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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Should You Give Your Employees a Second Chance?

I’ve always believed that my business’s success hinges on the open and honest relationship I have with my team. I have to trust that my employees will do the job they were hired to do so I can focus on running and growing the company. However, I have unfortunately had to deal with members of my team breaking that trust in the past. And, while you should always consider giving people a second chance at the workplace, second chances also mean you should look at what they did, and determine whether what happened was a minor transgression, or a serious breach of trust. second chance

Look at the big picture

It can be really easy to focus too heavily on the employee when making this sort of decision, but you need to consider a lot of different factors. Firing someone can leave a long-lasting impact on your business, especially if other employees don’t agree with your decision. Was this betrayal of trust more personal, or professional? Occasionally we have to swallow our personal pride for the betterment of the company, and objectivity is key to making this sort of a decision. If this is an isolated incident, then maybe a second chance is in order.

Consider the impact on your business

If this employee has proven themselves to the company and has spent years working within it, firing them could hurt your business. So you need to ask yourself if the employee’s separation will actually be good for the company. Do they contribute to inter-office harmony? Are they replaceable? Will their absence help or hinder day to day operations? Being slighted by someone you trust is always a jarring experience, but it isn’t worth sacrificing your team’s dynamic to make a point. But if this employee did actually harm the company, it may be worth sending them out the door for good.

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50 States of Incorporation: North Carolina

Incorporate in North CarolinaThis week in our 50 states series we’re on the road to incorporate in North Carolina, also known as the Tar Heel State. North Carolina is home to the company headquarters of Krispy Kreme Doughnuts and Pepsi-Cola and the Great Smoky Mountains National Park.

In the last 50 years or so, North Carolina has transitioned from an economy focused on tobacco, textiles, and furniture crafting, to an economy focused on engineering, energy, biotechnology, and finance sectors. With those transitions, the state has found great start-up success!

According to the Forbes Best States For Business list, North Carolina ranks at #4 of the 50 states to start a business in – right up in the top 5 states! This high ranking can be attributed to its similarly high rankings in labor supply, environment, and growth prospects. Thumbtack.com also gave the state high marks with a steady B+, with high grades in ease of starting a business, health and safety, employment and labor, zoning, and training/networking programs.

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Member-Managed LLCs Versus Manager-Managed LLCs

Traditionally, Limited Liability Companies are treated like partnerships. Two or more people get together, found a company, form an LLC, and then start running the business. But there’s more than one way to run an LLC. Member-Managed and Manager-Managed Limited Liability Companies are run very similarly, but there are also some key differences that anyone looking to form an LLC should know.Limited Liability Company

Member-Managed LLCs

Member-Managed LLCs are, by far, the more common choice. Each member of the limited liability company is treated as equal to every other member, and everyone shares responsibility for the day-to-day operation of the LLC. Continue reading

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50 States of Incorporation: Nebraska

Incorporate in NebraskaThis week’s 50 States series is brought to you by one of the most famous beef, pork, corn and soybean producers in America… none other than Nebraska! Today we’re taking a look at what it means to incorporate in Nebraska.

Nebraska has a population of about 1,860,500 residents and is the 9th least densely populated out of the states. Famous for its intense seasons (for which thunderstorms and tornadoes are quite common), the state also has a prominent agriculture sector. Outside of beef and pork, Nebraska is noted for its freight transport, manufacturing, and insurance sectors as well. And companies like ConAgra, TD Ameritrade, and InfoUSA also call the state home to their headquarters.

As far as starting a business goes, Nebraska is actually a pretty great place to start a business. On the Forbes list of “Best Places to Start a Business” it’s ranked at number six of the 50 states, and on Thumbtack.com, it received a B grade. These scores can likely be attributed to the state’s positive rankings in business costs, economic climate, quality of life, and college attainment. Nebraska also received A+s in regulations, health and safety, employment, tax code, licensing, and training programs.

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The Magical Month of MyCorp: Week Two

Our holiday spirits were at an all time high in week two of the Magical Month of MyCorp, especially as we gear up to head to our company Ugly Sweater Holiday Party this evening! We’ll be indulging in some karaoke, pool, darts, and bar nourishment all around!

We’ll be sure to document the evening with lots of photos, but until then, here’s a taste of our latest office festivities:

We kicked off the week by coming to work dressed in our bundled, winter bests!

Magical Month of MyCorp Winter Dress

On Tuesday we indulged in some gourmet hot chocolate. 

Magical Month of MyCorp Hot Chocolate

Wednesday we tried our luck at the lottery (collectively we won $4).

Magical Month of MyCorp Lotto

We played a fun, festive, fast-paced ornament exchange game on Thursday!

Magical Month of MyCorp Ornament Exchange

And today we’re looking awfully dapper in our ugly Christmas sweaters in preparation for the party tonight – stayed tuned to our Facebook page for photos from our holiday party this weekend!

 Magical Month of MyCorp Ugly Sweater

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50 States of Incorporation: Mississippi

Incorporate in MississippiWe’re taking a trip to the south for this week’s 50 States segment with a feature on how to incorporate in Mississippi! Mississippi’s name comes from its iconic landmark the Mississippi River, which flows all the way along its western border. It’s identified as the 31st most populous state.

