Business Basics: End of the Year Prep

The end of the year is right around the corner, and every year we hear small business owners panicking about December’s rapidly approaching end, wondering what they have to do to end the year right. Not to worry – ending the year is actually pretty easy, as long as you don’t wait until the last minute to get everything done! So if you haven’t already, start thinking about…
End of Year Prep

Submitting any filings or dissolutions

Some of the most common questions we are asked revolve around the best time to form an LLC or incorporate. And while there are no ironclad answers to those questions, the beginning of the year is normally a good time to send in that paperwork. Deadlines and renewal dates are easier to remember, staying on top of your taxes is simpler, and you can even file your paperwork early and miss the beginning of the year rush if you opt for a delayed filing. Continue reading

ABCs of Small Business Industry: P is for Publishing

We are onto the letter P in our weekly ABCs of Small Business Industry posts, and this week we are going to look at the publishing industry! The publishing industry has had its highs and its lows over the last few years. And, with a few major publishers facing rocky business, it is too easy to assume that the industry is on its last legs. However, small publishing agencies may be entering into a bit of a renaissance, and now could be a great time for new businesses to get into the publishing industry! But how do you do that? And what proof is there that the industry is doing better?publishing industry

What do you need to do to get started in the publishing industry?
Like most unregulated industries, you don’t need anything special to get started in publishing. A DBA and any local licenses and permits are, at the very least, what you need to open your doors. Continue reading

Start your business for $11.11 today!

Ever wanted to start your own business? Well, today is your lucky day! We are celebrating 11/11 and Veteran’s Day by offering a deal to new and aspiring entrepreneurs. Today only, you can get a basic incorporation and limited liability company formation package, which is normally priced at $69, for just $11.11! Just use coupon code LUCKYBIZ when you check out.11/11 Promotion

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ABCs of Small Business Industry: I is for Insurance

This week we decided to cover a relatively broad small business sector – the insurance industry. Now, the insurance industry is a heavily regulated, slightly complex field to work in. There are tons of hoops that independent agents and brokers have to jump through before they are even allowed to open their doors. Insurance Industry But it is a vital industry – in some cases insurance is required by law – so a business could do quite well within it. So how do you start a company in the insurance industry? And is it worth all of the effort?

How do you get started in the insurance industry?
Insurance is a regulated field, which means you need to be licensed before you can begin. You also usually have to take some sort of course as well before the state will issue you your license. Continue reading

ABCs of Small Business Industry: G is for General Contracting

This week we’ve chosen to cover a very important sub-sector of the construction industry, general contractors. Now we did previously cover construction companies in an ABCs of Small Business Industry post. And you may be asking yourself if there are any differences between the two – don’t worry, there are. General contracting is a very specialized industry, with its own host of regulations and policies to follow. So how do you start a general contracting firm? general contracting

First, you need to be a licensed general contractor

Contractors are licensed, typically by the state. And without that license, you can’t offer your services as a general contractor. Licensing requirements vary from state-to-state, but most states maintain a database of active licenses, which the public can search through. Most of the companies looking for a general contractor will also want to see some sort of college training. Continue reading

ABCs of Small Business Industries: A is for Automotive

automotive industryWelcome to week three of our ABCs of small business industries! Today’s focus in the series? The automotive industry! This particular industry works alongside anything involving the design, manufacturing, marketing, development, or selling of motor vehicles. What’s not included here, however, are auto repair shops or any sort of gas station.

If your dream has always been to run your own vintage car garage or design automobiles, keeping the following areas in mind to ensure a smooth start!

What do you need to get started?

The biggest hump you’ll have to get over in starting a business in the automotive industry is familiarizing yourself with all the industry rules. This industry in particular has a strict list of guidelines to abide by and follow, but, luckily, the Small Business Administration has you covered. Details on emission standards, how to become a registered motor vehicle importer, knowing the ins and outs of automobile certification, and information on the automobile federal trade commission will all come in handy to keep under your belt in such a robust industry.

Additionally, make sure you have a registered agent in place to handle all of your state mail and remind you of important deadlines, a business/operating license so you can do business where you’d like, and a federal tax ID (EIN) in place if you plan on hiring a strong team to come and join you.

What sort of entity should you form going into the automotive industry?

Though every business owner has the choice of filing whichever entity he feels best suits him and his business, it is common for business owners in the automotive industry to file as an LLC, probably largely in part to the appealing nature of the pass through taxation. This means that business owners who file as an LLC will only be taxed once, whereas with other entity forms, they could be getting taxed twice at both the company level and again at the owner. An LLC is also very easy to get started as well as easy to maintain.

