owners, but not a separate tax entity. A business with multiple owners operates as a general partnership, by default, unless registered with the state as an LLC or corporation. Would it make sense for you to form your business as a multiple member LLC? To arrive at that answer, you need to consider how choosing that business entity type will impact you legally, administratively, operationally, and from a tax perspective. I encourage you to speak with an [...]

2017-09-27T09:26:05-07:00 September 27th, 2017|Categories: Ongoing Management and Protection|Tags: , , , |

What Is a Fictitious Name?

What Is a fictitious name? A fictitious name is a name other than your proper legal business entity name that you formally get permission from the state (or county) to use when conducting business. You may also see a fictitious business name referred to as a “Doing Business As” (DBA), “assumed name,” or “trade name.” Throughout this post, I will use the terms “fictitious name” and “DBA” interchangeably. At CorpNet, we help business owners throughout the United States file DBAs. Fictitious names can benefit businesses of all types—from sole proprietorships to LLCs to corporations. At CorpNet, we help [...]

2017-09-20T10:11:10-07:00 September 22nd, 2017|Categories: Ongoing Management and Protection|Tags: , , , |

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.

2017-12-20T11:31:41-07:00 September 20th, 2017|Categories: Ongoing Management and Protection|Tags: , |

Flexible Staffing Options: Get Help Without Hiring Full-time Employees

At some point, growing businesses need more hands on-deck. But that doesn’t necessarily mean you have to invest the money to hire full-time employees—yet. Before you hire full-time employees, there are other staffing options you can explore. Bring on Extra Help With Our Six Flexible Staffing Options 1. Family and Friends Starting a business requires long hours and time away from family and friends. You can avoid the separation issue (and create new bonds) by hiring family and friends to help run your business. Family businesses account for 64 percent of the U.S. gross domestic product and create [...]

2018-02-23T09:29:28-07:00 September 20th, 2017|Categories: Growth and Expansion|Tags: , , , , , |

Breaking Down Business Entity Types

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 [...]

The Fail Proof Process for Incorporating in California

Have you considered incorporating in California but you're just not sure where to begin? As a California business owner, I’m excited to help guide other entrepreneurs get their companies up and running in this fine state. In this post, I’m going to walk you through the process of forming a corporation in California. But first, let’s take a look at the various kinds of corporations the state recognizes. Types of Corporations in California General For-Profit Corporation (General Stock Corporation) - A General For-Profit Corporation is a legal entity, separate from the shareholders who own its stock. It can exist [...]

2017-09-08T10:37:43-07:00 September 6th, 2017|Categories: Startup and Launch|Tags: , , , , |

What Is a Registered Agent?

Many business owners will ask themselves what is a registered agent and then question if they really need one. The answer to both questions is yes! A registered agent is a person or company with the authority to accept service of process (legal documents and government notices) on behalf of a business. When selecting a registered agent, the business must designate one who has a physical location within the state where the business is registered to operate. A registered agent is a person or company with the authority to accept service of process (legal documents and government notices) [...]

2017-09-08T10:16:41-07:00 August 30th, 2017|Categories: Ongoing Management and Protection|Tags: , |

Back to School and Back to Business: Legal Checklist for Entrepreneurs

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 [...]

2018-02-16T13:55:00-07:00 August 23rd, 2017|Categories: Ongoing Management and Protection|Tags: , , , , , |

Is A Real Estate LLC Really Necessary?

A Real Estate LLC (Limited Liability Company) business structure has become a preferred entity of real estate investors for holding title to investment properties. That’s not too surprising considering the advantages of forming an LLC: It limits personal liability. It provides tax treatment flexibility. It’s relatively simple to establish and maintain. It’s less costly to set up and maintain. It offers more flexibility in how you distribute profits. It makes it easier to pass real estate investments to your loved ones. An individual or a company beyond the United States can own it. Let’s dive deeper into each [...]

2017-09-12T11:30:43-07:00 August 16th, 2017|Categories: Startup and Launch|Tags: , , , , , , |

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 [...]

2017-10-10T07:18:11-07:00 July 26th, 2017|Categories: Ongoing Management and Protection|Tags: , , , , , |

Filing an Amendment: 7 FAQs to Keep You in Compliance

This month, we answer all your thought-provoking questions about filing an amendment. July marks the middle of the year and a great time to make changes within your company! When do I need to file an amendment? Articles of Amendment are required if any of the information included in your incorporation or foreign qualification paperwork changes. For example: Changes to the company name Changes to the Registered Agent Information Company Business Address Director or Member Information Number of Authorized Shares Business Activities of the Company Do I need to notify the state if the nature of my business changes? [...]

2017-12-13T14:42:18-07:00 July 17th, 2017|Categories: Ongoing Management and Protection|Tags: , , |

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 [...]

2018-02-16T09:55:05-07:00 July 14th, 2017|Categories: Seed and Development|Tags: , , , , , |

Employer Identification Number: What is an EIN and How do I Get One?

At CorpNet, we field a lot of questions centered on what aspiring entrepreneurs need to do from an IRS-standpoint to start a business. Almost daily, I see inquiries arrive about obtaining an EIN (Employer Identification Number). I’m glad people ask about that because it is indeed an important item to check off a startup’s to-do list. What Is An Employer Identification Number? You may see EINs also referred to as “Federal ID number,” “Tax ID Number,” or Federal Tax ID Number.” It is a nine-digit number used for tax filing and reporting and for other business documentation purposes. [...]

2019-04-15T10:34:42-07:00 July 12th, 2017|Categories: Startup and Launch|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 [...]

2017-12-13T14:16:24-07:00 June 13th, 2017|Categories: Startup and Launch|Tags: , , , , |