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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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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Business Basics – When do I Hire a Manager?

As you small business grows, it’s hard to pin down the best time to hire new people. Managers are especially difficult to time correctly. In many cases, they are seen as a luxury for small business and should only be brought into your management team if absolutely necessary. hire a manager But as your company grows and your job as owner changes, managers are the key to a successful, growing small business.

Overwhelmed

When you first started you may have ended your day at 6pm, then it became 7pm, and now you leave later than you ever intended. If you find that your days are getting longer because you have to fix every little problem in you company, it’s probably time to hire a manager. As Reza Chowdhury, of AlleyWatch said in an interview with Bplans, ”You’ll likely find yourself trapped in a perpetual hamster wheel, focused on tasks that are not a good use of neither your time nor skill set. At this point, it’s time to bring in the help to allow you to focus on the big picture.” (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.

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MyCorp FAQs: How Do I Know the Value of My Business?

If you have ever watched the TV show, Shark Tank, you know just how aloof business estimated tax paymentevaluations can be. The mere fact that a valuation can be negotiated shows just how much subjectivity business evaluations hold. But regardless of how you come up with the number, the valuation of your business is vital. The value of your business can help you determine your company’s financial and competitive standing. For larger public corporations, a valuation is typically created through the stock price. What about private corporations? There are three easy ways to find the value of your business regardless of size.

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MyCorp FAQs: What are Some Common Business Name Mistakes to Avoid?

One of the first steps to creating your own business is picking your name. You can LogoGardenPhotochange your name in the future, but almost every entrepreneur is set on getting it right the first time. Maintaining your business name can significantly help your brand consistency. Whether it’s your first business or one of many, you’ve probably spent a bit of time thinking of the perfect name, and have inevitably asked – what some common business name mistakes to avoid during this important choice? (more…)

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7 Things Your Startup’s Brand Needs

Group of business associates looking and pointing at a chart put up on the wallWhen starting a company, it’s natural to want to shout your message from the rooftops. You not only want to spread the word about your new endeavor to family and friends, but it’s important to get noticed in order for your business to grow. According to Forbes, approximately 543,000 new businesses start each month. The struggle to stand out in this clutter can seem helpless, but there are several things you can do to maximize your potential.

Standing out and being well represented amongst the competition requires you to create a strong brand, something that resonates with your potential customer and gives you increased visibility. The following tips will help you understand all that your brand is made up of, and how to use it to maximize your business startup efforts.  (more…)

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MyCorp FAQs: Do I Need an Employer Identification Number?

An Employer Identification Number, also called an EIN or a Federal Tax Identification Number , is a unique set of digits assigned to a business by the IRS. With it, tax agencies can easily track the financial activity of your company, and make sure that you pay your taxes. employer identification numberBut, if you run a sole-proprietorship, the IRS can already do that using your personal social security number. So in what cases do you need an Employer Identification Number?

When you hire someone

The only time you can really get away with using your social security number is when your business is considered a sole-proprietorship, and you’re the only employee. The IRS figures, in cases like that, the company’s profit flows directly to you, and you pay your taxes from that. But that changes the minute you bring anyone on to help run the company, and that includes a business partner. Once you start hiring, your company must have an EIN.

When you form an LLC or Incorporate

Incorporating or forming an LLC separates you and the business. (more…)

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MyCorp FAQs: Should I file in a state with no income tax?

This is easily one of the most commonly asked questions we get. Each state has different rules and regulations when it comes to income tax. Most have both, some don’t collect personal income tax, and a few don’t college corporate income tax. And to a new business owner forming a corporation, forming in a state without a corporate income tax might sound awesome! income taxAfter all, who likes paying taxes?

Unfortunately, things aren’t that cut and dry, and there are good reasons why so many business owners opt to stay in the state that they do business.

You can form a corporation in another state

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How MyCorporation Helps Franchises

Recently we’ve started exploring an often over-looked sector of American small business – franchises. Franchising is a major part of our economy, accounting for 4-5% of the country’s GDP, according to the IFA. It’s also a great way for people to be their own boss and open a business, without having to start from scratch. FranchiseA misconception amongst would-be franchisors, however, is that they’ll get everything they need from the main-office. While that’s partly true, there are a lot of ways MyCorp can help franchisors.

We act as another level of support

When you buy into a franchise, you usually get three things from the head office – a right to use its name, access to its system of success, and some assistance when you first start out. (more…)

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