50 States of Incorporation: North Carolina

Incorporate in North CarolinaThis week in our 50 states series we’re on the road to incorporate in North Carolina, also known as the Tar Heel State. North Carolina is home to the company headquarters of Krispy Kreme Doughnuts and Pepsi-Cola and the Great Smoky Mountains National Park.

In the last 50 years or so, North Carolina has transitioned from an economy focused on tobacco, textiles, and furniture crafting, to an economy focused on engineering, energy, biotechnology, and finance sectors. With those transitions, the state has found great start-up success!

According to the Forbes Best States For Business list, North Carolina ranks at #4 of the 50 states to start a business in – right up in the top 5 states! This high ranking can be attributed to its similarly high rankings in labor supply, environment, and growth prospects. Thumbtack.com also gave the state high marks with a steady B+, with high grades in ease of starting a business, health and safety, employment and labor, zoning, and training/networking programs.

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Experts Weigh In: What I Love About Being an Entrepreneur

Experts Weigh In: What I Love About Being an EntrepreneurWhat do you love about being an entrepreneur? Here at MyCorp, we find that asking this kind of question to small business owners is a little like the children’s book When You Give a Mouse a Cookie. They may not immediately ask for a glass of milk afterward, but they’ll definitely have plenty to share about what drives and motivates them when it comes to their businesses!

Today is part one of our two-part series polling our network of small business owners on what they love about their business. We’ve got 75 entrepreneurs in the house, discussing all the different hats they wear, the creative energy that comes with the role, and how every day is a new adventure.

1. “It may sound selfish, but I love the fact that I get to choose all the folks that I employ. I spent so many years in the corporate world having to work with a lot of personalities that did not share my work ethic or passion for whatever task was at hand. It’s such a great feeling to be able to work with individuals who are all dedicated to their craft, committed to excellence in all that they do and who genuinely care about the well-being of the team above all else. I keep telling myself that as the business grows, it may not always stay this way – but at this moment I am definitely loving it!”

- Kristy McCarley, CEO/Founder, Shazzy Fitness LLC

2. “The best part about being self employed for me is having the flexibility to be more active with my family. Though we’re always hustling as an entrepreneur looking for business growth, having that opportunity to get my kids on or off the bus and see their smiles is what true wealth is to me.”

- Mike Kawula, Self Employed King

3. “I love being an entrepreneur because of the freedom I have to call the shots, work when I want and control every aspect which gives me the knowledge to make the right decisions for my company.”

- Tanya L. See, Owner, Team See Marketing

4. “I love the fact that while my friends are complaining about their jobs every waking minute of the day, I can smile and react with a wry grin, knowing I’m in control of my own destiny. I know that every second of work I put in goes towards benefiting me ­ not a fat cat boss or faceless corporation. I love being an entrepreneur because essentially I enjoy every day­ I’m also in complete control!”

- Nick Whitmore, Managing Director, ContentWriting.org

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Business Basics: Limited Liability Partnership

A Limited Liability Partnership is a very interesting type of business structure. Limited Liability Companies already combine the ease of running a partnership with the protection of a corporation, and the IRS originally ruled that LLCs would be taxed as partnerships. So what is the difference between a Limited Liability Partnership and a Limited Liability Company? And which one would be the best structure for your company?Limited Liability Partnership

What is a Limited Liability Partnership (LLP)?

We’ll answer the easiest question first. An LLP is very similar to an LLC – both protect the company’s owners from lawsuits and debtors, and both have a pass-through tax structure, meaning anything the company earns passes through it, directly to the owners, without being subject to any corporate income tax. However, a Limited Liability Partnership offers an extra bit of liability protection to each partner. So, just like in a Professional Corporation, the other partners in an LLP will not necessarily be liable for the consequences stemming from another partner’s actions.

Do all states recognize LLPs?

Yes, though the laws recognizing LLPs vary from state to state. The majority of the states have adopted the Revised Uniform Partnership Act, which includes a provision for LLPs stating ‘An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the partnership.’ In layman’s terms, that essentially means that the company, and not the individual partners, is responsible for any obligations stemming from contracts or torts. The states that haven’t adopted the RUPA instead opted for their own laws to recognize LLPs, but all follow the same basic pattern.

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50 States of Incorporation: Missouri

Missouri – the “Show-Me” state – is the subject of this week’s 50 states of incorporation, but first we want to show you why Missouri is such a great place to start a business. Missouri has long-been an important economic hub because America’s three great rivers – the Missouri, the Mississippi, and the Ohio – all flow through the state. And though shipping has died down and Missouri is no longer the sole Gateway to the West, the state has shown an amazing propensity towards adaptation, and some of the most successful high-tech companies in the world call Missouri home.Incorporate in Missouri

Monsanto, one of the world’s biggest bio-technology companies, is based out of Missouri, as is Boeing Defense, Space & Security, a leading aerospace and defense-research firm. But the company that Missouri is most famous for has to be St. Louis’s Anheuser-Busch. It is, in fact, so loved that Busch’s St. Louis brewery was declared a national landmark in 1966.

