Welcome to the first ‘Business Basics’ of the year! We are starting 2015 off strong by looking at privately held companies. The structure of privately held business is often misunderstood. People wonder what distinguishes a privately held company from a publicly one, or believe that any business run by a non-government entity constitutes a private company. That isn’t the case, and so to clear up any confusion, we’ve answered some of the more commonly asked questions we get about private companies.
What is the difference between a privately held company, and a public one?
A privately held company is also known as a ‘closed company,’ because the ownership of the business is closed. In other words, you can’t just decide to buy a chunk of the business off of the market. Continue reading
Welcome to our weekly post on small business industry! We took a couple of weeks off for the holiday, but now we are back and ready to tackle S – Stockbrokers! The financial industry is notoriously complex, so starting your own, private brokerage firm can be a bit tough. However, with a bit of experience and all of the right qualifications, it can be done!
Are stockbrokers heavily regulated?
Yup! Independent brokers have to jump through loads of regulatory loopholes before they’re allowed to open their business. Continue reading
2015 is officially here! And business forecasters all across the internet are scrambling to their crystal balls to give their predictions as to what is, and isn’t, going to work in the new year. Of course, if you regularly follow our blog, you’d know we beat them by a good month with our infographic “2015 Small Business Industry Predictions.” But just in case you missed it, or you want a refresher as to what we think will be the best industries to start a small business in, here’s a quick rundown of what we think is going to happen.
What industries are going to do well in 2015?
It’s no secret that MyCorporation LOVES small business. So when Small Business Saturday rolls around, we want to do everything we can to promote small business and help new entrepreneurs to get moving on realizing their business dreams!
This year, we’re offering half off Incorportation and LLC formation packages (normally priced at $69). And as we are an online business, we have also decided to partake in Cyber Monday. Meaning, from Saturday the 29th until the end of Monday the 1st, you can form a corporation or LLC for half the price! Continue reading
We are onto M in our series, and this week we are looking at the marketing and public relations industry. Marketing and PR is often seen as a hard industry to break into. There are a lot of rival firms – some big and some small – and new businesses often have trouble figuring out how to stand out. But with a good amount of experience, the right contacts, and enough work ethic, it is possible for a company to succeed in the growing marketing and PR industry.
What do you need to start a business in the marketing industry?
Most experts say that the most important factor to a new firm’s success is marketing experience. You need friends and contacts to really succeed. And while it is totally possible to build a successful business with no experience in the marketing industry, it’s really, really hard. There are a lot of lessons you learn about marketing and PR by working within the industry, and a major part of that industry is who you know. Networking is much more effective than cold-calling.
In our line of work, we are introduced to hundreds of small businesses on a daily basis- and we LOVE it! Each entrepreneur brings something so drastically different and special to the table. Though when we stumbled upon Campus Enterprises recently, we couldn’t help but be intrigued by their unique story.
Campus Enterprises is a company completely run by Duke University students. Though, going beyond any typical student-run business that provides “for the students, by the students,” Campus Enterprises also has a large presence in the community surrounding Duke University. They offer such services as food delivery, laundry, note-taking, screen printing, cleaning, marketing, and expansion. As their website states, they’re a “one-stop shop for your daily needs.”
We had the pleasure of interviewing Campus Enterprises about their inspiration for the business, its history, and what the students who participate, as well as the community, gain from this unique venture. Continue reading
You have your business plan in one hand, and a cup of very strong coffee in the other. The paperwork is being processed, and the website is in the final round of edits. Your small business is almost ready to launch, but you’re worried you might be missing something.
Websites and business books are full of best practices, quick tips, and mistakes to avoid, but building a successful business isn’t strictly about the business itself. You need to build three pillars that will help launch your vision into the world. Continue reading
In this week’s ABCs of Small Business Industry piece, we’re taking a little look at the farming industry! Since the beginning of time, farming has been a staple in just about every community. Though some of the technology to help the process along has changed drastically, the consistent need for farming has not altered much throughout the years.
If you’ve ever thought about becoming a farmer, this is the post for you! Continue reading
This week we are looking at reasonable compensation, a legal necessity for anyone running a Corporation. Reasonable compensation is connected to one of the most fundamental parts of working for a company – getting paid – and yet it’s so widely misunderstood. When you form an Corporation, you create a separate, legal entity that ‘earns’ money. You then pull your wage from those earnings and pay whatever payroll taxes you owe.
In order to close a loophole wherein those running the corporation could ask for an extremely low salary, pay next to no payroll taxes, and then close the wage gap with distributions, the IRS requires that all corporate officers and executive be paid ‘reasonable compensation.’ But what constitutes reasonable compensation is a little more murky.
Who needs to be concerned with reasonable compensation?
Anyone that is runs, or helps run, a C-Corporation or S-Corporation must be reasonably compensated for their work. Continue reading
When a business owner files for a delayed filing, he or she is putting their business’s paperwork on hold until a later date. This may not seem entirely productive because, often, getting paperwork to go through the state for you business can be a waiting game, anyway. But a delayed filing can be strategic for the success of your business when used correctly.
Here are three reasons a business may opt for a delayed filing: Continue reading