The Launch Blog: Expert Advice from the CorpNet Team
Fathers Know Best: Entrepreneurial Dads Share Their Business Wisdom
Some people are lucky enough to grow up in an entrepreneurial family. I am one of the lucky ones. I learned so much from working with my grandfather at his small businesses when I was younger. I mean, what could be better than working at an ice cream store?...
Kentucky Annual Reports: When They’re Due and How to File Them
In Kentucky, limited liability companies, C corporations, limited partnerships, and business trusts must file an "annual report" with the Kentucky Secretary of State office. Kentucky annual reports allow the State to provide accurate information to the public about...
As a Business Owner, Can I Have Multiple LLCs?
Once entrepreneurs taste what it's like to be their own boss and carve their own career path, some decide to pursue starting multiple businesses. Depending on the situation, owning multiple Limited Liability Companies (LLCs) might make sense. Which leads to the...
What Is a Certificate of Authority?
You may have heard the term Certificate of Authority, but what is it? Well, it can refer to a few different things! I'll discuss the various types of Certificates of Authority in this article to give you some general information about what they are and when they...
The Corporate Veil: What it is and Why You Don’t Want to Pierce it
What Is Piercing the Corporate Veil? Businesses that are registered as limited liability companies (LLCs) or corporations provide their owners with protection against being held personally liable for the company’s debts and claims. That legal shield of separation...
What Business Owners Should Know About the Arkansas Annual Franchise Tax
The Arkansas Secretary of State requires some business entities to report and file Annual Franchise Tax each year. The Annual Franchise Tax is a privilege tax that limited liability companies (LLCs) and corporations must pay for the opportunity to conduct business...
What You Should Know About Delaware Annual Reports and Annual Tax
Business entities in the state of Delaware have various reports and filings they must submit to the Delaware Division of Corporations each year. Delaware Limited Liability Companies don’t have to file an annual report, but they do have to file to pay an Annual Tax...
What is a Business Statement of Purpose for an LLC or Corporation?
When starting a limited liability company or corporation, businesses in most states must provide a written statement of business purpose in their formation documents (articles of incorporation or articles of organization). The business purpose statement describes...
What Are Texas Annual Franchise Tax Reports?
Texas Comptroller Annual Franchise Tax Reports Requirements If you have a business in the Lone Star state, you may be wondering if you must file a Texas annual franchise tax report and pay a franchise tax. The state’s report filing requirements vary according to...
What Is a Statutory Agent?
“A rose by any other name would smell as sweet.” ~ Juliet (in Romeo and Juliet by William Shakespeare). Such is also the case with a statutory agent. More commonly known as a registered agent, a statutory agent is an individual or entity appointed by a Limited...
CorpNet Recognized as One of the Fastest-Growing Companies in California
CorpNet is proud to announce that it has made Inc.’s prestigious “Inc. 5000 Regionals” list in 2021 as one of the fastest-growing private companies in the state of California. Out of the 250 companies to receive the honor in the state, CorpNet was named number 213...
Does Your Business Have to File a Georgia Annual Report by April 1st?
Business entities that are registered with Georgia's Office of the Secretary of State must file a Georgia annual report each year. The due date for filing Georgia's annual report is April 1st. What is an Annual Report? The correct terminology for an annual report...
Florida Annual Report: 7 Things You Must Know
If you have incorporated in Florida or formed an LLC in Florida, your deadline for filing your Annual Report is May 1. Here are 7 facts that you need to know to ensure that your corporation or LLC remains compliant in the state of Florida.
You Must File an Annual Report Whether Your Business Has Changes or Not
While the purpose of the Annual Report is to ensure that the Florida Department of State, Division of Corporations has your company’s most updated information, you still have to file the document, even if you have no changes since last year.
How Do I Legally Protect My Side Hustle?
Most everyone could do with a little more cash these days, and a side hustle is a great way to keep your “day job” or core business and still make extra income. But what happens when your side hustle gains traction, and you want to make sure it is legally...
What is a DBA?