Missouri knows how important small business is to the state, and the government offers loads of incentives and programs to help small businesses get started properly. Missouri lists many of the public resources that are available, and it is especially supportive of its agricultural industry; Missouri has 108,000 active farms, the second highest amount in the United States.

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Respecting Tradition: Why Offline Marketing Still Works

Why Offline Marketing Still WorksWhen it comes to marketing, entrepreneurs have to remember that it isn’t always an “either/or” proposition, especially with small business owners that already have a physical presence with brick-and-mortar stores in place. You can still pursue traditional offline marketing techniques while getting your brand’s message out to a broader audience range through social media platforms. Diversity is key to capturing as much of your market as possible and offline marketing, for all intents and purposes, isn’t dead just yet – it’s still a tried and true method in the following areas.

Print Ads

Although newspapers may be seen as a dying medium with its main consumer base composed of baby boomers, there is a still good reason for you to have an ad printed in your local paper. According to the 2013 Nielsen National Cross-Media Engagement Study, newspapers have the highest advertising effectiveness ratings, beating social media, TV and radio in “Likely to Purchase,” “Usually Noticed” and “Advertising Annoyance” categories.

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50 States of Incorporation: Massachusetts

Incorporate in MassachusettsReady to incorporate in Massachusetts? Today, we’re focusing on none other than the Bay State, also known as Massachusetts, in our 50 states of incorporation series. Massachusetts can be found in the New England region of the northeastern United States. It borders Rhode Island, Connecticut, New York, Vermont, and New Hampshire. Though it is the seventh smallest state in the US, it is the fourteenth most populous, being one of the most filled-to-the-brim states!

Massachusetts holds a great deal of cultural history as far as American states go. The town of Plymouth was one of the first successful colonies to be established in the country, and the state is also home to Harvard University (he oldest institution of higher education in the United States), and established brands including Au Bon Pain, Dunkin’ Brands Inc., and Staples all call the state home to their company headquarters.

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How to Market With a Bang Minus the Bucks

Marketing on a budgetAs a small business owner, you understand the value great marketing has on your company overall. From positive brand recognition to customer loyalty, making the right marketing moves can launch your business in all of the right directions.

Unfortunately, you also understand that ultimately it’s the budget that rules the roost; and if you don’t have the money to market yourself, you’ll simply have to go without. But not so fast! There are some economical ways your promotions can go off with a bang, minus the upfront bucks.

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How to Leverage Government Contracting Opportunities

How to Leverage Government Contracting Opportunities

By Jeremy Higbee

Even though there are budget problems right now, the government spends a great deal on government contractors, particularly small business owners.  In 2009, the government spent $96.8 billion in contracts with small businesses. That’s a whole lot of money. Any small business owner or entrepreneur would be remiss to not take advantage of that large of a revenue opportunity.

That being said, it’s probably best not to attempt to rely solely on government contracting opportunities as a single source of income for your business. There are companies like Lockheed Martin that develops military weapons, jets, and satellites that rely solely on government contracts that run up into the hundreds of billions. Unless you’re planning on make the next F-35, I wouldn’t put all my eggs in one basket.

Since you’ll be dealing with the government, there’s going to be a lot of paperwork, registering, and seemingly pointless hoops to jump through. Here are the hoops that need to be navigated in order to benefit from Uncle Sam’s federal contracts:

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Happiness and Your Small Business

Happiness and Your Small BusinessIt’s always been true, that if you love what you are doing, then it will continue on and your love will just grow. A business is the same thing. When you can do something for hours on end and not even realize that time has passed, you have found that one special thing you should be doing. If you can make it pay an income, you’ve found your very own nirvana.

Why you should be happy in what you do

Life speeds by really slowly when we are growing up. Can you hear yourself say, “When I turn 14, I can get my learner’s permit to drive.” “When I turn 18 I can’t wait to find my own place.” And then just as suddenly, “I can’t wait until the grandkids come to visit. It’s been so long.”

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Buying a Business? Play to your Strengths

David NilssenBy David Nilssen, CEO & Co-founder of Guidant Financial

We all have dreams. They start off big when we’re very young. As we grow up, most of us temper our ambitions with a dose of reality and a need to fit in—to do what others do. This is true for aspiring (and frankly existing) entrepreneurs.

First, let me say that not everyone is cut out to be an entrepreneur. There is tremendous potential for reward—both material and in personal freedom and satisfaction—but there is risk in entrepreneurship, and a fearful or risk-averse person should not attempt it.

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