Monthly Archives: February 2009

California Secretary of State Information

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California Secretary of State

The California Secretary of State, Corporations Division, is the California state agency that will process a filing for forming a corporation or an LLC (limited liability company) in California. The Office of the California Secretary of State offers the following corporation and LLC filing services:

California Secretary of State Contact Information:
California Secretary of State
1230 J Street
Sacramento, CA 95814

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Maintaining a Corporation or LLC

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Starting a new business can be confusing – many people do not know what to do to maintain a corporation.  While it’s not complicated, when you don’t know what do to, corporate maintenance can seem like a daunting task.

Once your corporation or limited liability company has been formed, MyCorporation can help you manage the future of your new entity with MaintainMyBiz. With this corporate maintenance package, you select the filings you need for your business and we file them whenever you’re ready. With 18 products and services to choose from, you can customize your package to meet your business needs.

What’s Included? You can select up to 4 filings every 12 months from the following list of 18 products and services:

  • Initial Report
  • Annual Report
  • Employer ID Number (FEIN)
  • Corporate Seal
  • S-Corp Election
  • Corporate Elite Kit
  • LLC Elite Kit
  • Amendment
  • Stock Certificates
  • Membership Certificates
  • Corporate Minutes and Bylaws
  • LLC Operating Agreement
  • Fictitious Business Name (DBA)
  • Foreign Qualification
  • Certified Copies of Documents
  • Apostille
  • Dissolution
  • Reinstatement

We know that each business is unique. So the flexibility of this package can work for almost any corporation or limited liability company.

 

New Business Example Let’s say your new California corporation is called Food Incorporated and you are in the restaurant business. With MaintainMyBiz, you may choose to get an Initial Report, Employer ID Number, Fictitious Business Name, and a Foreign Qualification. So your new California corporation is set up to be compliant with the state, ready to hire employees, you can operate your restaurant under a different name (like Fast Food To Go) and you can get ready to expand your restaurant chain to another state. Now, you may not need all these services at once, so we give you 12 months from date of package purchase to redeem up to 4 filing products and services.

Existing Business Example You’ve been in business for 3 years. But you’re tired of the hassle of maintaining your corporate paperwork. Well, you may want us to file your Annual Report each year. And maybe you’re in construction and need to get Certified Copies of your Articles of Incorporation each time you submit a new project bid. Let’s say you’ve moved recently and need to update your business address with the State – then you would need an Amendment.

As you can see, there are many situations in the life of a corporation or limited liability company where you may need document filing services. MyCorporation is here to help.

Prepare your business for success with MaintainMyBiz. New corporations and LLCs often have additional filing needs after getting started. So we’ve created this special package to meet the needs of new business start ups, and to help maintain existing businesses with ongoing filing requirements.
Save time, money, and hassle when you purchase the MaintainMyBiz filing package for your business.

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Annual Reports – File on Time

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Annual Reports – Do You Know When to File? Now is a good time to review corporate compliance for corporations and LLCs. Stay compliant with state regulations by ensuring a timely Annual Report filing. Most states require each corporation or LLC to file an informational report, known as the Annual Report, to confirm things like business address, officers, directors, etc. Because requirements vary by state, it can be difficult to remember when the Annual Report needs to be filed. MyCorporation knows the filing deadlines for each state. Some states require Annual Report filings by a specific date each year (like March 1st). While other state filing deadlines can be based on the anniversary of the corporation or LLC formation. In addition, while most states require this report each year, some only require it every other year.

There are many business maintenance requirements associated with a corporation or LLC.  To find out more about business maintenance, you can read more about the different filings.

Contact MyCorporation today to check filing requirements for your corporation or LLC. For your convenience, and to avoid being charged penalties by the state, scheduling filings in advance of the deadline is recommended to ensure adequate time for processing with the state’s offices. MyCorporation is ready to assist with all Annual Report filing needs. Visit MyCorporation.com or call 1-877-692-6772 for filing requirements. Prices start at $69, plus shipping and state filing fees. It’s a small price to pay to avoid penalties and interest in the event of a missed deadline.

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S-Corp Election

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The deadline to elect S-Corporation status from the federal government is
March 16, 2009. Now is the time to consider whether your corporation or LLC should make this tax election.

