When starting a company, it’s natural to want to shout your message from the rooftops. You not only want to spread the word about your new endeavor to family and friends, but it’s important to get noticed in order for your business to grow. According to Forbes, approximately 543,000 new businesses start each month. The struggle to stand out in this clutter can seem helpless, but there are several things you can do to maximize your potential.
Standing out and being well represented amongst the competition requires you to create a strong brand, something that resonates with your potential customer and gives you increased visibility. The following tips will help you understand all that your brand is made up of, and how to use it to maximize your business startup efforts. Continue reading
Do you ever sit at your table in a restaurant and think about how your food got there? You probably wonder where the food came from and how it was prepared. As consumers, we love to know what are products have gone through to get to the final stages. Have you wondered what happens after you submit an order with MyCorporation? There are four key steps that occur to turn a phone call into a full legal filling. Continue reading
The IRS, nearly every state tax agency, and even some cities require employers to withhold a certain amount from their employee’s paychecks to cover income tax, social security, and medicare obligations. These are payroll taxes, and it’s your responsibility, as a small business owner, to collect and send them in. The amount varies from state to state, and in some cases city to city, but there are three main steps to collection.
Everyone you hire fills out a W-4, which gives you some basic information like family size and other deductions. Continue reading
Productivity is at the heart of any successful business and taking steps to improve the efficiency of your work force might be easier than you think. If you think your work environment could do with a shake-up but don’t know where to start, you’re in luck. We have put together a list of 5 ways you could boost your business productivity with very little effort. Sounds good, right? Keep reading to find out more: Continue reading
Payroll may seem like a straightforward topic, but there is a lot more to it than just tracking hours and cutting checks. Unfortunately a lot of small business owners don’t realize that and, before they know it, they’re up to their ears in tax forms and reports they’ve never even heard of. Calculating, and staying on top, of payroll can actually be pretty complicated, especially if you don’t have a background in accounting. So what do small business owners absolutely need to know about setting up a payroll system?
You must withhold taxes
The federal, state, and local governments can all levy tax on income, and it is your responsibility as an employer to withhold the necessary amounts from your employee’s paychecks and send that into the proper agency. Continue reading
Estimated tax payments are a pretty straightforward topic. You probably remember that, back when you worked for someone else, you had your taxes taken out of your paycheck. You don’t get out of having to pay tax when you start your own business – the IRS still expects you to pay what you owe. But what if you’re just starting out and not making much money? Or you’ve had a bad quarter and don’t have the money to cover what you normally send in? Do you still have to send in your estimated tax payment?
If you expect to owe more than $1,000, then you very likely have to pay estimated taxes. Continue reading
An Employer Identification Number, also called an EIN or a Federal Tax Identification Number , is a unique set of digits assigned to a business by the IRS. With it, tax agencies can easily track the financial activity of your company, and make sure that you pay your taxes. But, if you run a sole-proprietorship, the IRS can already do that using your personal social security number. So in what cases do you need an Employer Identification Number?
When you hire someone
The only time you can really get away with using your social security number is when your business is considered a sole-proprietorship, and you’re the only employee. The IRS figures, in cases like that, the company’s profit flows directly to you, and you pay your taxes from that. But that changes the minute you bring anyone on to help run the company, and that includes a business partner. Once you start hiring, your company must have an EIN.
When you form an LLC or Incorporate
Incorporating or forming an LLC separates you and the business. Continue reading
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
Waste management is one of those industries that people take for granted. A lot of cities have some sort of publicly-funded waste service, so most people don’t really think about who takes out their trash. But waste management is actually comprised of lots of small businesses, which often work together to service the needs of their city. So what does it take to get started in waste management? And is there still room in this industry for a new small business?
How do you get started in waste management?
Waste management and garbage disposal is actually so much more than the big trucks that drive through neighborhoods once a week. Anyone who offers to haul away garbage, waste, recyclables, or junk is technically a part of this industry. So really all you need is a DBA, a truck, the right licenses and insurance, and you’re ready to go. However, anyone who dumps in a landfill has to pay for the privilege, and if you manage a lot of waste, you should try negotiating a cheaper rate with your landfill – most offer a set, per-ton charge. 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