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5 Reasons New Businesses Need to Worry About Privacy in 2016

Growing Tensions

There is an escalating war on encryption by the government resulting in a privacy versus security arms race. This year will see greater tension between governments looking for more information and businesses clamoring for more privacy. Your company needs to keep its data private and confidential. Therefore, you may encrypt your devices. So will criminals. This creates tension, as the government cannot access such data when it wants or needs to. The main concern about this is that governments may pass legislation to allow themselves to break into encrypted devices or restrict your ability to have sufficient digital security measures for your business data. (more…)

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Tax Day Promotion

Have a Stress-Free Tax Day With MyCorp by Saving $18 on April 18th

Tax returns are offically due April 18th – unless you filed an extension, or live in Maine or Massuchessetts – and in honor of the end of tax season, and to hopefully take away some of the stress that comes with paying taxes, MyCorporation is offering $18 off either our basic LLC or Incorporation package on April 18th. Just use coupon code TAXDAY18 when you checkout! 

And for those of you who filed early and have nothing to stress about (and those of you who are looking for a way to procrastinate before filing your returns), we also compiled 18 Tax Facts in honor of the looming April 18th deadline: (more…)

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Experts Weigh In: What do you love about your business?

Valentine’s Day is just around the corner, entrepreneurs! MyCorporation is celebrating with their #ILoveMyBusiness contest! To enter, all you have to do is submit a photo showcasing why you love your business to contest@mycorporation.com along with a description of what’s going on in the photo in 25 words or less, the name of your business, and your company URL for a chance to win $500.

We’re so excited to read about all the ways you love your business!

To help get into the spirit of things, we asked our small business experts what they love about their business. Here’s what they had to say:

1.“I’m building a productivity tool, and I love it because it solves problems I face myself daily. Not only does that make it much easier to understand and be invested in, it also means that I get the satisfaction of seeing the benefits and power of it directly reflected every day in my own work.” –Tim Perry, Build Focus (more…)

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Business Basics: An Employee Review… When You’re the Only Employee

Employee reviews get a bad rap – a lot of people assume they’re meant to judge a person’s work and weigh whether or not they are worth their wage. In reality, reviews are a great way to force a person to reflect on the past year, figure out what they’ve done well, and highlight potential growth areas. And you don’t suddenly outgrow their use after creating your own business. Too few small business owners actually take time to reflect on the past year; we assume we made money so, therefore, we did well enough. That’s a dangerous attitude, as it leaves you open to stagnation and contraction. This year, instead of just closing out the books and handing them to your accountant, do an employee review and really figure out just how well you did.

What do you ask?

Think back to your last employee review, and remember your manager brought up. Reviews are usually pretty standard, so you’ll be asked to come in with some accomplishments and possible improvements. There’s then a quick ten to twenty minute back and forth to sketch out goals and ideas for next year, and you’re done. Your one-person review does not need to look any different. It’s the end of the year, so you have a good idea how you did financially, but think of a few ideas or initiatives you’re particularly proud of and jot them down. Then ask what you’d change if you could do it over, and write those down as well. You’ve just outlined a plan of attack for next year. Keep doing what you do well, adjust as needed to help spur improvement, and plan out whatever new initiatives need adoption to ensure those improvements happen.

Do you have to talk to yourself?

No – in fact, if you can, involve someone else. You’re more than capable of doing this “review” on your own, but outside perspective is invaluable. We are our own echo chambers – we always wind up thinking our own ideas are good. But what you need is someone to bounce ideas off of. Someone to poke holes in your plan, and refine that sketch you just put to paper. Involving someone else also adds a bit of culpability to the process. Not only does it force you to actually think about, and write down, that list of accomplishments and improvement areas, but talking about that list means someone else knows your plan, and may ask about it periodically over the next year. Extra, external motivation is always helpful.

What’s the point?

Honestly, this process is something every business owner should do already. But running a business is tough, tiring work. And at the end of the year, when life is already hectic and you have tons to get done before January first, the last thing you’ll want to think about is next year’s plan of attack. Small business owners are great at mapping out big plans and focusing in on microscopic details. We usually aren’t great at connecting them. This employment review exercise helps by forcing us to see what works, and how we can leverage our talent to meet attainable, worthwhile goals over the course of the next year. Then, when 2016 hits, you aren’t forced to fly by the seat of your pants.

Ready to start your own business? Need some help with the process? Click here, or give us a call at 1-877-692-6772!

 

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delayed filing

Business Basics: Should You Opt for a Delayed Filing?

