50 States of Incorporation: South Dakota

incorporate in south dakotaWhat does it mean to incorporate in South Dakota? For small businesses, the state offers an abundance of industries to get started in and plenty of sightseeing by way of national parks and monuments. The home to Mount Rushmore, Badlands National Park, and routes within the Lewis and Clark National Historic Trail, South Dakota is ranked by Forbes as #11 on the best states for business list.

The state’s biggest draw? Being #1 in the country for lowest business costs which are about 25% below the national average. Industries that perform well in South Dakota include retail, finance, healthcare, agriculture, tourism, and government spending. Ibp Hog Market Inc., Ellsworth Air Force Base, and Rapid City Regional Hospital round out the top three largest employers in the state, with anywhere between 4,000 to 4,800 employees. With additional low unemployment rates, it’s hardly any wonder that the state ranks as #6 in the nation for its economic climate.

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FREE Incorporation or LLC Formation! Today Only!*

If it’s April 15th, it must be Tax Day. Not exactly the most exciting day on the calendar. But what if we told you that, for today only, we would help you form your own LLC or incorporate FOR FREE!

incorporate for free

Today marks MyCorporation’s third year running offering new entrepreneurs the chance to form an LLC or incorporate for free! All you have to do is use the coupon code MYFREE at checkout, and you’ll get our basic $69 LLC or Corporate Formation package for free – all you have to pay are the state fees!

As many of you may know, incorporating your business or forming an LLC comes with plenty of benefits. Not only can the right business entity help you save on taxes, but incorporation and LLC formation both add an extra layer of protection to your personal and professional assets, and gives your business an added air of legitimacy.

Normally priced at $69, our basic bundle includes an incorporation or LLC with a name check, document preparation and filing, a free domain name, annual report and registered agent services, and QuickBooks Simple Start! So if you’ve ever thought about starting an LLC or corporation, now is your chance to form an LLC or incorporate for free!

Remember that the coupon code for the Free Day promotion is MYFREE. Visit MyCorporation.com between 12 AM PST to 11:59 PM PST on April 15th and get started by answering a few simple questions about your business. MyCorporation customer care representatives will also be available from 6 AM PST to 6 PM PST on April 15th. Just give us a call at 1 (877) 692-6772!

*’Free Day’ offer only redeemable on April 15th, 2014, between 12 AM PST and 11:59 PM PST. Offer is solely for MyCorporation’s Basic Incorporation or LLC formation package, normally priced at $69. One offer redeemable per customer. Customer retains responsibility for paying any applicable state and federal fees.

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50 States of Incorporation: South Carolina

This week on 50 States of Incorporation, we take a look at ‘The Palmetto State,’ South Carolina! Also know as ‘The Rice State’ and ‘The Swamp State,’ South Carolina’s official nickname comes from the state tree, the Sabal Palmetto, which distinguished itself during the revolutionary war. It was a fort made of Palmetto logs that repulsed the British fleet from Sullivan’s Island back in 1776! incorporate in South Carolina But South Carolina has a lot more to offer than strategically useful flora. Though it was hit hard by the recession, its strong agricultural heritage, and the state’s friendly attitude towards business, has really boosted its recovery. So what should South Carolinian entrepreneurs know about their state? And what does it take to open up a business and incorporate in South Carolina?

Are there any benefits to running a business in South Carolina?
Plenty! South Carolina is actually one of the most business-friendly states in the USA. Thumbtack gave the state an A- in overall friendliness, and South Carolina has the tenth lowest tax burden of all states. It also makes sense to incorporate in South Carolina as the state boasts a low, 5% flat corporate income tax rate. Of course, South Carolina does all it can to help small businesses within the state. The South Carolinian Secretary of State’s office maintains a Small Business One-Stop Site to help new entrepreneurs find and file for everything they need to get their business up and running, and the Department of Commerce is proud to offer multiple growth incentives to businesses with the state.

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50 States of Incorporation: Rhode Island

incorporate in Rhode IslandWe’re heading on over to the Ocean State for today’s 50 States segment to find out how to incorporate in Rhode Island!

Rhode Island is the smallest state in the United States, and even then, this tiny state is about 14% water due to all of its bays and inlets. Despite its petite size, RI is still one of the most densely populated of the 50 states. That means lots of small business owners, especially when it comes to the healthcare and tourism industries the state is known for.

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What Happens After You Incorporate or Form an LLC?

For years, MyCorporation has been honored to help thousands of new entrepreneurs to get their new small business started on the right foot by incorporating or forming an LLC. But business maintenance doesn’t end when the articles of incorporation are filed! There are actually a few more steps to ensuring your new entity is compliant and ready for business. In order to help educate new business owners, and answer one of our most commonly asked questions, we are happy to reveal our new video, “What happens after you incorporate or form an LLC?”

Step 1. Apply for an Employer Identification Number. An EIN is going to be needed if you want to open a business bank account, or if you want to hire employees.

Step 2. File for trademark protection, and begin protecting your brand. You should also buy a domain name and secure social media properties as soon as possible.

Step 3. Look into what business licenses you have to apply for. Licensing varies depending on locality, entity, and industry, so it is a good idea to consult with a professional who can help you figure out exactly what you need.

Step 4. Remember to stay on top of annual maintenance. Most states will require business entities to file an annual report, which will have some basic information on your business like its name, address, registered agent, and industry. You also have to document any changes to the corporation or LLC. If you bring on new owners, or new investors, make sure to make note of it. You should also update your operating agreement or bylaws as new owners and investors will probably want a say in how the company is run.

