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.
MyBizWiz, MyCorp’s new business entity wizard, was created to help answer one of our customers’ most commonly asked questions; ‘What type of business entity should I form?’ There are plenty of different factors that need to be considered before making that final plunge. How many people run the business? What sort business is it? Do you have personal assets you’d like to protect?
In order to help new small business owners navigate the often confusing world of legal business entities, MyCorporation chose to build the new MyBizWiz tool. All you have to do is answer a few simple questions about your business, and our entity-choosing wizard will tell you what type of business entity would suit you best. It also gives you a general description of that entity and runs down the basic benefits behind it.
To get started, just click here and answer a few questions. There are no obligations, and we don’t ask for any personal information – MyBizWiz is here to help you choose the best type of business entity for your company!
We’re happy happy to answer any questions you might have about MyBizWiz -give us a call at 1 (877) 692-6772!
Nevada was born from the discovery of a major silver mine, and its reputation as a state where you can make it rich, and quick, has been well-earned. Home to Las Vegas, Nevada is known for being a place to gamble, and tourism remains its number-one industry. Of course, there is so much more to the ‘Silver State’ than the Las Vegas Strip. Nevada is still home to some of the most active precious-metal mines, and is a major ranching state.
The State Seal of Nevada
Nevada also has a reputation as being a tax haven – the Tax Foundation ranked Nevada as having the third most-business friendly tax laws of all fifty states. Naturally, we receive plenty of questions on how to take advantage of that lax-tax law. If you are considering whether you should incorporate in Nevada, take the following into consideration:
- A few forms are all you need to form a limited liability company or incorporate in Nevada. To help expedite the process, Nevada’s Secretary of State has set up ‘The Silver Flume‘ – an online business portal that allows entrepreneurs to register their business and set up a new business entity. The filing fee for corporations can fluctuate from the minimum of $75 depending on how many shares the corporation will be authorized to issue.
2013 was a great year for MyCorp, and easily the best year our blog has had yet. Did you know that, so far this year, we published 308 posts? 308! We’ve always been very proud of our little business blog, and are extremely grateful to everyone out there who has taken the time to click over and read our posts and become regular readers at our site. Since we had such a productive blogging year, we thought it would be fun to look back and pick out a few of our favorite posts from 2013 – here are our top ten:
10. Starting a Business in 2013: An Infographic
Back in June we thought it would be a good idea to take some of the more frequently asked questions we get and spin them into an infographic. Starting a business can be a very confusing process, and we wanted to make our guide as easy to understand as possible. We pared the process down to six steps, and put out a very well-received infographic to help out our readers.
9. Tax Tips for America’s Entrepreneurs
This post was actually written by our friend David Nilssen, the CEO & Co-founder of Guidant Financial. We’ve done a few cross-posts with David, but this one stands out because of how useful it is. Tax season is stressful, but by following David’s advice, it can actually be a straightforward, productive time. You just have to know how to prepare!
Missouri – the “Show-Me” state – is the subject of this week’s 50 states of incorporation, but first we want to show you why Missouri is such a great place to start a business. Missouri has long-been an important economic hub because America’s three great rivers – the Missouri, the Mississippi, and the Ohio – all flow through the state. And though shipping has died down and Missouri is no longer the sole Gateway to the West, the state has shown an amazing propensity towards adaptation, and some of the most successful high-tech companies in the world call Missouri home.
Monsanto, one of the world’s biggest bio-technology companies, is based out of Missouri, as is Boeing Defense, Space & Security, a leading aerospace and defense-research firm. But the company that Missouri is most famous for has to be St. Louis’s Anheuser-Busch. It is, in fact, so loved that Busch’s St. Louis brewery was declared a national landmark in 1966.
Missouri knows how important small business is to the state, and the government offers loads of incentives and programs to help small businesses get started properly. Missouri lists many of the public resources that are available, and it is especially supportive of its agricultural industry; Missouri has 108,000 active farms, the second highest amount in the United States.
Thanksgiving is almost here, and this year we wanted to say ‘Thank You’ to all of our amazing customers by offering Free Shipping on any product and service bought from MyCorporation this Thanksgiving, Black Friday, or Cyber Monday. And you can take advantage of an amazing offer from the comfort of your own home, meaning you don’t have to be afraid of being trampled by hundreds of people trying to get a discounted DVD Player!
Our free shipping offer is good for all three days – Thanksgiving, Black Friday, and Cyber Monday. No coupon codes are required, but this offer cannot be combined with any other coupons or deals. So if you buy anything from MyCorp on any one of those three days, whether it is an entire incorporation package to a simple DBA, we will cover shipping costs, just as a thank you for all of the support our customers have shown us this year.
Mark your calendars – our promotion starts on 11/28/2013 and expires on 12/2/2013. All you have to do is call us at 1-877-692-6772 between 7 AM and 5 PM PST, or simply visit MyCorporation.com anytime, and we’ll pay the shipping for your order.
Finally, we really do want to send a huge thank you from Team MyCorp to everyone reading. It has been an absolute pleasure helping you form and maintain your small businesses, and we hope to continue to help all of you well into the future.
Incorporation is one of our specialties, and many of our clients come to us because they want to incorporate their business. After all, incorporation helps protect you in the event of a lawsuit, and forming a separate business entity helps separate the company’s debts from your private assets. However, our customers also often ask us about a real caveat to incorporation – double taxation. After you incorporate, your business has to pay a tax on any income that it earns, subject to the federal and state corporate income tax rates. On top of that, you still have to pay tax on income you earn from working for the corporation. Effectively, this taxes the same amount of income twice, and that heavy burden frightens many small business owners, most of whom don’t have much extra capital to throw around. There is, happily, a way to avoid double taxation, and it is the subject of our Business Basics post for this week – filing for S-Corporation status.
Chapter 1, Subchapter S of the Internal Revenue Code allows smaller businesses to avoid paying federal, and usually state, corporate income tax. S-Corporations are the most popular type of corporation in the United States, with 61.9% of all active corporations filing Form 1120S to apply for S-Corp status.
In order to qualify, your corporation must have fewer than 100 shareholders and issue only one class of stock. If your corporation qualifies, you can file for S-Corp status, which will allow any income earned by the corporation to pass through the business, untaxed, directly to the shareholders. You, of course, still have to pay your personal income taxes, and by law must take a reasonable compensation as a wage. But your corporate income, in most cases, will stay untouched.
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.
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.’
Corporate dissolution can be a touchy topic since dissolution is associated with a business going under, but there are lots of reasons for a business to shut down. For example, you wouldn’t want to keep paying fees and renewals for an LLC that was founded with a specific purpose, like building a housing tract, after that purpose is fulfilled. Nor would you expect an entrepreneur to balk at a particularly lucrative opportunity that would divert too much attention away from their original business. Whatever the reason, there may come a day when your corporation or limited liability company has to file their Articles of Dissolution and close down for good. If that day does come, you may find yourself wondering what else you have to do to finalize the dissolution. To help prepare our readers for any possible future, we decided to use a Business Basics post to outline what, exactly, has to be done during dissolution.
Vote on Dissolution
Most states require that the managing members (in the case of an LLC), or the board of directors (in the case of a corporation) votes, and agrees, on dissolution. If the corporation is publicly traded, the shareholders will also have to vote and agree on dissolution. If you cannot secure that vote, you will probably not be able to dissolve the business. Now, lawsuits can be filed to force dissolution, but these suits are rarely in the best interest of the directors, executives, or managing members. So when you start the dissolution process, make sure you can secure enough votes to get past this first hurdle.
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.
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.