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The Biggest Threats to Your New Startup

One of the most positive results of the last economic recession was the revival of the entrepreneurial spirit. The scarcity of jobs and the desire to be their own bosses inspired many people to start their own small businesses. Some of them, such as Uber, gained the attention and backing of investors which helped them become wildly successful. However, according to a recent article in Forbes, an astounding 90% of startups fail. (more…)

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5 Easy Tips to Make Tax Time Less Taxing

This year’s tax filing deadline of April 18, 2016 will be here before you know it. Whenever you get around to doing your taxes, be sure to use these time and money-saving tips:

  1. File sooner rather than later! Rushing to finish your taxes at the last minute can easily lead to avoidable typos. If you’re waiting to file because you owe taxes, you can still e-file now – just schedule your payment any time before April 18. (Calendar year S and C corporation returns are due March 15. Personal 1040 and partnership 1065 returns are due April 18). Filing earlier may also reduce the chance for tax return identity theft. The sooner your return is filed, the less opportunity there is for someone to file a fraudulent tax return using your name and Social Security number.

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Business Basics: State Unemployment Insurance

Unemployment insurance, at its root, is pretty easy to understand – it’s just a program meant to protect workers that become involuntarily unemployed. But because it is run on a hybrid state-federal system, and is often calculated based on weird variables like experience ratings, the entire concept quickly becomes muddled. Most states also change rates and maximum taxable wages on a year-by-year basis, so what was paid last year may not be the same this year. Thankfully, as long as you learn a little bit about unemployment programs and stay on top of those annual changes, UI shouldn’t cause too many problems. (more…)

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Enter to Win $500 In MyCorporation’s #ILoveMyBusiness Contest

People become entrepreneurs for a variety of reasons- they can’t stand the corporate lifestyle, they want to become the master of their own destiny, or they’ve had a dream of opening a business for as long as they can remember. People stay entrepreneurs because they love what they do.

In celebration of Valentine’s Day, we want to see all the ways you love your business. And we’re giving away $500 to one lucky winner through our “#ILoveMyBusiness” photo contest!

Entering is simple. 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. The more creative  the photo is, the better – we really want to see the love in the photo!

Deadline for submissions is February 29th, and the winner will be emailed March 1st, so start snapping photos now to enter in! Limit one picture per entry applicant. For more information on the contest, rules, and additional questions, visit our website at contest.mycorporation.com.

Good luck, entrepreneurs! We’re excited to see all the ways you love your business!

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How To Amp Up Your Corporate Event With Celebrity Speakers

Putting together the perfect corporate event can be stressful and time consuming. How do you know exactly which touches are going to make your event just how you want it to be? What do your guests want to see and hear? The best way to enlist that “wow” factor at any event is to use celebrity speakers to give your event that spark that it would otherwise be missing. The right celebrity can enlist the energy in the room that you desire, leaving you with that momentum to continue on with your event, ensuring that it is a success! (more…)

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Why New Software Isn’t Going to Solve Your Management Problems

When deadlines are missed and goals aren’t met, it is a manager’s instinct to identify a quick solution. What tool can we use to streamline our process, or enable better communication?

It is tempting to think that lagging productivity is something that can just be solved through technology. And it’s just as tempting to assume that these problems never stem from deeply rooted issues with employee morale, how teams coordinate, and managerial standards. (more…)

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Business Basics: Annual Meeting for Small Corporations

Corporate meetings aren’t exactly fun; they’re tied to board rooms, suits, and a lot of financial talk. And so smaller corporations – especially those with just a handful of shareholders – often ask whether they really have to hold a meeting every, single year to effectively rubber-stamp the same board of directors and file their annual report. The answer, of course, is yes. Annual shareholder meetings are legally required for private and public corporations, regardless of size. But your annual meeting doesn’t have to be a stodgy affair. In fact, one of the best parts about being a smaller corporation is the extra little bit of freedom you have in how these meetings are run.

Forget the Board Rooms and Offices

You have to set the date of your annual shareholder meeting in your bylaws, but the location is up to you. Plenty of corporations opt for the traditional, formal meeting – everyone gathers in the office, there’s a podium, people wear suits, and everything is very cut and dry. But what if you run your business from home, as nearly half of all small business owners do? Or what if you want your annual meeting to be a bit more enjoyable? There’s absolutely nothing wrong with meeting at a restaurant, or around your kitchen table. In fact, we’ve talked to plenty of CEOs who make their annual meeting a potluck; the few shareholders they have all bring a dish, they sit down, do their formal meeting, and then spend the rest of the day eating and talking. Some states actually do set a minimum for the number of shareholders that must be present, so hosting a more laid-back meeting can help ensure people do come.

Have the agenda laid out and ready to go

The chair can technically “wing” the meeting if they have a good idea as to what needs to be voted on. Normally these meetings are to appoint and/or remove directors, modify corporate bylaws, vote on shareholder initiatives, and approve transactions requiring shareholder approval like mergers or asset sales. But it’s a better idea to list out what, exactly, needs to be brought up so you can keep the formal part of the meeting as quick and easy as possible. Different states may also require different numbers of votes depending on the transaction – sometimes a simple majority is not enough – so planning this out lets you know what numbers you actually need.

Keep your minutes light

You must keep the minutes of your annual meeting, but you do not have to transcribe every, single thing said. Note the date, time, and place of the meeting, take attendance, lay out the agenda, and record votes. If anything new is brought up during the meeting, make sure to note that as well. Otherwise, your minutes can effectively be a quick sketch of your annual meeting. Just make sure, before everyone leaves, you pass around the minutes so everyone can review them. These constitute an official document and it’s important they portray the meeting accurately.

Every corporation must host an annual meeting for its shareholders, but there’s no reason why it has to be this dreaded, boring affair. Corporations, especially those with just a handful of shareholders, have a bit of leeway as to what the meeting will actually look like. Set out the agenda, keep minutes, and vote, but feel free to make this a meeting of friends, as well as a meeting for the shareholders.

Have any questions about corporate governance? Want to form your own corporation but not sure where to start? Click here for a free consultation, or give us a call at 1-877-692-6772 and we will be happy to answer any questions you may have!

 

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