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

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! 

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!

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!

Continue reading

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.’

Continue reading

50 States of Incorporation: Louisiana

Incorporate in LouisianaReady to incorporate in Louisiana this week in our 50 states of incorporation series? This southern gem is most widely known for its delicious comfort food, swinging jazz scene and vibrant colors (as seen in New Orleans), and for surviving hurricanes Katrina and Rita. The population of Louisiana comes in at about 4,614,500, and the capital is Baton Rouge.

Though the state comes in at number 40 on the Forbes “Best States for Business” list, the state office is generally very supportive of small businesses looking to incorporate in Louisiana. Any small business owner is welcome and encouraged to give the state a call with questions they might have, and their state website has also proved to be quite helpful with a checklist available to small business owners to help expedite the process. There are even incentive programs implemented for business owners in the research and development, manufacturing, and motion picture fields. Seafood and tourism are also two big industries that do well in Louisiana, the former of which features 90% of the crawfish eaten around the world coming straight from Louisiana. And as far as tourism goes, Bourbon Street, anyone?

Continue reading

50 States of Incorporation: Kansas

This week’s state is one of America’s most fruitful agricultural regions – Kansas. Though it is more well known for its production of wheat, Kansas is officially known as the ‘Sunflower State,’ though it produces a lot more than that.

Incorporate in Kansas

Kansas Seal

The natural gas, petroleum, aerospace, and telecommunications industries have all found a welcoming home in Kansas, and for good reason. Though Kansas’s hospitality towards visitors is legendary, fewer know just how friendly the state is towards small-businesses.

Continue reading

50 States of Incorporation: Iowa

incorporate in IowaHome to the most crooked street in the world in Burlington’s Snake Alley, and the world’s largest strawberry, Iowa is this week’s ’50 States of Incorporation’ spotlight.

Iowa is often fondly referred to as the “American Heartland.” It’s the only state whose eastern and western borders are completely made up of rivers, with the Mississippi River to the east and the Missouri River to the west. Iowa’s capital and largest city is Des Moines. The overall population rings in as being the 30th most populous of the states.

Continue reading

50 States of Incorporation: Idaho

Our next state is famous for producing 33% of the potatoes grown in the U.S., and 85% of commercial trout. This state is also home to the famous Salmon River- the longest free-flowing river to flow within a single state. Who is our mystery state bachelor? None other than Idaho!

Idaho is located in the northwestern region of the United States. It comes in as the 14th largest, 39th most populous, and the 7th least densely populated of the states. Its capital is Boise.

As far as starting a business in the potato state goes, Forbes ranks it at number 19 for the best states for business due to its average rankings of business costs, labor supply, regulatory environment, economic climate, growth prospects, and quality of life.

Continue reading

5 Questions with B-Corp Innovator Lisa Fournier

Lisa Fournier, Founder of Norfolk Fair Trade Co.

Lisa Fournier isn’t your average B-Corp business owner. The founder of Norfolk Fair Trade Co., she’s also the author of “The Barnabas Effect,” an entrepreneurial blueprint for communities and entrepreneurs on how to work together to build a stronger and more successful society. It’s not often that we get to interview with business owners turned authors in the B-Corp community and today we got the chance to chat with Lisa on her entrepreneurial roots, the trends she believes will impact benefit corporations, and why her next step forward involves education on stakeholder networks.

Continue reading