poker deck

Experts Weigh In: What’s the luckiest thing to happen to you and your business?

With St. Patrick’s Day quickly approaching, we’ve got luck on the brain! Running a business takes a huge amount of work, but, ask any entrepreneur, and they’ll always tell you that there’s a little bit of luck involved.

We asked our small business owners what the luckiest thing to happen to them and their business was. Here’s what they had to say…

“My small business was lucky enough to acquire a massive client right at the end of our launch. As I finished my speech he asked, “Are you accepting paying clients?” Needless to say, he is now a client. It put the icing on the cake that was the launch of my business.” –Bryant McNamara, Initial PR (more…)

SHARE:
shutterstock_192901568_small

Experts Weigh In: How are you growing your business?

Okay, so you’ve taken a risk and started your own business. You’ve done the hard work (starting), and now the ball is finally rolling. Your business is growing. So what’s next? How are you adjusting to suit the expansion?

We asked our small business experts how they’ve expanded their businesses once they started taking off. Here’s what they had to say:

“As Doubledot Media grows, we’re expanding our staff to include a global group of telecommuters who fill various roles. Hiring remotely expands our team and gives us access to the world’s best talent without requiring us to move to a bigger office.” –Simon Slade, SaleHoo  (more…)

SHARE:
shutterstock_270790184

Experts Weigh In: What do you love about your business?

Valentine’s Day is just around the corner, entrepreneurs! MyCorporation is celebrating with their #ILoveMyBusiness contest! To enter, all you have to do is submit a photo showcasing why you love your business to contest@mycorporation.com along with a description of what’s going on in the photo in 25 words or less, the name of your business, and your company URL for a chance to win $500.

We’re so excited to read about all the ways you love your business!

To help get into the spirit of things, we asked our small business experts what they love about their business. Here’s what they had to say:

1.“I’m building a productivity tool, and I love it because it solves problems I face myself daily. Not only does that make it much easier to understand and be invested in, it also means that I get the satisfaction of seeing the benefits and power of it directly reflected every day in my own work.” –Tim Perry, Build Focus (more…)

SHARE:
unemployment insurance

Business Basics: State Unemployment Insurance

Unemployment insurance, at its root, is pretty easy to understand – it’s just a program meant to protect workers that become involuntarily unemployed. But because it is run on a hybrid state-federal system, and is often calculated based on weird variables like experience ratings, the entire concept quickly becomes muddled. Most states also change rates and maximum taxable wages on a year-by-year basis, so what was paid last year may not be the same this year. Thankfully, as long as you learn a little bit about unemployment programs and stay on top of those annual changes, UI shouldn’t cause too many problems. (more…)

SHARE:
shutterstock_198169034_small

Enter to Win $500 In MyCorporation’s #ILoveMyBusiness Contest

People become entrepreneurs for a variety of reasons- they can’t stand the corporate lifestyle, they want to become the master of their own destiny, or they’ve had a dream of opening a business for as long as they can remember. People stay entrepreneurs because they love what they do.

In celebration of Valentine’s Day, we want to see all the ways you love your business. And we’re giving away $500 to one lucky winner through our “#ILoveMyBusiness” photo contest!

Entering is simple. Submit a photo showcasing why you love your business to contest@mycorporation.com along with a description of what’s going on in the photo in 25 words or less, the name of your business, and your company URL. The more creative  the photo is, the better – we really want to see the love in the photo!

Deadline for submissions is February 29th, and the winner will be emailed March 1st, so start snapping photos now to enter in! Limit one picture per entry applicant. For more information on the contest, rules, and additional questions, visit our website at contest.mycorporation.com.

Good luck, entrepreneurs! We’re excited to see all the ways you love your business!

SHARE:
shutterstock_83755681

Experts Weigh In: What Are Your Predictions for 2016?

