This is easily one of the most commonly asked questions we get. Each state has different rules and regulations when it comes to income tax. Most have both, some don’t collect personal income tax, and a few don’t college corporate income tax. And to a new business owner forming a corporation, forming in a state without a corporate income tax might sound awesome! After all, who likes paying taxes?
Unfortunately, things aren’t that cut and dry, and there are good reasons why so many business owners opt to stay in the state that they do business.
You can form a corporation in another state
Recently we’ve started exploring an often over-looked sector of American small business – franchises. Franchising is a major part of our economy, accounting for 4-5% of the country’s GDP, according to the IFA. It’s also a great way for people to be their own boss and open a business, without having to start from scratch. A misconception amongst would-be franchisors, however, is that they’ll get everything they need from the main-office. While that’s partly true, there are a lot of ways MyCorp can help franchisors.
We act as another level of support
When you buy into a franchise, you usually get three things from the head office – a right to use its name, access to its system of success, and some assistance when you first start out. Continue reading
Reinstatement is what you have to do to get your business out of an inactive or bad standing with the state. And this time of the year, we’re getting tons of requests and questions about reinstatements from people who let their corporation or limited liability company to lapse, but want to get things rolling again before we get too far into 2015.
Luckily, the reinstatement process is pretty straight-forward, though depending on the reason for the lapse, it can get a little pricey.
How does a company become inactive, or get put in bad standing?
There are a few different ways this can happen. But one of the most common reasons behind a bad-standing is simply the business’s owner forgetting to pay their annual fee. Continue reading
Underwriting is a vital part of the financial and insurance industries. An underwriter is effectively the person that assesses risk, and determines the suitability of potential clients looking to avail of whatever service their employer provides, be it insurance, a loan, or capital. Underwriters have the responsibility of defining the terms within which the service will be offered. And, because of this, they are in very high demand. After all, without a qualified underwriter, lenders and insurance agencies would be lost. But how do you become an underwriter? And can underwriters work independently as a small business?
What do you have to do to become an underwriter?
Normally, you at least need a bachelor’s degree in finance, or another business-related field. Underwriters also have to be meticulous, detail-oriented, and thorough. Continue reading
Welcome to our weekly post on small business industry! We took a couple of weeks off for the holiday, but now we are back and ready to tackle S – Stockbrokers! The financial industry is notoriously complex, so starting your own, private brokerage firm can be a bit tough. However, with a bit of experience and all of the right qualifications, it can be done!
Are stockbrokers heavily regulated?
Yup! Independent brokers have to jump through loads of regulatory loopholes before they’re allowed to open their business. Continue reading
2015 is officially here! And business forecasters all across the internet are scrambling to their crystal balls to give their predictions as to what is, and isn’t, going to work in the new year. Of course, if you regularly follow our blog, you’d know we beat them by a good month with our infographic “2015 Small Business Industry Predictions.” But just in case you missed it, or you want a refresher as to what we think will be the best industries to start a small business in, here’s a quick rundown of what we think is going to happen.
What industries are going to do well in 2015?
Happy New Year! 2014 was an awesome year full of growth and renewal here at MyCorp. It was also the best year our blog has ever had! And that’s largely thanks to the slew of guest-posters and small business experts who have been kind enough to contribute. While we could spend hours going over our favorite posts of 2014, we thought our time might be better spent highlighting some of the top posts from this last year.
The Most Viewed – “3 Keys to Crafting the Perfect Logo”
It’s almost Christmas! And with the holiday season has come the annual barrage of holiday advertising. As someone who works with businesses, entrepreneurs, and brands, I actually really enjoy holiday marketing. Not only does it help you get into the spirit, but it’s a lot of fun to see how major marketing firms tackle the holidays. After asking around the office, it seems I’m not the only one who actually likes holiday marketing! And so we thought it’d be fun to take a look at Team MyCorp’s top 5 holiday campaigns.
Coke knows how to use its brand, and every year we normally see a new iteration of an image Coke has been using since 1931 to market during the holidays. That Santa-Claus, which was drawn by Haddon Sundblom for Coca-Cola ad agency director Archie Lee, is such a ubiquitous and long-lasting part of Coca-Cola’s brand that, for a while, it was rumored Coca-Cola actually created our modern image of Santa Claus, with the white and red being Coke’s primary colors. Though that rumor isn’t true, as time wore on, many began to associate the Sundblom Santa with all of the pleasant feelings that normally accompany Christmas. And Coca-Cola has certainly ensured that their trademark Santa would continue to be an important part of the holiday season. Nearly every year, that Santa shows up in some way – be it in a wider marketing campaign, on branded merchandise, or on the cans themselves. Continue reading
The end of the year is right around the corner, and every year we hear small business owners panicking about December’s rapidly approaching end, wondering what they have to do to end the year right. Not to worry – ending the year is actually pretty easy, as long as you don’t wait until the last minute to get everything done! So if you haven’t already, start thinking about…
Submitting any filings or dissolutions
Some of the most common questions we are asked revolve around the best time to form an LLC or incorporate. And while there are no ironclad answers to those questions, the beginning of the year is normally a good time to send in that paperwork. Deadlines and renewal dates are easier to remember, staying on top of your taxes is simpler, and you can even file your paperwork early and miss the beginning of the year rush if you opt for a delayed filing. Continue reading
Ever wondered what business management skills a business owner needs to stand the test of time and run a successful operation?
Or maybe you’ve questioned your own abilities and wondered, “Are there things I should know but don’t?”
You’re not alone in that thought.
The truth of the matter is: entrepreneurs need many different business management skills, character traits, and habits to make them successful. But there are certain business management skills that seem to stand out as highly important—both in research and polls. Continue reading