Step 5. Thinking about expanding outside of your home state? Well, remember that you have to apply for permission to do business in any new state. If you don’t, you could be looking at hefty fines and dissolution of your business in that state. So don’t forget to file to qualify as a foreign entity in any state you plan to expand into.

Have any questions about corporate or LLC maintenance? Need help figuring out what you need to file? Just give MyCorporation a call at 1-877-692-6772 and we will be happy to help you out!

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Five CEOs that Showed Us How NOT to Run a Company

Five CEO's that Showed Us How NOT to Run a Company The American business landscape is littered with CEOs who, for one reason or another, showed the public, investors and their peers precisely the wrong way to run companies. At the time of their tenure, some of these former industry heads were first touted as business geniuses. Now they’ve become examples of how not to behave if you want to run your own business.

Jonathan Schwartz – Sun Microsystems

Founded in 1982 by three graduate students from Stanford University, Sun Microsystems grew to be a giant in computer hardware and services. Jonathan Schwartz was named CEO in 2006 by the founding CEO, and prior to that point, the company had grown aggressively and showed steady profits. Nearly every move Schwartz made ended poorly, acquisitions failed, the stock tanked, and thousands of employees had to be laid off. Ultimately, the company was sold to competitor Oracle.

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Which Type of Phone Line Is Best For Your Startup?

Which Type of Phone Line Is Best For Your Start-Up?Picking a telephone line system for your start-up is extremely important in the early stages for a business because it’ll allow current and potential customers to get in touch with your company while also allowing you to build a presence within your target market. Keep reading to learn about which phone line is best suited for your business start-up. Each have their benefits and there will certainly be one ideal for you.

Analog Copper Wire Lines

These are associated with landline numbers, and they’re also called the plain old telephone service, or POTS. Because they’d offer your business a direct connection via the provider, there’s no need to share the system’s capacity with others. You’d also have the advantage of using standard equipment that can be easily purchased and then upgrading later once you have a clearer understanding of your business telephony requirements.

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How to Face the Challenges in the Five Stages of Small Business Growth

How to Face the Challenges in the 5 Stages of Small Business GrowthA successful business person is often headstrong, brave and diligent. Conversely in business, however, we must also recognize that no one has all the answers and learning from others’ experiences is vital to our own development.

The Harvard Business Review published a report outlining the 5 stages of small business growth. In the report, Churchill and Lewis claim that understanding the current progression of a business facilitates logical and effective strategizing. Although it’s now over 30 years old, this definitive article is often referenced today as a useful framework for defining and managing Small Medium Enterprise (SME) growth. Every business is unique and will therefore face different challenges; however there are many typical stages which largely relate to the vast majority of SME’s. The comprehension of this structure can prove to be beneficial to business owners, allowing them to calculate both risk and sensible investment.

1) Existence

The vast majority of the work for a start-up is carried out by its owner, although there may be one or two employees on a small staff helping out. It is imperative at this stage to gain and maintain a customer base, as many companies fail before they even have a tangible revenue stream. It is likely that there will be some start-up capital in place, but this can quickly run out. Many businesses also invest in the foundations of a long term strategy, before they have taken their first steps, which can be ultimately fatal. For example, I have seen a few small freight/shipping start-ups who invest in IT systems, resources and staff before they even have a client base to justify their outlay.

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5 Business Secrets I Learned The (Very) Hard Way So You Don’t Have To

5 Business Secrets I Learned The (Very) Hard Way So You Don’t Have ToI graduated with a degree in accounting so I had to take a lot of business classes in college. Sadly, very little of what I learned in class helped prepare me for business life. I did learn the basics in college but I really got educated at the School of Hard Knocks. The tuition was high but well worth the cost. Here are the 5 most important lessons I ever learned that helped me grow a successful business.

1) Stop Thinking About Myself

In order to be successful, a business has to have clients or customers. People become clients when they believe you can help them get what’s important to them.They don’t care about the business owner’s problems or fears.

When I first started my business I made plenty of mistakes that almost sank me. I was steeped in fear. I was in debt, my income was meager and I had a young family to provide for. I didn’t consciously share my angst with clients but I’m sure they could sense it because it was all I ever thought about. I saw potential clients as potential solutions to my problems and that made it far more difficult to grow my business. Who wants to hire someone like that?

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How to Choose the Best Tech Equipment for Your Startup

How to Choose the Best Tech Equipment for your StartupStarting a new business presents many challenges for entrepreneurs, but choosing the best tech equipment for your startup doesn’t have to be one of those challenges. Follow these four surefire tips to make sure your business get the tech devices it needs in order to succeed.

1. Make a Budget for Your Technology

In an ideal world, every company could afford the fastest, most powerful, and ultimately, the most expensive technology. As a startup, some of those devices may not be in your budget. That’s why you need to craft a budget that tells you exactly how much money you can spend on tech.

Make sure you allocate funding on equipment like:

  • computers
  • tablets
  • internet access
  • VoIP
  • servers

Your specific budget will vary depending on the kind of work your business does. However resources exist to help you estimate certain costs.

Know that you don’t always have to purchase the most expensive items to get the services you need. Explore your options to discover which is right for you and the industry you work in. You might find that the most expensive option has the features you specifically need which can save you money in the long run to pick the devices that fit your company perfectly as opposed to buying again and again when new models are released or when cheaper versions break down.

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