How healthy is the industry?

Around the world right now, there are over 1 billion cars. According to Edmunds.com, “16.4 million car buyers are expected to continue to flock to the market, taking further advantage of more freely flowing credit to refresh the oldest vehicle fleet in history.”

Being that the automobile is the primary mode of transportation around the world, we have formed a strong sense of dependency on the automotive industry – and if you’re planning on starting a business to help out those who need extra assistance with their vehicles, now is a great time to do it!

Want to put the pedal to the metal and start your business in the automotive industry? MyCorp can help you get started! Just leave a comment below, or give us a call at 1 (877) 692-6772, and we’ll help you get your licenses, DBAs, and EINs squared away! 

50 States of Incorporation: Wyoming

It’s the last week of our 50 states of incorporation series and we’re focusing on the Cowboy State – Wyoming. Smack dab in the middle of the Rockies, Wyoming is America’s least populous state, but is easily one of the most beautiful. The vast majority of the land in Wyoming is owned and protected by the Federal Government, and Wyoming is home to the world’s first national park, Yellowstone. Incorporate in Wyoming Wyoming’s natural beauty has ensured the state’s tourism industry would flourish, and today it generates two billion dollars in state revenue. Along with tourism, Wyoming’s historic agricultural and mining industries continue to drive the state’s economy – Wyoming is the number one producer of coal in the country. Though largely rural, Wyoming is a great state for a small business, thanks largely to the low cost of doing business. So what does it take to get started there? And how do you incorporate in Wyoming?

How do you start a business in Wyoming?
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50 States of Incorporation: West Virginia

incorporate in West VirginiaFamous for white water rafting, coal mines, and the Appalachian National Scenic Recreational Trail, we’re taking a closer look at how to incorporate in West Virginia today, and all the great benefits it has to offer small business!

Home to West Virginia University, the 95th best public university in the country, and to Morgantown, a city ranked by Forbes as #10 for being one of the best small cities in the country to conduct business in (ranking from 2010), West Virginia also has a corporate income tax rate of 7%, which has been scheduled to be reduced to 6.5% in 2014.

If you’re a west Virginia resident, there’s a good chance you’re involved in the coal business. In terms of coal-producing, West Virginia is ranked the second biggest coal-producing state in the U.S. (first place goes to Wyoming). So if you want to start a business in the coal industry, West Virginia could be the perfect place for you and your business.

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Business Basics: Business License Compliance Package

We decided to do something a bit different with our weekly business basics post this time around, and instead look at a new service we’ve just started offering – business license compliance packages. We’ve covered business licenses before, but we thought it’d be a good idea to revisit the topic and explain why we decided to start offering this service to our customers. business licenseOur team kicked around the idea for awhile, trying to figure out whether or not there was any demand for this type of service, and we realized that there were three questions we’d have to be able to answer before launching.

Why offer business license compliance packages?

MyCorporation has always aimed to meet all of the needs of new business owners. The next logical step after creating your business is to apply for all of the licenses you need to legally open your doors. Without the right licensing, you’re effectively dead in the water. So expanding our offerings to include licensing just makes sense.

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Business Basics: Business Entity

If there is one thing we’ve learned from over a decade and a half of helping small business owners, it’s that every business is different. For new small business owners, it’s important that you choose the business entity that will suit your unique needs. There are four basic entities that you can choose from, each with its own advantages and disadvantages. While there is no “right” choice, depending on what you sell, where you plan to take your company, and how ownership of the company is divided, there will be certain entities that will fit your business model better than others. Business Entity Choice

Sole Proprietorships and Partnerships

Sole proprietorships and partnerships are the simplest type of business entity. They are also the default option. It doesn’t take much to start a sole proprietorship or a partnership either. Just file for a ‘Doing Business As’ name, apply for the right licenses and permits, and open your doors. If the business is run by two or more people, you will also need an Employer Identification Number (EIN) and you’ll have to file another form come tax time. But this simplicity comes at a price. Everything the business owes and owns is tied to your personal assets. In other words, you, and your partner if you have one, will be held liable for the business’s debts if it fails. Also, if you do have a partner, you may not be protected if they decide to walk away from the business. So, while running a sole proprietorship or partnership is a lot simpler, it does put an undue amount of risk on the owner(s). To limit your liability, consider forming a corporation or limited liability company.

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