What is an S-Corporation? What are the benefits?
An S-Corporation starts out as a C-corporation or LLC. Choosing S-Corporation taxation avoids traditional “double-taxation” for corporations by allowing profits to “pass-through” and be reported on shareholder’s individual tax returns. LLCs can benefit from being taxed as an S-Corporation by reducing self-employment taxes on salaries paid to the owner(s).

Self-employment tax savings
In an S-Corporation, only earnings paid to an owner as salary is subject to payroll taxes. Any money left in the business for reinvestment or distributed to the shareholder as a dividendis not subject to self-employment tax.
Maria is a sole proprietor bringing in sales of $90,000. After she pays her costs & expenses, her profit is $60,000.
As a sole proprietor, she is required to pay self- employment tax of 15.3% on this entire $60K of profit, which equates to $9,180.Now, let’s assume Maria formed an S-Corporation for her business, and chooses to pay herself $35K for the year in salary, and take the remaining $25K of profit through a distribution. She still earns the same $60K in profit.

But, let’s look at the tax situation. Because corporations only pay Social Security & Medicare taxes on salaries, she’s only liable for $5,355, saving over $3,800 in taxes!
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Entrepreneurs can Reduce Costs, Protect Assets With Free Incorporation Services From MyCorporation

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The economy struggles and unemployment rates rise. As a result, many Americans are seizing the opportunity to start businesses while existing business owners are trying to cut costs. And both the newcomer and the old pro share a common bond: the need to protect their personal assets.

To help small business owners play it safe, Intuit Inc’s (Nasdaq: INTU) MyCorporation.com is offering free incorporation and Limited Liability Company (LLC) services through July 31. This service, valued at $149, helps both new and established entrepreneurs reduce costs and protect their personal assets.  The offer is part of Intuit’s Small Business United, a stimulus program to help America’s entrepreneurs.

Many entrepreneurs don’t realize the importance of incorporating their business. In a recent Intuit survey of nearly 300 small business owners, 51 percent of them said incorporation was not a priority in 2009. This compares to 23 percent who said it was a priority and 26 percent who had already done it.

“The true value of incorporating a business, much like insurance, is often not seen until the business faces a negative situation, including bankruptcy or a legal action,” said Deborah Sweeny, general manager of MyCorporation and lawyer by trade. “Incorporation protects business owners so that their personal assets may not be used to pay the debts of the business. It also helps reduce their taxes and lessens their chance of an audit.”

Over the last few months, more than 3300 small business owners turned to MyCorporation to form their corporation or LLC for free.  MyCorporation makes it easy and cost effective for businesses to get started by offering free incorporation services online and eliminating the need to hire an expensive lawyer to process the paperwork.

 “I enrolled my new business in a pre-paid legal program but they wanted to charge me a lot extra to incorporate,” said Marielle Saleigh, owner of Finding Home LLC in West Hills, Calif. “I then learned that Intuit offered free incorporation services. The rep at MyCorporation was pleasant and helpful and registered my business as an LLC for free in less than 15 minutes. This was the break I needed to help start my new company.”

Free Incorporation and Other Tools

Business owners can call 1-877-MYCORP-2 (1-877-692-6772) or go to www.mycorporation.com and mention or type in code MYFREE to register their business for free. This free offer saves business owners $149 and will be available until July 31, 2009. It does not include shipping and state filing fees.  Entrepreneurs can also go to www.smallbusinessunited.com to get MyCorporation’s free incorporation services and other free Intuit products, such as QuickBooks Simple Start and Intuit Websites, to help them start and grow their businesses.

 

About MyCorporation

MyCorporation, an Intuit company, is a leading provider of online document filing services for customers who wish to form a corporation or limited liability company. For nearly 10 years, MyCorporation has helped small business customers and real estate investors incorporate their businesses in a reliable and affordable manner. In addition to offering document filing services for online incorporation, MyCorporation also offers trademark searches and applications, copyright registrations, DBA registrations, registered agent services and many more products that help customers protect and maintain the legitimacy of their businesses. My Corporation does not provide legal advice. My Corporation encourages its customers to consult with legal counsel about these matters.

 

About Intuit Inc.

Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit’s leading tax preparation software suites for professional accountants. The company’s financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.

Founded in 1983, Intuit had annual revenue of $3.1 billion in its fiscal year 2008. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom and other locations. More information can be found at www.intuit.com.

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