How to Turn Your Side Business into a Small Business

How to Turn Your Side Business into a Small BusinessSmall businesses get better tax breaks than hobbyists, reports the Small Business Administration. As a hobbyist, you must pay tax on any income earned from your activities, but are limited in your deductions. When performing an activity with the intent of making a profit, you are considered “in” business.

Hobbyists, go a little further and become a business-in-fact with all of its tax and legal benefits.

Telltale Signs you are Running a (Real) Business

  • Your garage and/or spare bedroom are so full of supplies and inventory that you can’t park your car or find your way to the window.
  • Your sales have grown, along with your need for supplies and related expenses, and you’re making a name for yourself, your products and/or services (branding).
  • Your supplier tells you that to be able to order in larger quantities and to get price breaks, you’ll need a state tax ID number (obtainable only for registered businesses).

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50 States of Incorporation: Minnesota

incorporate in MinnesotaAway to the “Land of 10,000 Lakes” we go today to learn about how to incorporate in Minnesota! The 21st most populous state, notable for its fair mix of forests and a thriving metropolitan area within the “Twin Cities” of Minneapolis-Saint Paul, Minnesota is also ranked #8 on the Forbes best states for business list. The state has a strong economic hub as well with the Target Corporation, General Mills, and Medtronic Inc. all calling it home for their company headquarters.

Though Thumbtack.com has ranked the state with a C+ in the areas of tax code, health and safety, employment, labor, and hiring, and licensing, Minnesota has received an A- when it comes to overall state friendliness and ease of starting a business. Much of this may be credited to how Minnesota has a strong economic outlook, ranking #5 on Forbes for quality of life and with the cost of doing business as 1.6% below the national average.

If you’re ready to form an LLC or incorporate in Minnesota, here are a few things you need to know first.

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Experts Weigh In: End of the Year Business Tips for 2013

End of the Year Business Tips for 2013Here at MyCorporation, we’re busy prepping for the end of the year and looking forward to what 2014 will bring for small businesses and entrepreneurs. But while our prep involves helping to file delayed filings or incorporating or forming LLCs for small businesses, we’re curious to see how other companies are closing out 2013. Today, we have 24 small business professionals giving us a look at what they’re working on for their brands and their biggest business tips on how to close out the end of the year!

1. “Make a resolution to focus on one social media platform. Social media is not going away and it’s time for small business to step up.”

- Lisa McTigue, Social Media Expert, LisaMcTigue.com

2. “We are making sure all inventory is in stock and organized, all marketing materials ready to go and short lead press releases being sent to appropriate parties. We look forward to a successful holiday season!”

- Sally Goodgold, Founder, WarmTradition.com

3. “At year end, I always check in with everyone who was interested to hire us during the year but didn’t. Many times companies find “use it or lose it funds” on the books at the end of the year and if you hit the timing right, they may just reopen the conversation where you left off before and have you invoice them in December to get the found money off the books. Then you can start the new year strong with motivated clients who will return your calls fast since they have already paid you!”

- Paige Arnof-Fenn, Founder and CEO, Mavens & Moguls

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50 States of Incorporation: Maryland

Incorporate in MarylandWith a bevy of nicknames that include the Old Line State, Free State, and Little America, this week our 50 states series focuses on what it means to incorporate in Maryland. Ranking at number 18 on the Forbes best states for business list, Maryland may be noted for holding the second highest costs for labor in the United States, but is considered one of the most educated workforces to join in the country and also home to the headquarters for the Ritz-Carlton Hotel Company, JW Marriott Hotels, and Johns Hopkins University.

On a small business friendliness scale, Maryland has a C in overall friendliness from Thumbtack.com and stays on a fairly level B rating for the ease of starting a business and regulations pertaining to health and safety, employment, labor and hiring, and tax code with the cost of doing business in Maryland holding at 9.9%.

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50 States of Incorporation: Indiana

Incorporate in Indiana

This week, we’re taking a trip to “The Crossroads of America” or the state of Indiana, if you were able to easily recognize their state motto! As the 38th largest state by size and 16th most populous, Indiana is also slowly working its way up the ladder of hot states to do business in. ChiefExecutive.net ranked it as #5 in their 2013 state rankings with high marks in place for taxations and regulations, workforce quality, and the overall living environment. The cost of doing business within the state, as noted by Forbes, is 12.8% below the national average. Indiana has received high marks on Thumbtack.com for its licensing, ease of starting up a business, and overall friendliness.

If heading into the manufacturing industry sounds like it’s up your alley, or you just want to move toward a state that keeps it simple for start-ups, keep the following notes in mind when you’re ready to form an LLC or incorporate in Indiana!

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Y is for… Yikes, I forgot to Incorporate!

All new entrepreneurs have the choice of incorporating or not. By not incorporating, you’ll get out of some hefty paperwork, though you’ll be missing out on some great benefits that come along with incorporating your business. If you are a small business owner and you haven’t gotten around to incorporating yet, here’s what you’re subjecting your business to:

A lack of trust from customers.

Your customers want to know they are giving their business to a legitimate, professional establishment. Having an Inc. or LLC at the end of your business’s name helps make your customers feel comfortable with you. Without it, you may receive some skepticism.
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Throwback Thursday: A Look at MyCorp’s Early Website Designs!

Gallery

This gallery contains 11 photos.

MyCorporation is now into its fifteenth year of business – 15 wonderful years of helping entrepreneurs to create their own small business and get it started on the right foot! We were one of the first, online document filing services, and the … Continue reading

N is for Non Profit

For our ABC’s of MyCorp this week, we’re focusing on N for Non Profit which is also referred to as an NPO for non profit organizations. As stated on businessdictionary,com, non profits are generally charities, associations, and other organizations formed to further cultural, educational, religious, professional or public service objectives.

Before forming and looking into funding a non profit organization of your own, certain considerations need to be put into place to ensure that the formation is detailed and clear in the societal issue it is working on addressing. You can find out more information about the following eight points at our MyCorp “Forming an NPO” learning center!
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J is for: Joint Venture

It’s that time in the alphabet, MyCorp blog readers- time for some ‘J!’

And today’s letter J is brought to you by Joint Ventures.

A joint venture is a firm formed to accomplish specific objectives with a partnership; a temporary arrangement between two or more firms. They’re great as a risk reduction tool when entering a new-market and for pooling resources for large projects. Continue reading

MyCorp Survey Results Revealed!

Last month, we conducted our first ever MyCorp 2012 Survey for Small Business with five quick questions on the state of small businesses in 2012 and beyond with questions that focused on consumer spending, business spending, predicted growth of the business in 2013, the social media outlet you’re looking to establish for your brand, and quite literally the state of your small business – where you’re putting your business out on the map and which states are the most popular to form a small business in!

We tallied up the votes on Constant Contact, conducted the random drawing for our lucky $50 Starbucks gift card winner (congrats to Elizabeth Sneed!), and the results are in from our voters! Continue reading