Tag Archives: Services

Business Basics: Registered Agent Services

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Welcome to our weekly Business Basics post! This week we decided to explore a service that nearly every Corporation and LLC uses – registered agents. If you are thinking about forming an LLC or incorporating your business, you will need to find a registered agent. But what exactly do they do again?

What is a registered agent?

A registered agent is the person, or in some cases the company, that a business designates to receive service of process if there is a summons or a lawsuit. Since incorporating or forming an LLC helps to separate your personal and professional lives, and provides fiscal and legal liability protections, the state cannot simply serve you with legal paperwork. LLCs and corporations are, after all, their own, separate legal entity. So a registered agent acts as the impartial receiver of those legal notices. States will also sometimes send renewal reminders and notices to your registered agent, helping you to stay on top of what you need to file to stay compliant with state regulations.

Do I need one?

Nearly every, single state requires that LLCs and corporations doing business within its borders designate a registered agent, so yes it is very likely that, legally, you must have a registered agent. But, beyond the legal considerations, having a registered agent also helps you to maintain a bit of privacy. Having legal paperwork delivered directly to your place of business can wind up raising some eyebrows. There are considerations to be made for office-morale as well – after all, if you are working for a corporation that keeps getting notices and letters from attorneys, you might not have much confidence in the company. A registered agent helps create a sphere of privacy, so that you and your attorney can handle any pressing legal matters without causing a panic.

Can I act as my own?

It all depends on where you do business. As we mentioned above, having a registered agent that is separate from your business will provide a bit more privacy. However, some states do allow members of LLCs, or directors of corporations, to act as the business’s registered agent. Minnesota, as an example, does not require any business formed in the state to name a registered agent, though the company does have to list an address where a person who represents the company can be found. However, all fifty states have registered agents offering their services so, if you do want to name one, you are always able to.

Where can I find one?

Most states actively maintain a list of registered agents who are allowed to provide such a service within their borders. Just look up your state’s secretary of state or department of corporations – chances are that there is a list of active registered agents somewhere on the site. MyCorp is also happy to provide you with our own registered agent services, and we are able to do so in all fifty states!

Having a registered agent is extremely useful, and even if the state you do business in does not require you to have one, it is still a good idea to contract somebody as your registered agent, just to help maintain a bit of privacy. Just make sure that whoever you do hire stays in contact with you, as any and all important paperwork from the state will likely come to them first. The last thing you want is to miss a deadline because your registered agent never got around to calling you!

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Mega Millions for All!

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If you haven’t heard- the 42 state lotto, Mega Millions is over half a billion dollars. Since we’re finishing out tax season we thought it would be good to highlight one last tax post. We’ll discuss the taxes on your lotto winnings, as well as gross income generally.

If you are from New Hampshire, Tennessee, Texas, South Dakota, Washington, California, Pennsylvania or Delaware you will win the biggest in tonight’s drawing- winning between 3% and 9% more than if you were from any other state because you won’t have to pay state income taxes. However, all winners must count the winnings as income and are subject to the Federal income tax of 35% (or maybe more depending on your specific situation).

As for the rest of us, what counts as gross income can often be a confusing subject.

If you’re wondering what your gross income was for the year- generally speaking, any income from any source counts as income. That includes receipt of money, property, or services. The Internal Revenue Code specifies what income is and what it is not. If you’re not sure if something is income, the IRS applies a three part test to determine if something is gross income- check out the steps below to see if you qualify.

1) There must be an undeniable net accession to wealth. Are you better off after receiving the money, property, or service? If so, this counts as gross income.
2) The benefit must be clearly realized. This simply means that you did, in fact, benefit.
3) Does the tax payer have complete dominion over the benefit of the money, property, or service? For example, if you were given a car, but the title was in the name of another, or there were restrictions on use- you may not have complete dominion. In most instances, this will be fairly straight forward.

The easiest example is if you are given cash- easily all three are met. Other situations that are a little trickier are if someone else pays your rent, your mortgage, or even you food bill. Even trading services for services counts as income- as if you had just handed each other the same amount of cash!

Unfortunately, if you received something that created an economic benefit for you, it is probably income. However, there are many exceptions, exemptions, and deductions that may also apply. Consult your trusted advisor for more information.

In the meantime, buy a ticket for fun. Big money like this rarely comes around- it’s at a record for a reason. You never know if you may be the lucky lotto jackpot winner!

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Awesome Affiliates: Just Relax Services

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Pull up a hammock and grab your laptop for this week’s Awesome Affiliates: Just Relax Services.

Just Relax Services is an online service that aids small businesses by providing fresh ideas, business resources, and advice given by some of the best business consultants in the field. Their services include: small business mentoring, social media management, marketing and SEO services, merchant services, business writing, and web/graphic design services.

The thing that really sets Just Relax Services apart from like small business resource centers is their genuine yearning to help grow their customers’ businesses. It even says right on their home page, “We want to hear about your vision! Call us today for free advice on starting or growing your small business.”

This genuine attitude stems from the founder and brains behind the operation: Millicent (also fondly referred to as Melissa) Walters.

(Read in a typical game show host voice, you know the one) Melissa enjoys spending time with her husband, playing with her children, and long walks on the beach.

Melissa’s entire business career up to this point can be explained as nothing less than a labor of love. She tore into the business world at the ripe age of 16 when she started her own web design company. A few businesses that had run their course, four children, and experiencing her husband’s lay off later, Melissa knew a business plan change was pertinent on the horizon.

“[My husband and I] were done working for someone else and running the rat race that can never be won. It was time to make something great from a not so great situation.” –Melissa Walters

With mouths to feed and a husband newly out of work, the idea was borne to begin an online small business resource center. She had plenty of experience in the field due to the countless amounts of family and friends that had come to her in high demand of business advice. Plus, being the connoisseur of entrepreneur ventures she had become, she became the perfect candidate for helping other entrepreneurs who found themselves fumbling their way through the world of business.

The idea for the name of the company “Just Relax Services” came originally from a past business venture. Just Relax Services was intended to be the name of a travel agency Melissa had started. She then relayed the connotation of vacationing to helping small businesses. Beginning or bettering a business can be exhausting, so who wouldn’t rather ‘just relax’ and let business professionals take the reins?

As for the future?

Just Relax Services plans on implementing ‘how to’ videos on their website to make the business process that much easier. Has starting or managing a business ever been so relaxing?

Interested in becoming an affiliate with MyCorporation or finding more information about Just Relax Services? Contact Cindi Sokoloff, Affiliate Manager at MyCorporation at (818) 746-2264 ext 320.

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