The Mississippi Delta is another recognizable landmark in the state, famous for its heavily forested grounds. The Delta was historically cleared out for cotton cultivation in the 19th century, but today is famous for its catfish aquaculture farms that provide most of the farm-raised catfish consumed in the United States.

Though their ranking is pretty low on the Forbes Best States for Businesses list, Mississippians have consistently ranked as one of the greatest state contributors concerning charitable donations. Though their personal income is ranked as low, their cost of living is also low. Businesses are mainly attracted to Mississippi because labor costs are about 10% lower than the national average, giving new businesses the chance to start fresh with fewer debts than if they were to start their business in another state.

If you’d like to start your business off at a lower cost than the rest of the country, keep these Mississippi-specific filing requirements in mind when deciding to form an LLC or incorporate in Mississippi.

  • All LLCs that are registered in Mississippi are required to name a registered agent in their Certificate of Formation, so be sure to find and designate an RA prior to filling out your forms. The RA can be a resident of Mississippi, a domestic corporation, nonprofit corporation, its own LLC, or a foreign corporation. In each case, the RA must have a physical address in Mississippi where all the business’s legal papers can be delivered.
  • Any LLC in Mississippi have to include the term ‘LLC’ somewhere in the business’s title. It can be stated as LLC, L.L.C., Limited Liability Company, Professional Limited Liability Company, P.L.L.C., or PLLC.
  • Lastly, don’t forget to file your annual report on time! Annual reports in Mississippi must be filed between January 1st and April 15th. Domestic LLCs are not charged to file their report, but Foreign Limited Liability Companies do have to pay a filing fee and cannot do the filing process online.

If you think The River State is for you and your new business, or you have any questions, give us a call at 1-877-692-6772! 

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Business Basics: Delayed Filings

Delayed FilingDelayed filings aren’t the most popular business-related topic, but pursuing a delayed filing can actually be very beneficial to a new small business. When you opt for a delayed filing, you essentially put your business’s paperwork on hold. So if you, for example, have decided to form an LLC, you can actually ask the state to not start the approval process until later in the year. And while it may seem counterintuitive to ask the state to sit on your paperwork, and effectively put your business plans on hold, delayed filings can save you a bit of money and time when it comes to your start-up.

Money saved

‘Nothing is certain in life but death and taxes,’ and the minute your business springs to life, you are liable for all sorts of taxes and fees. If you opt to start your business before the end of 2013, you’ll have to collect, report, and pay taxes for 2013, even though your business was around for less than a month. Delaying recognition also means you could avoid the annual reporting fee for your state for 2013, possibly saving you hundreds of dollars.

Time saved

January is one of the busiest months for government agencies. It is when they begin to work their way through the backlog of paperwork that inevitably accumulates at the end of the year, and year after year I’ve received notices from state agencies all across America regarding a backlog that won’t be surmounted for weeks. A delayed filing will, however, help you avoid that backlog because most states place delayed filings in a priority queue. So after all of the time-critical filings are handled, the state moves directly into approving delayed filings. By opting for a delayed filing, you can avail of all of the benefits of filing in the new year, and avoid the January rush.

Should you opt for a delayed filing?

It really depends on the needs of your business. I’ve always recommended forming a Limited Liability Company or incorporating as soon as possible but, when you do so at the very end of the year, you could get stuck paying annual taxes and fees for the right to operate your business in December. Every state is different, but most will allow you to push your filing date at least thirty days into the future. If you expect your business to be around for a while, and I certainly hope you do, choosing a delayed filing will simply mean operating as a sole proprietorship for one more month before the protection of an LLC or Corporation kick in. If you want to save some time, and possibly quite a bit of money, consider a delayed filing when sending your paperwork into the state.

Would you like to learn more about delayed filings? Or are you ready to form your own LLC or Corporation? Give us a call at 1-877-692-6772 and we’ll be more than happy to help you out!

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Experts Weigh In: What Should Black Friday, Small Business Saturday and Cyber Monday Be Renamed As?

Black FridayWe’re really getting in the Thanksgiving spirit here at MyCorp! Not only are we all prepping our turkeys, and candying our yams, but we are prepping for our upcoming Black Friday and Cyber Monday sales as well! It seems that with the passing of each Thanksgiving, there is a new sales day added into the mix. What was once Black Friday, is now the trio of Black Friday/Small Business Saturday/Cyber Monday. Companies and customers alike are choosing to partake in all three!

We noodled on it and thought the entire sales weekend should just have its own name – something that combines and explains Black Friday, Small Business Saturday, and Cyber Monday. We turned to our fellow small business owners and here’s what they came up with!

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50 States of Incorporation: Maine

Nicknamed the ‘Pine Tree State,’ Maine is home to some of the most beautiful, picturesque natural scenery in the United States. It is also one of the least populated states – with around 1.3 million people calling Maine home, it is the 41st most populous state. It is also America’s easternmost state, and is the northernmost part of New England.

Incorporate in Maine

The State Seal of Maine

Once regarded as the shipbuilding capital of America, Maine is still the home-state for a handful of major shipbuilders, including Bath Iron Works and the Portsmouth Naval Shipyard, and is New England’s busiest port; a title it claimed from Boston in 2001. Maine is also a major producer of paper products, and is one of America’s largest suppliers of blueberries. Recently Maine has also become one of the most popular destinations in the USA for tourists, leading some to dub the state ‘Vacationland.’

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