Sole Proprietorship

Webinars About How to Choose the Right Business Entity

Wondering how to choose the right business entity? Consider watching these webinars to learn about the pros and cons of various business structures.

Do You Need Annual Meeting Minutes for Corporations and LLCs?

What business owners should know about annual meeting minutes for corporations. What are they, who must have them, and how do you create them?

2018-12-12T16:03:33-07:00 December 18th, 2018|Categories: Ongoing Management and Protection, Startup and Launch|Tags: , , |

5 Steps to Start a Business By Year End–A Guide for Startups

What do you need to do to get your startup off the ground before next year? These steps to start a business will give you the direction you need.

2018-12-07T09:01:41-07:00 December 13th, 2018|Categories: Startup and Launch|Tags: , , , , |

Use a Home Address to Incorporate a Business–What to Consider

s it OK to use your residential address as your business address, too? Here's what to consider before you use your home address to incorporate a business.

2018-12-10T08:12:20-07:00 December 4th, 2018|Categories: Startup and Launch|Tags: , , , , |

How to Start an Amazon Business

Entrepreneurs and startups have recently become very unclear about how to start an Amazon business because the responsibility of online sellers to collect and remit sales tax has been an issue under debate for quite some time. Entrepreneurs who have brick-and-mortar stores in jurisdictions that have enacted sales tax clearly must add state (and sometimes local) sales tax to customer’s bills when selling taxable goods. And then send they must send those funds to the proper tax authorities. But what if you sell your products online to customers in other states? The rules haven’t been completely clear in [...]

Start a Business Checklist for a Home Based Business

Knowing your how to start a business checklist for a home based business may sound simple to most people. With no need to rent or buy office space and worry about setting up workstations for employees, how tough can it be, right? Well, although setting up shop at home offers some degree of simplicity, business owners who work out of their homes still face some of the same legal considerations companies with dedicated places of business do on how to start a business from home. If you’re contemplating about launching a business and how to start a business [...]

2018-11-15T14:59:46-07:00 November 27th, 2018|Categories: Startup and Launch|Tags: , , , , , |

Sole Proprietor vs. LLC

If you’re the sole owner of a business, you may have pondered the question: “Should I operate as a sole proprietor or a single member LLC?” Decisions, decisions! So what else is new when running a business, right? There are always choices to make—and deciding which business entity type will be right for your company is one not to be made lightly. The type of business structure you choose will have legal and financial implications. It will also affect the time you spend on efforts to keep your business compliant with whatever rules must be followed for the [...]

2018-09-29T14:42:55-07:00 October 2nd, 2018|Categories: Startup and Launch|Tags: , |

The Accountant’s Role in Business Formation

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 [...]

Hit Hard With 2017 Taxes? It’s Time To Change Your Legal Structure for 2018

It seems like you just got your business taxes handled for 2017, and now you must start worrying about 2018 taxes. That’s because the tax reforms signed into law last December under the Tax Cuts and Jobs Act will most definitely affect your business taxes—and possibly your company’s legal structure as well. And you might be wondering how to avoid a hit like that in the future.  Maybe it’s time to change your business legal structure. If you’re self-employed and operating as a sole proprietor, I suggest exploring if a change in legal structure might provide some tax relief [...]

2018-05-09T06:15:45-07:00 May 9th, 2018|Categories: Ongoing Management and Protection|Tags: , , , |

How to Budget as a Freelancer

Creating a budget as a freelancer shouldn’t be any harder than it is for any other small business. And yet, the rollercoaster ride of finding and keeping clients, collecting invoices, marketing your business and juggling all of this yourself can create major budgeting headaches. Income predictability is a challenge unique to freelancers, according to a recent survey by Upwork and Freelancers Union. Fortunately, there are many simple steps you can take better learn how to budget as a freelancer. Step 1: Keep Business and Personal Finances Separate Even if you used personal assets to start your freelance business, [...]

2018-01-18T06:19:50-07:00 February 15th, 2018|Categories: Ongoing Management and Protection|Tags: , , , , |

Benefits of an S-Corporation

Incorporating is one of our favorite services, not only for the tax savings it provides those who are self-employed, but also for the asset protection it offers those with passive real estate investments or one-off productions in the entertainment industry. Before we dive into the benefits of an S-Corporation, let’s first understand each type of business entity: S-Corporation: Entity used to assist self-employed individuals transition from small to medium sized business structure. Only entity that allows the self-employed to reduce social security and Medicare tax (SE tax). An S-Corporation can also be an LLC electing to be taxed [...]

2018-01-09T06:13:59-07:00 January 18th, 2018|Categories: Startup and Launch|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 [...]

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: , , , |

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 [...]

2018-02-16T13:55:00-07:00 August 23rd, 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: , , , , , |

How To Choose And Legally Use Your Business Name

The name you choose for your business will be one of your most powerful and valuable assets. As one of the primary ways customers distinguish you from your competitors, your business name wields a lot of power. The right name can help propel you to success; the wrong name can put you at a disadvantage. Besides choosing a business name that: Projects how you want people to view your business (e.g., edgy, professional, high-tech, academic, approachable, etc.) Makes it easy for customers to identify what you do. Is simple enough to be memorable. I encourage you to have [...]

2017-11-20T11:17:30-07:00 May 22nd, 2017|Categories: Startup and Launch|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: , , , , , |