We’re a couple weeks into 2016, and we’re already starting to see some trends form. In our industry specifically, we’ve been noticing the following:

1.We are seeing a growth in small business s-corporation elections to minimize the risk of audit and put owners of the business on payroll to save on potential employment taxes. This is a trend because as small businesses incur more expenses (increasing minimum wages in many states, health care costs and the cost of employees), they are looking for ways to save on taxes.  Business owners who put themselves on form an s-corporation and put themselves on payroll are able to save on self-employment taxes because they only pay self-employment taxes on the salaried portion of their income (as long as the salary is reasonable) and not on the remainder of the income.  (more…)

SHARE:
unemployment insurance

Tax Saving Strategies for Small Businesses And Real Estate Agents: A Seminar

MyCorporation and Paychex are sponsoring a seminar on February 4th that will tell you everything you need to know about saving on taxes. Here’s everything you’ll learn:

  • Legal strategies and techniques you can start using right away to reduce your annual tax liability.
  • Find out how forming a corporation or LLC can help you protect your personal assets and reduce your risk of an IRS audit.
  • The benefits of obtaining an outside payroll company to compensate your employees.
  • How to keep more of what you earn each year and save thousand over the lifetime of your business.
  • How you can utilize the Internal Revenue Code advantageously while not crossing the line.
  • Plus, stay for networking opportunities after the seminar!

(more…)

SHARE:
annual meeting

Business Basics: Annual Meeting for Small Corporations

Corporate meetings aren’t exactly fun; they’re tied to board rooms, suits, and a lot of financial talk. And so smaller corporations – especially those with just a handful of shareholders – often ask whether they really have to hold a meeting every, single year to effectively rubber-stamp the same board of directors and file their annual report. The answer, of course, is yes. Annual shareholder meetings are legally required for private and public corporations, regardless of size. But your annual meeting doesn’t have to be a stodgy affair. In fact, one of the best parts about being a smaller corporation is the extra little bit of freedom you have in how these meetings are run.

Forget the Board Rooms and Offices

You have to set the date of your annual shareholder meeting in your bylaws, but the location is up to you. Plenty of corporations opt for the traditional, formal meeting – everyone gathers in the office, there’s a podium, people wear suits, and everything is very cut and dry. But what if you run your business from home, as nearly half of all small business owners do? Or what if you want your annual meeting to be a bit more enjoyable? There’s absolutely nothing wrong with meeting at a restaurant, or around your kitchen table. In fact, we’ve talked to plenty of CEOs who make their annual meeting a potluck; the few shareholders they have all bring a dish, they sit down, do their formal meeting, and then spend the rest of the day eating and talking. Some states actually do set a minimum for the number of shareholders that must be present, so hosting a more laid-back meeting can help ensure people do come.

Have the agenda laid out and ready to go

The chair can technically “wing” the meeting if they have a good idea as to what needs to be voted on. Normally these meetings are to appoint and/or remove directors, modify corporate bylaws, vote on shareholder initiatives, and approve transactions requiring shareholder approval like mergers or asset sales. But it’s a better idea to list out what, exactly, needs to be brought up so you can keep the formal part of the meeting as quick and easy as possible. Different states may also require different numbers of votes depending on the transaction – sometimes a simple majority is not enough – so planning this out lets you know what numbers you actually need.

Keep your minutes light

You must keep the minutes of your annual meeting, but you do not have to transcribe every, single thing said. Note the date, time, and place of the meeting, take attendance, lay out the agenda, and record votes. If anything new is brought up during the meeting, make sure to note that as well. Otherwise, your minutes can effectively be a quick sketch of your annual meeting. Just make sure, before everyone leaves, you pass around the minutes so everyone can review them. These constitute an official document and it’s important they portray the meeting accurately.

Every corporation must host an annual meeting for its shareholders, but there’s no reason why it has to be this dreaded, boring affair. Corporations, especially those with just a handful of shareholders, have a bit of leeway as to what the meeting will actually look like. Set out the agenda, keep minutes, and vote, but feel free to make this a meeting of friends, as well as a meeting for the shareholders.

Have any questions about corporate governance? Want to form your own corporation but not sure where to start? Click here for a free consultation, or give us a call at 1-877-692-6772 and we will be happy to answer any questions you may have!

 

SHARE: