Ever wanted to start your own business? Well, today is your lucky day! We are celebrating 11/11 and Veteran’s Day by offering a deal to new and aspiring entrepreneurs. Today only, you can get a basic incorporation and limited liability company formation package, which is normally priced at $69, for just $11.11! Just use coupon code LUCKYBIZ when you check out.
This week we decided to cover a relatively broad small business sector – the insurance industry. Now, the insurance industry is a heavily regulated, slightly complex field to work in. There are tons of hoops that independent agents and brokers have to jump through before they are even allowed to open their doors. But it is a vital industry – in some cases insurance is required by law – so a business could do quite well within it. So how do you start a company in the insurance industry? And is it worth all of the effort?
How do you get started in the insurance industry?
Insurance is a regulated field, which means you need to be licensed before you can begin. You also usually have to take some sort of course as well before the state will issue you your license. Continue reading
This week we are looking at reasonable compensation, a legal necessity for anyone running a Corporation. Reasonable compensation is connected to one of the most fundamental parts of working for a company – getting paid – and yet it’s so widely misunderstood. When you form an Corporation, you create a separate, legal entity that ‘earns’ money. You then pull your wage from those earnings and pay whatever payroll taxes you owe.
In order to close a loophole wherein those running the corporation could ask for an extremely low salary, pay next to no payroll taxes, and then close the wage gap with distributions, the IRS requires that all corporate officers and executive be paid ‘reasonable compensation.’ But what constitutes reasonable compensation is a little more murky.
Who needs to be concerned with reasonable compensation?
Anyone that is runs, or helps run, a C-Corporation or S-Corporation must be reasonably compensated for their work. Continue reading
MyCorporation has spent the last fifteen years working tirelessly to help entrepreneurs realize their dreams and start their own businesses. Our mission has always been to make the lives of small business owners just a little bit easier. And it is with that mission in mind that we are proud to announce our new partnership with Paycheck Accounting Online℠!
Since its founding in 1971, Paychex has been a proven leader in payroll outsourcing, and today Paychex helps over half-a-million businesses to easily monitor and handle payroll, benefits, and human resources.
And now MyCorporation customers can start using Paychex for only $4.99/month for the first 3 months, with the rate increasing to a mere $19/month after that. All you have to do is sign up through this page and complete your business profile, and Paychex will start helping you handle your payroll, allowing you to focus on what you do best – running your business.
We are really excited for this partnership, and know our clients will love working with Paychex.
The construction industry has had a rough few years. After the economy dipped and the Great Recession began, a lot of construction and housing projects were suspended or shut down, and the industry was easily one of the hardest hit. Because of this, many are apprehensive to start their own construction firms, and while construction is slowly picking up, one of the biggest concerns entrepreneurs in this industry have is how to protect themselves if the economy dips again. But if you start off on the right foot, and take a few precautions, you can run a successful business in the construction industry.
How do you start a construction company?
Construction is a bit different than other industries. For one, you can’t just file for a ‘Doing Business As’ name and start building houses. Continue reading
This week we are looking at an industry very near and dear to MyCorporation – Business Services! This is a fairly broad industry, but essentially companies in it help other businesses. That could mean filing paperwork, providing tech support, processing data… the list goes on and on. Businesses helping businesses – what could be better? If you’re considering forming your own company in the business services industry, we’re here to help you out!
Where do you start?
Since business services is such a broad category, it’s kind of hard to answer this question. At the very least you need a ‘Doing Business As‘ name, and should consider filing for an Employer Identification Number. You’ll also need to have all your permits and licenses in order. Unfortunately the ones you need really depend on what other industries you fall into. A tech support company, for example, would need different permits and licenses than a remote office administrator service.
Virginia – the mother of all states. Home to the first English colony in the New World, and the birthplace of more U.S. presidents than any other state, the Commonwealth is easily one of the most storied and important states in America. Virginia continues to be one of the nation’s top producers of tobacco – a crop it has grown since the colonial era – and has one of the most diverse economies of any state. Ranching, farming, tourism, high-tech manufacturing, and government agencies contribute to the bustling and thriving Virginian economy. An educated workforce and pro-business government has also placed Virginia at the top of Forbes’ ‘Best States to do Business In’ list for the past four years. Virginia is an obvious choice for any budding entrepreneur. How do you start a business in the state? And what does it take to form an LLC or incorporate in Virginia?
How do you start a business in Virginia?
It’s actually quite easy! All you need is a ‘Doing Business As’ name, the right licenses and permits, and, if you want to hire someone, a federal tax ID number, often called an Employer Identification Number. Virginia has a handy tool to help new business owners register their business and its name online. Once you are all registered, you can technically open for business as a sole-proprietorship. However, while sole-proprietorships are easy to run, they make you, as the business owner, responsible for all of the business’s debts. If you hope to mitigate your risk, you should form an LLC or incorporate in Virginia.
The term ‘Foreign Corporation‘ sometimes confuses people. Though it can also refer to a corporation from a different country, when business advisers refer to a Foreign Corporation or LLC, they are usually talking about a domestic company with permission to operate in a state other than the one the company was formed in. This permission is often called a ‘foreign qualification,’ and it effectively registers your company with the new state so the state can collect taxes. With it, you can open up another branch of your company, or move your base of operations, without changing states. But why would a business want to do that?
Why would you want a foreign qualification?
There are a few reasons why a business chooses to qualify as a foreign entity in other states. One of the main ones being that the company simply wants to expand its operations – sales could be strong in their home state, and they figure they’ll take a crack at opening another store or office in a neighboring state. Since you need permission to do business in another state, they pursue a foreign qualification. However, some business owners also believe that they may save money on taxes by forming a business in a state like Nevada or Delaware, and then qualifying in the state they actually do business in. There are pros and cons to incorporating in another state, so be sure to weigh your options carefully.
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!
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.
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! 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.