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.
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. 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. (more…)
In our line of work, we are introduced to hundreds of small businesses on a daily basis- and we LOVE it! Each entrepreneur brings something so drastically different and special to the table. Though when we stumbled upon Campus Enterprises recently, we couldn’t help but be intrigued by their unique story.
Campus Enterprises is a company completely run by Duke University students. Though, going beyond any typical student-run business that provides “for the students, by the students,” Campus Enterprises also has a large presence in the community surrounding Duke University. They offer such services as food delivery, laundry, note-taking, screen printing, cleaning, marketing, and expansion. As their website states, they’re a “one-stop shop for your daily needs.”
We had the pleasure of interviewing Campus Enterprises about their inspiration for the business, its history, and what the students who participate, as well as the community, gain from this unique venture. (more…)
When it comes to opening your very own small business, you have a lot of decisions to make. What’s your logo going to look like, how many employees are you going to hire, have any initial marketing ideas? And on top of all that, maybe the biggest decision of all, is deciding which state to file in. You can go one of two ways with this: file in the state you’re physically located in, or file in another state. There are advantages and disadvantages to both. Ultimately, the decision should be specific to each business because, depending on the states you’re considering, and your industry, one option may be more expensive than the other.
So when it comes down to it, be sure to consider these three factors when deciding where to file your business!
The cost of foreign qualifying.
If you choose to file your business in a state other than the one you reside in, you’ll have to go through the process of filing for a foreign qualification. This is required of any company that wishes to conduct business outside the state lines that the formation was created in. Once you’ve filed the paperwork, you’re legally able to do business in a state that was not your business’s home state. You can, of course, file the paperwork yourself, but many businesses opt for a filing service to file the paperwork for them to ease the process. Our services, personally, start at $149.
The economic health of the prospective states.
The economic health of a state can be different for different industries. Where the automotive industry might be booming in the state you’re looking at, coal mining might not be doing so hot. There are a couple different reliable resources to check up on the health of a state and your specific industry: Forbes has a good list of the best states to do business in that includes the top industries with each state, and our latest series post, ABCs of Small Business Industry is another good place to check up on the health of your industry overall.
The small business friendliness.
There are some states that are widely recognized as friendly business states- states that are simply huge supporters of small business and entrepreneurship. Delaware, for example, has earned the nickname of “The Incorporation Capital of the World” due to it not having any corporate income tax and maintaining such a modern corporate climate and economic outlook. Check in on your home state’s business friendliness to see if it would make more sense financially, considering taxes and overall fees, to stay in your state or head somewhere else.
We’re onto our next ‘B’ in our “ABCs of Small Business Industries” installment! Today’s ‘B’ is for builders (or, general contracting)! If you’ve dreamed of construction since you were organizing your building blocks as a young child, now might just be the perfect time for you to make your move. Not sure where to start? We’ll help you out. (more…)
Welcome 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!
Welcome to the ABCs of Small Business Industry here on our MyCorp blog! In case you’re just tuning in to join us, each week we’ll be looking into a different industry to see what all you need to get started therein, the types of entities most popular within said industries to form, and the overall job outlook to determine if it’s going to be sustainable to you and your business or not. Last week we kicked off the posts with a look at how to get started in accounting and this week. we’re exploring agriculture and the wide world of food operations, farming, and CSA (community supported agriculture) groups in it!
What do you need to go into the agricultural industry?
Every business is run a little differently than the next, but if you plan on making and/or selling food to the public you must have a food license. This license ensures that the food you’re growing, selling, or making is wholesome and safe for the public to consume and without this type of license in place, your business could face serious consequences. Additional licenses to know about include the retail food license (for businesses selling food directly to the customer) and a food processing plant license (for wholesale use, meaning you can sell not only to the customer but to major grocery store chains and online). There are several rules in place for anyone in food operations to keep in mind before they can receive their license so be sure you meet all the requirements and personnel standards.
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. 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?
With companies like Sargento, Carmex, and Oshkosh B’Gosh calling the state home to their branding headquarters, Wisconsin ranks at #41 on the Forbes best states for business list and is noted for its manufacturing, healthcare and agricultural industries. As far as its namesake for dairy goes, Wisconsin is noted for producing a quarter of the nation’s cheese, making it number one in the United States for cheese production and second for milk and butter production.
DBA stands for “doing business as” and allows your company to do business under a fictitious name (AKA one you made up) instead of your own personal name, names of your partners, or the name of your corporation or LLC. In order to do this, you must file for a DBA.
1) Does your company even need a DBA?
The first step in creating a DBA is determining if you even need one. The answer depends on whether your business operates as a sole proprietorship or as a corporation or LLC.
For Sole Proprietorships:
The only reason to not get a DBA is if you want your business to operate under your personal name only. Picking a business name will plant the seed for your brand to grow strong – and filing a DBA will protect it.
If your corporation or LLC wants to conduct any sort of business with a name that is different than the one you filed on your corporation/LLC paperwork, then you need a DBA.