Business Basics: Initial and Annual Reports/Statements of Information

Welcome to our weekly Business Basics post! In case you missed last week’s entry to the series, we are dedicating every Tuesday to helping explain the facets and aspects of starting and running a business that typically get overlooked.

Initial and annual reports (also known in some states as Statements of Information), while not particularly glamorous, keep your business in good standing. Plus if you misfile them, or file them late, your corporation or LLC could be slammed with fees, or even dissolution. Two things that you clearly want to avoid. But what are these reports, and what are they supposed to say?
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Patents: Understanding the America Invents Act

The need to re-vamp the countries almost ancient patent system was great. Thankfully, the Obama administration answered the call. The President signed sweeping reform to change the system for determining priority for inventions at the U.S. Patent and Trademark Office. Formally known as the America Invents Act, the law also aims to shore up more financing for an agency that’s suffered through years-long applications backlogs and out-of-date computer systems. Continue reading

1099 Health Care Act: Information and Implications

Small businesses face a unique set of challenges in the current economy.

The Senate voted to repeal the unpopular 1099 tax reporting requirement of the Affordable Health Care Act Tuesday, April 5th. This is the first piece of legislation that officially repeals part of President Obama’s widely-debated health-care reform movement.

Small business owners have expressed their frustration at the provision, which would require them beginning in 2012 to report to the IRS all payments of more than $600 on 1099 forms—work that many small companies just don’t have the time or manpower to do. According to the Washington Post, The bill would have generated an additional $22 billion in tax payments over the next ten years. In addition, the major provisions of the Health Care Act include: Continue reading

Maintain Your Business: Common Tax Deductions

January is winding down meaning that tax season is officially upon us. Gone are the carefree days of the holiday season and now the inevitability of taxes is looming ahead. Don’t lose heart though! Paying taxes is a requirement but paying too much in taxes is not. 2011 presents new opportunities to excel at preparing your taxes by using the allowable deductions to your advantage. Here are five of the most commonly missed tax deductions. Learn them. Love them. Use them on your tax return this year. Continue reading

MyCorporation on KCAL 9

MyCorporation.com CEO Deborah Sweeney recently appeared on KCAL 9 to discuss simple tips to get your business booming. Deborah provides five tips to help you take an idea and make it a business.

1) Decide what Kind of Business You Want and Do Some Research. Before you do anything else, ask yourself some questions. What are you passionate about? Do you like to work alone or with a team? What are your strengths and weaknesses? Then, take these answers and do some research about your desired field. Keep in mind what you love to do, and what you’re good at. Starting a business takes a lot of time and you will definitely want to be spending that time working on something you enjoy. Continue reading

The Benefits of Dissolving Before 2011

Whatever the reason — some companies must “close the door” and stop doing business. Without formally terminating a corporation or LLC, owners could still be charged fees associated with the business. A Corporation or LLC must file Articles of Dissolution (sometimes referred to as Certificate of Dissolution or Certificate of Cancellation) when it needs to terminate its existence. As we near the end of the year, there are many benefits to dissolving before 2011. Continue reading

Annual Reports – File on Time

Annual Reports – Do You Know When to File? Now is a good time to review corporate compliance for corporations and LLCs. Stay compliant with state regulations by ensuring a timely Annual Report filing. Most states require each corporation or LLC to file an informational report, known as the Annual Report, to confirm things like business address, officers, directors, etc. Because requirements vary by state, it can be difficult to remember when the Annual Report needs to be filed. MyCorporation knows the filing deadlines for each state. Some states require Annual Report filings by a specific date each year (like March 1st). While other state filing deadlines can be based on the anniversary of the corporation or LLC formation. In addition, while most states require this report each year, some only require it every other year. Continue reading