50 States of Incorporation: South Carolina

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! incorporate in South Carolina 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.

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Five CEOs that Showed Us How NOT to Run a Company

Five CEO's that Showed Us How NOT to Run a Company The American business landscape is littered with CEOs who, for one reason or another, showed the public, investors and their peers precisely the wrong way to run companies. At the time of their tenure, some of these former industry heads were first touted as business geniuses. Now they’ve become examples of how not to behave if you want to run your own business.

Jonathan Schwartz – Sun Microsystems

Founded in 1982 by three graduate students from Stanford University, Sun Microsystems grew to be a giant in computer hardware and services. Jonathan Schwartz was named CEO in 2006 by the founding CEO, and prior to that point, the company had grown aggressively and showed steady profits. Nearly every move Schwartz made ended poorly, acquisitions failed, the stock tanked, and thousands of employees had to be laid off. Ultimately, the company was sold to competitor Oracle.

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3 Different Ways You Can Pay Your Taxes

3 Different Ways You Can Pay Your TaxesThis post is brought to you by GoDaddy Online Bookkeeping (formerly Outright) the simplest way to manage your small business finances online. Sign up today for a less taxing tax time!

Think there’s only one way to pay your taxes when you have an amount due? Sure, in years past that was the case. You could send a check along with your filed tax forms and that was pretty much the extent of it. Paying taxes was part of the reason why tax time was such a pain for every hard working person in America.

Now, though, technology has made it where you have lots of options when it comes time to fork over your hard-earned money. However, you can’t utilize them if you don’t know what they are, so we thought we would take a quick look at your options to help you out. One of these should help you comply with your tax obligation with no problem.

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50 States of Incorporation: Oregon

Oregon is one of the most ecologically diverse states in America, with rolling forests, wind-swept coasts, and beautiful mountains. This natural beauty is one of the main drivers of tourism, one of the state’s largest industries. Oregon is also home to growing businesses in the tech, forestry, and manufacturing industries, and, according to Forbes, the state is poised to see some serious incorporate in Oregon growth. Today we’re answering the question of how to start a business in the Beaver State, and how to form an LLC or incorporate in Oregon.

What is needed to start a business in Oregon?

Oregon requires that all businesses within the state register with the Secretary of State’s Office. Now, if all you want to do is run a sole-proprietorship, you may only need to file for a DBA, or ‘Doing Business As’ name. This registration is meant to prevent fraud, and allows you to do business under a name other than your own. If you want to form a limited liability company or incorporate in Oregon, you’ll have to do a bit more paperwork.

How do you form an LLC or incorporate in Oregon?

Forming an LLC or incorporating both turn your business into its own, separate legal entity. That is good news for you because it means your company can effectively carry, and is responsible for, it’s own debts, so creditors cannot seize your personal assets to pay for the business’s debts. To form an LLC, you file your Articles of Organization with the Secretary of State and pay a $100 fee. This form will ask you for the business’s name, which must contain the words ‘Limited Liability Company,’ or the abbreviations ‘L.L.C.’ or ‘LLC.’ Along with your company’s name, you have to list its address, organizers, and the name and address of its registered agent.

If you’d like to incorporate in Oregon, you fill out your Articles of Incorporation, file them with the state, and pay a fee. Your corporation’s name has to include a designator like ‘incorporated’ or ‘corporation,’ and you will have to list the names and addresses of the incorporators, as well as the name and address of your registered agent. Corporations, however, are a bit more complicated to run, and you are required to name a board of directors, who will then help lead the business. You should also prepare corporate bylaws to guide the business’s development, and prepare minutes for any meeting at which a major business decision was made.

Does the state offer any support to small businesses in Oregon?

Yes! Oregon actually has a very handy online tool called Business Xpress meant to help out new small business owners. Using it, you can track down forms, find networking and training opportunities, and even start a business plan! The tool also has links to programs meant to support women and minority business owners in Oregon, so be sure to look around and see if there are any opportunities or grants you can use to boost your business.

Are you ready to start a business in Oregon? Have any questions about how to form an LLC or incorporate in Oregon? Give us a call at 1 (877) 692-6772 or leave a comment below!

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How to Make the Most of Office Space on a Budget

How to Make the Most of Office Space on a BudgetThinking of starting a small business? You’re certainly not alone. Small businesses are on the rise in America; according to the U.S. Small Business Administration, the number of small businesses has increased by almost 50% since 1982!

However, despite the surge in popularity over recent years, starting a small business can still be a daunting challenge to the entrepreneurial-minded individual. With lots of initial hurdles to overcome, many small businesses fold within the first year.

But there’s still plenty of hope! By maximizing revenue while minimizing overhead in those early years, many small business owners can set themselves on a solid foundation for success from the start. Do you need the biggest and best equipment on Day 1? How much space do you need for your workforce? Can you live without that can’t-live-without software for a few months? Putting together a plan that accounts for immediate, short-term, and long-term needs is essential, especially when it comes to finding an office.