Procrastination tends to hit business owners hard when it comes to incorporating or forming an LLC. A lot of small business owners resolve to file the necessary paperwork, and then never do. And now they’re facing the end of another year and wondering if it’s even worth filing this late in the game. Believe it or not, it is! But around this time of the year, we usually tell customers to consider a delayed filing over a traditional, immediate action. Delayed filings are the perfect option for businesses owners who know…

They want to form an LLC or Corporation

Forming a limited liability company or incorporating is easily on of the best ways to protect yourself and your personal assets from any debts associated with the business. The government treats corporations and LLCs as their own legal entities, separate from the owner or owners. Any debts it incurs, loans it takes out, or judgments against it are therefore its responsibility and, in most cases, your personal assets will not be seized to pay for those debts. However, forming an LLC or incorporating requires the company’s managers to jump through a few extra loopholes, like paying fees and filing reports annually. Incorporate or form an LLC now, and you may be on the hook for 2015’s fees, even though the company only existed for a month. Plus, depending on your state, you may have to file different returns for the months your business was not its own entity, and the month it was.

That’s where delayed filing comes in. A delayed filing allows you to file the proper paperwork now, and set an “effective on” date a month or so into the future. That way you finish out this year as a sole proprietorship or partnership and, early next year, your LLC or Incorporation is officially approved and formed.

They do not want to be rushed

There is a lot of work that needs to be done at the end of the year. You have to put your books in order, evaluate the staff, and make it through the holiday season. But forming a legal business entity comes with its fair share of responsibilities as well; if you rush through your paperwork, and anything is amiss, the state will reject your filing. We are right at the cusp of December, so take this brief bit of time to make sure your ducks are all in a row – you have a registered agent, a physical address, and a protected DBA name – and then fill out your forms and opt for a delayed filing. That way you won’t have to struggle through all of the normal, extra work that comes in December and January.

They don’t mind waiting a little bit

I know how frustrating it can be to wait on the government to approve your paperwork, but trust me, patience pays off. You actually save a bit of time filing now and opting for a delayed filing instead of filing at the beginning of next year because a lot of businesses wait until the start of the year to send in their forms. State offices get swamped, the delay gets longer, and then you’re stuck waiting until February or March to hear whether your LLC or Corporation was formed. A delayed filing means your paperwork is approved before that rush or, at the very least, that the state will put your paperwork at the top of next year’s pile.

Ready to form an LLC or Corporation? Want us to help you file the right paperwork or opt for a delayed filing? Click here or give us a call at 1-877-692-6772

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How to Increase the Chances of Your New Business Succeeding

Everyone who starts a new business or takes advantage of a franchise opportunity hopes that once the decision is made, the business will succeed. This optimism is a good thing, but it’s important not to approach business ownership in a naïve manner.

The sad fact is, not every new business succeeds, and, in fact, many don’t. In some sectors, such as restaurants, most actually fail. Success is not guaranteed, but there are some things you as a new business owner can do to dramatically increase your chances of success: (more…)

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MyCorp Recommends: “The Power of Failure”

A fear of failure can be paralytic, especially to a small business owner or would-be entrepreneur. It means losing all the time, effort, energy, and money risked on an enterprise. But what if someone said that failure was a good thing? That, in fact, feelings of failure and defeat carry the true key to success?

Our good friend Fran Tarkenton argues exactly that in his new book “The Power of Failure“. TarkentonBookFran Tarkenton is no stranger to failing – he helped bring the Minnesota Vikings to the Super Bowl three times during the 1970’s, and each time lost. After turning to business, the first two companies he founded eventually folded. But he didn’t allow himself to be engulfed by that failure and now, as CEO of Tarkenton Companies, is a wildly successful entrepreneur.

Failure, he posits, is a gift that brings incredible power. In “The Power of Failure” Tarkenton shares never-before told stories of his time in the NFL, and the personal, occasionally painful, moments he experienced. Through his own hard-learned lessons and invaluable advice given to him from friends and mentors like Sam Walton and Bernie Marcus, Tarkenton lays out the myths and truths of failure, and how to follow through to success. (more…)

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How to Determine Your Home Office Qualifies for a Tax Deduction

What are your tax obligations as an independent contractor?

Over the past couple of years, controversy rose around independent contractors. The line between employee and independent contractor has thinned, and many are confused over how workers should be classified. In general, the independent contractor is considered to self-employed, and the company is their client. This means that there are some vast differences between the tax obligations for independent contractors and employees.

(more…)

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LinkedIn Series Part 4: Understanding Analytics

The trend of big data has led to the rise of social media platforms handing their consumers Why Infographics Still Workanalytics on their presence online. LinkedIn is no different. As a small business, understanding your page’s analytics is vital to its success as it gives you a great amount of information on your target audience’s preferences. But with all analytics, there are some key figures and terms to monitor that give the most insight into your successes and failures.

(more…)

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