Whether that name is legally registered with the business’s home state or not, every business has a legal name. A DBA (or “Doing Business As” is a name that is different from the legal name of the company. A DBA is also referred to as the “trade name,” “assumed...
California LLC Franchise Tax Waived in First Year
Legislative Update Gives Exemption to New California Limited Liability Companies LLCs registered to do business in California must pay an annual franchise tax of $800 to the state's Franchise Tax Board (FTB). However, to relieve some of the financial pressures amid...
Everything You Need to Know About Starting a Partnership
What is a Partnership? A partnership is a formal legal entity where two or more parties agree to manage and operate a business and share its profits and losses. Like a sole proprietorship, each partner is responsible for the assets and liabilities of the company....
S Corporation Election Considerations for Corporations and LLCs
Have you been thinking about whether your business might benefit from being an S Corporation? I presented a webinar for accounting professionals about the S Corp election not too long ago. Within that presentation, I covered information of value to entrepreneurs in...
What Is IRS Form 2553?
IRS Form 2553 (Election by a Small Business Corporation) is the form that a corporation (or other entity eligible to be treated as a corporation) files to be treated as an S corporation for federal tax purposes. The IRS has specific criteria that entities must meet...
What Is IRS Form 8832?
IRS Form 8832 (Entity Classification Election) is the form an eligible business entity uses to elect federal income tax treatment other than its default treatment. Eligible entities include: Limited Liability Companies (LLCs) Partnerships (a business entity that...
What is a Corporate Resolution?
A corporate resolution is a formal record of a corporation's board of directors' decisions and actions on behalf of the company. States require incorporated companies to use corporate resolutions for recording major business decisions. The company's board of directors must vote to approve resolutions either during board meetings or in writing.
The Best Business Entity for Professionals
In most states, professionals, such as attorneys, doctors, optometrists, certified public accountants, architects, psychologists, and psychiatrists, have fewer choices when it comes to selecting a legal structure for their businesses. Legal entities (such as...
What You Need to Know About Sole Proprietorships
By far, sole proprietorships are the most popular form of business ownership. Starting your entrepreneurial journey as a sole proprietorship is also the easiest route for a startup business owner to take as the paperwork and compliance requirements are minimal....
How Should Real Estate Investors Structure Their Businesses?
Owning investment properties can be exciting and lucrative. However, investments in real estate, whether vacation rentals, long-term rentals, or properties for resale, can also create liabilities. That's why it's critical for real estate investors to wisely choose...
What Is the Difference Between Sales Tax and Sellers Use Tax?
Whether you sell products or services in one state or many states, it’s imperative to understand your business’s sales tax compliance requirements. To correctly register a business in a state and then file and the proper sales tax, you need to know the difference...
What Is a Pass-Through Entity?
A pass-through entity refers to a business that does not pay income tax of its own. Its income, losses, credits, and deductions “pass-through” to each business owner’s personal tax return, where its profits are taxed according to each owner’s individual income tax...
Tax Saving Features of Corporations, S Corporations, and LLCs
I regularly speak to business owners about entity types and their potential impact from a tax perspective. A while back, I created a webinar for accountants (and other professional services providers that work with businesses) on the topic of business structures...
How to Properly Handle Your Company’s Annual Meeting Minutes
Businesses that have incorporated as a corporation or formed a limited liability company (LLC) must carefully document their compliance activities. For example, when a corporation holds its annual general meeting (a.k.a, annual shareholder meeting), it must keep a...
10 Ways to Promote Your New Business
Excited to start your new business in the coming year? Whether you’re forming your company as a sole proprietorship or a Limited Liability Company (LLC), promoting a new business takes strategizing and fresh ideas. Otherwise, it’s challenging to get your new...
What You Need to Know About the Flexibility Act and PPP Loan Forgiveness
There’s good news for recipients of the CARES Act Payroll Protection Program’s (PPP) loan. The loan, which provided funds for small businesses to retain employees through the pandemic, has been altered with more generous terms for forgiveness. The Flexibility Act...
