The Launch Blog: Expert Advice from the CorpNet Team
How to Withdraw Money From an LLC
How does a Limited Liability Company (LLC) owner withdraw money from their business? Whether these funds are for personal use or it is considered compensation from the LLC, how they may do that depends on three things: Whether the Limited Liability Company is a...
Checklist for Launching a New Business in Indiana
Launching a new business in Indiana can be a smart move due to the state’s favorable business environment. Characterized by relatively low corporate taxes, reasonable regulatory requirements, and a comparatively affordable cost of living, Indiana’s central location...
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...
A Guide for Starting a Business in Colorado
Colorado’s economy is just as varied and unique as its people and landscape. Tourists flock from around the world to experience Colorado’s scenery, recreational adventures, and cultural activities. In addition, Colorado has a long successful history of ranching,...
What Is an Executor of an LLC?
An LLC executor is a designated person or business entity that an LLC’s members appoint to handle certain legal and tax-related aspects of their business at various stages of its existence. An executor might assist LLC members through the business formation...
A Guide for Starting a Business in Maryland
Maryland’s strategic location on the east coast of the U.S. is within easy reach of major metropolitan cities like Washington, D.C., Baltimore, Philadelphia, and New York City. This proximity can give your business access to a large customer base and supply chain...
Why Small Businesses Fail
Owning a small business is the American dream. But sometimes, despite all the hard work, that dream turns into a nightmare and businesses don’t make it. Understanding why small businesses fail can be as crucial as knowing the secrets of those that succeed. Being...
What Is a Certificate of Formation?
If you’re considering starting a business as a Limited Liability Company (LLC), you’ll want to become familiar with the term “Certificate of Formation.” Sometimes called Articles of Organization or Certificate of Organization, a Certificate of Formation is the...
Back to School, Back to Your Business
With autumn approaching, many entrepreneurs and other professionals with school-age children face a double dose of challenges. Back to school brings break-neck fall schedules packed with events and extracurricular activities that demand parents’ time. And as kids...
CorpNet Awarded Inc. 5000 for 2023
CorpNet is proud to announce that it has made Inc.’s prestigious Inc. 5000 list in 2023 as one of the fastest-growing private companies in the country. This is the sixth year CorpNet has been honored and 2023 is the highest ranking to date. CorpNet's Inc. 5000...
What Is an Agent for Service of Process?
An agent for service of process is an individual or business that accepts important legal and government notices on behalf of an LLC or Corporation. More commonly known as a registered agent, designating an agent for service of process is a requirement for LLCs,...
Registered Agent Options for Non-Citizens
If you’re a foreign entrepreneur wishing to start a business in the United States, I expect you may have many questions about the process. Non-citizens can own a U.S-based Limited Liability Company (LLC) or C Corporation, and like U.S. residents, non-resident...
How to Appoint a Registered Agent
Appointing a registered agent for your business entity isn’t terribly difficult, but it does require a little effort on your part. Whether you’re starting a brand new business and need to designate a registered agent for the first time or you want to change your...
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.
Should I Be My Own Registered Agent?
The owner of a Limited Liability Company (LLC) or Corporation might consider being their own registered agent since it eliminates the cost of contracting another party to accept service of process and other official notifications on the business’s behalf. However,...
A Guide for Starting a Business in Michigan
If you’ve been thinking about starting a business in Michigan, you're in good company. With plentiful resources, incentives, and loans, Michigan is home to 902,000 small businesses that represent 48.3 % of the state's workers. Michigan offers one of the best...
What is a BOC-3 Process Agent?
The BOC-3 federal filing designates process agents to accept legal documents on behalf of transportation companies. The process agent company must list the process agents in all other states where the company conducts business.
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...
Time is Running Out on $1 LLC and DBA Filing in Colorado
Since July 1, 2022, the filing fees required to be paid for the registration of new businesses within Colorado have been reduced to $1. This savings includes the formation of a Limited Liability Company (LLC) and initial tradename registrations (DBAs). Colorado...
Time is Running Out on California Waiving Business Formation Filing Fees
Since July 1, 2022, the filing fees required to be paid for the registration of new businesses with the California Secretary of State have been waived. This includes Corporations, Limited Liability Companies (LLCs), and Limited Partnerships (LPs). California’s...
What is a Registered Office?
You'll likely encounter some unfamiliar terms when forming and managing your business. One phrase is a registered office, which refers to the physical address where a company receives service of process, which are legal documents and government notices that need...
What Is LLC Service of Process?
When someone sues an LLC, the procedure of delivering the legal paperwork that initiates the lawsuit and allows it to proceed is referred to as service of process. Service of process notifies the LLC of the lawsuit, and it establishes that the court hearing the...
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...
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...
How to Find and Compare Registered Agent Service Providers
As a serial entrepreneur with a heart for helping other entrepreneurs, it pains me to see business owners misled by registered agent services providers who offer bargain basement prices. These low-priced registered agents focus on offering the cheapest price...
What Is a Subsidiary?
The word “subsidiary” gets tossed about a lot in the world of business. But what does it really mean? A subsidiary is a company owned or controlled by another business entity (known as a parent company, holding company, or umbrella company). A parent company might...
Can You Use a UPS Store or PO Box for a Registered Agent?
It may seem very appealing to use a UPS store or PO Box for your registered agent, but this comes with a lot of risks. And in some states, this action can result in the closure of your business. Let's walk through what a registered agent is and why opting to use a...
Payroll Taxes 101
Whether you’re a sole proprietor and your company’s only employee, or a corporation with 40 employees, you are responsible for collecting and paying employment taxes to federal and state tax agencies. However, while federal payroll taxes are the same no matter...
Articles of Incorporation vs. Articles of Organization
If you're thinking about starting a business, you’ll want to research which business entity type will be most advantageous to you. As you go through that process, you will discover that various documents and filings need to be submitted to the state to form a...
How to Legally Start a Food Truck Business
According to IBISWorld, the food truck industry has 25,476 businesses in 2020. Growth in the industry from 2015 to 2020 averaged 8.7%. With the COVID-19 crisis a reality now, arguably, the food truck industry may be better suited than brick-and-mortar restaurants...
