S Corp

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: , , , , |

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

Start & Run Your Business Right: Join Our Facebook Group and Partner Program

The process of starting a business is both thrilling and intimidating. There’s the exhilaration that comes from working through the details and making the dream a reality. And then, there are the business formation options and ongoing compliance requirements that often raise questions and sometimes cause confusion. That’s why I’m hosting the “Business Formations & Compliance” Facebook group. The group is a place where business owners and aspiring entrepreneurs can get insight on anything related to forming a business and complying with the rules to keep it in good standing. You can join for free, so there’s no [...]

2018-02-23T07:45:55-07:00 May 24th, 2017|Categories: Partner Program|Tags: , , , |

S Corporation Election Deadline Is Almost Here: What You Need To Know

If you’ve legally established your business as a C Corporation or Limited Liability Company (LLC) that has elected to be viewed as a corporation for tax purposes, you have the option of filing IRS Form 2553 to get S Corporation tax treatment. Why would you want to do so, you ask? Because it could make a big impact on your business’s bottom line. The Potential Advantage for LLCs LLC owners who find themselves with a high self-employment tax burden might benefit from choosing the S Corp election. LLCs are normally taxed like sole proprietorships—with all business profits subject [...]

2018-02-23T07:16:54-07:00 March 2nd, 2017|Categories: Ongoing Management and Protection|Tags: , , , , , |

Nellie in the News: February 2017

What a start to 2017! January and now February have flown by and we’re looking forward to a spring filled with lots of sunshine after these rainy past few months. We have been busy in the office on the phones daily helping you incorporate a business, form an LLC, file a DBA and more across all 50 states! Our CEO Nellie Akalp has been busy as always sharing her expertise and knowledge across the blogosphere. Check out her articles and press mentions from February below. Want Nellie to speak at your next event or share her tips on [...]

2017-11-08T07:07:03-07:00 February 28th, 2017|Categories: Events & Announcements|Tags: , , |

What Every Small Business Should Know About 1099s

Every year when tax time rolls around, I field questions from business owners about whether or not they need to send 1099s to their vendors. As common as 1099 forms are, they remain one of the most misunderstood Internal Revenue Service (IRS) requirements. To make sure you understand the circumstances under which the IRS requires issuing 1099-MISC forms to vendors, I’m going to provide some basic “must-know” information here. What Is A Form 1099-MISC? You must issue an IRS Form 1099-MISC to each person you’ve paid $600 or more in services (including parts and materials), prizes and awards, [...]

2017-09-25T10:39:02-07:00 January 31st, 2017|Categories: Ongoing Management and Protection|Tags: , , , , , |

Starting a Part-Time Business

So you’re not ready to quit your “day job,” but you want to launch a business? Many entrepreneurs dip their toes to test the waters by starting a part-time business. In some ways, it’s the best of both worlds; you pursue your dream of business ownership while still bringing home a steady paycheck. 4 Steps for Starting a Part-Time Business Off Right Although there are some considerations unique to starting a business part-time, you’ll find other aspects are the same as when starting a company full-time. For example, you have to take the necessary steps to operate your [...]

2017-10-04T08:40:30-07:00 January 11th, 2017|Categories: Startup and Launch|Tags: , , , , , , |

Business Information Zone (B.I.Z) – FAQs

Welcome January and 2017! With the holidays behind us and a bright new year ahead of us, it is a great time to start a business.  This month, we discuss the ways CorpNet can assist with our Business Information Zone or B.I.Z. in keeping your company in compliance! Q: What is B.I.Z.? A: Think of B.I.Z. as your business’ personal concierge service. Once you sign up, you’ll receive email reminders on tax and compliance alerts. You can also use B.I.Z. to store your business documents, and keep a personalized business profile that tracks important data about your company [...]

2017-11-28T10:25:43-07:00 January 5th, 2017|Categories: Startup and Launch|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: , , , , |

Will Your Business Need Financing in the New Year?

As you plan and set goals for your small business in 2017, one area to look at is financing. Will you need additional funding at some point in the New Year? If the answer is yes, how will you raise the money? Take a closer look at the two primary means of raising capital — equity financing and debt financing — and what you need to know about each. Equity Financing In equity financing, you give up a piece of your business (equity) in return for an investment of capital. Equity investors may be private investors, venture capital [...]

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 [...]

2017-09-08T10:48:58-07:00 November 29th, 2016|Categories: Nellie in the News|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 [...]

Back to Basics: LLC or Corporation?

Both forming an LLC and incorporating your business safeguard you by protecting your personal assets if legal action is taken against your business. They also give your business a boost of credibility by having either “LLC” or “Inc.” behind your company name. But there are differences that could make one or the other the better choice for you. I can’t emphasize enough the importance of knowing the pros and cons of the legal structures available to you before you decide which will serve your business most effectively. The Low-down On LLCs Many owner-managed businesses opt to form as [...]

2018-02-23T07:11:29-07:00 October 11th, 2016|Categories: Startup and Launch|Tags: , , , , , |