While it can be tempting to sign on the dotted line for a new workspace immediately, there are tips that every small business owner should take into account to increase your survival rate right off the bat. Here are the top 3 ways to make the most of an office space on a budget.

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50 States of Incorporation: Oklahoma

incorporate in OklahomaWe’re all going to be OK… that is, today we’re going to be talking about how to form an LLC and incorporate in Oklahoma! Nicknamed the “Sooner State,” Oklahoma is famous for its Native American roots, agricultural products, and a solid stake in the aviation industry. The state is about 69,903 square miles large, making it the 20th largest state in the USA.  Its population comes in at about 3,850,868, making it the 28th most populous of the states.

Oklahoma’s biggest industries are farming, oil, and natural gas. If your small business is in one of those industries, doing business with the Okies may be the perfect place for you! Though, even if you’re not in one of those industries, your business will still benefit from the booming natural gas industry, as energy costs are 25% below the national average. According to the Forbes best states for business list, Oklahoma comes in at #14 of the 50 states, receiving that high ranking thanks to inexpensive business costs, regulatory environment, and the overall economic climate of the state.

Thumbtack.com also gave Oklahoma flying colors on the small business friendliness test. With an overall ‘B’ grade, Oklahoma scored high in areas concerning regulations, employment and hiring, tax code, licensing, and zoning.

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Introducing MyBizWiz – Our New Entity Choice Wizard!

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?

Introducing MyBizWiz - Our New Entity Choice Wizard!

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!

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5 Filing Tools Entrepreneurs Need for Tax Season

5 Filing Tools Entrepreneurs Need for Tax SeasonJust like the annual trip to the dentist, tax season has crept up on us once again. To take the analogy a step further – if you have brushed, flossed, and rinsed as you should, your visit to the dentist will be quick and pain-free (both physically and financially). However, if not, the pain will long and agonizing. Similarly, if you have kept your accounting records in order the whole year with a constant eye on the upcoming tax season, preparation of your accounts will be pain-free (both from a time and cost factor). If not, the auditor may come to pay you a visit.

Thankfully, these days there are numerous tools to ease the burden of preparing all your tax season documentation. The following are five tools that will help you through the tax season with a minimum of fuss.

1. Salary Calculator – If you haven’t been using a salary calculator to assist in calculating what is left of your gross salary after taxes or to extrapolate weekly, monthly, or annual wages from an hourly wage rate, then you have been wasting your time. There are salary calculators freely available online. They are easy to use and are an excellent basis for preparing your tax return.

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Business Basics: Limited Liability Partnership

A Limited Liability Partnership is a very interesting type of business structure. Limited Liability Companies already combine the ease of running a partnership with the protection of a corporation, and the IRS originally ruled that LLCs would be taxed as partnerships. So what is the difference between a Limited Liability Partnership and a Limited Liability Company? And which one would be the best structure for your company?Limited Liability Partnership

What is a Limited Liability Partnership (LLP)?

We’ll answer the easiest question first. An LLP is very similar to an LLC – both protect the company’s owners from lawsuits and debtors, and both have a pass-through tax structure, meaning anything the company earns passes through it, directly to the owners, without being subject to any corporate income tax. However, a Limited Liability Partnership offers an extra bit of liability protection to each partner. So, just like in a Professional Corporation, the other partners in an LLP will not necessarily be liable for the consequences stemming from another partner’s actions.

Do all states recognize LLPs?

Yes, though the laws recognizing LLPs vary from state to state. The majority of the states have adopted the Revised Uniform Partnership Act, which includes a provision for LLPs stating ‘An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the partnership.’ In layman’s terms, that essentially means that the company, and not the individual partners, is responsible for any obligations stemming from contracts or torts. The states that haven’t adopted the RUPA instead opted for their own laws to recognize LLPs, but all follow the same basic pattern.

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Business Basics: Corporate Seals

Corporate seals are a remnant of the middle ages, back when official documents were legitimized by a hot wax imprint of a seal or crest. The practice of ‘sealing’ documents kept on throughout the centuries, though the hot-wax method eventually gave way to rubber stamps and paper seals. Today, corporate law still allows for the use of corporate seals, though they are no longer as important as they once were. This week in business basics we answer a few of the most commonly questions we receive about corporate seals, and let you know if you should get one for your own corporation. Corporate Seal

What is a corporate seal?

A corporate seal is essentially a signature for your business. When you incorporate, you turn your business into its own, legal entity. Since a corporation cannot sign anything, a corporate seal is used to mark legal and official documentation. These days, most corporate seals are either rubber stamps or steel embossers, and are normally designed to fall apart if tampered with to help avoid fraud.

Do I need a corporate seal?

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