Hiring your first employee is an exciting time for your company. Your daily duties have expanded and you need to hire someone to take over some of the responsibility. Before you interview and find the person you want to bring into your company, you need to understand the legal requirements for hiring and maintaining employees.
If you have ever watched the TV show, Shark Tank, you know just how aloof business evaluations can be. The mere fact that a valuation can be negotiated shows just how much subjectivity business evaluations hold. But regardless of how you come up with the number, the valuation of your business is vital. The value of your business can help you determine your company’s financial and competitive standing. For larger public corporations, a valuation is typically created through the stock price. What about private corporations? There are three easy ways to find the value of your business regardless of size.
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. (more…)
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. (more…)
Recently we’ve started exploring an often over-looked sector of American small business – franchises. Franchising is a major part of our economy, accounting for 4-5% of the country’s GDP, according to the IFA. It’s also a great way for people to be their own boss and open a business, without having to start from scratch. A misconception amongst would-be franchisors, however, is that they’ll get everything they need from the main-office. While that’s partly true, there are a lot of ways MyCorp can help franchisors.
We act as another level of support
When you buy into a franchise, you usually get three things from the head office – a right to use its name, access to its system of success, and some assistance when you first start out. (more…)
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. (more…)
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.
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!