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Experts Weigh In: How do you create and maintain lasting partnerships?

2015 was definitely a year for partnerships at MyCorporation. We teamed up with some great companies, and we’ve been yielding really positive results. We wanted to ask the small business community how they go about creating and maintaining their successful partnerships.

Here’s what they had to say…  (more…)

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5 Things You Might Not Know about Sales Tax

The old saying goes that “Nobody is boring once you get to know them.” But can the same be true for a concept like sales tax? Nothing can make a little percentage tacked onto the sale of a product interesting, can it?

We here at TaxJar live and breathe sales tax and we beg to differ! These 5 things you might not know about sales tax are guaranteed to amuse and delight. (Or at least to give you a new understanding of this much maligned administrative task!) (more…)

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How I came to be an entrepreneur: Part 3

This is Part 3 in the series of how I came to be an entrepreneur. 

Before you knew it, we had new employees, a great mission statement, great products, a great process and yet we couldn’t get significant traction in bringing in new clients.  I was moving faster than I ever had, working harder and smarter, yet the people weren’t coming over.  What they were doing was meeting with my team and myself, but not actually giving us their business.  But there was definitely a buzz about us.  (more…)

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How You Can Jumpstart Your Career in Business Finance

Degree or no degree

Now, don’t get me wrong, I’m all about education. You need to go to school in order to have access to all the opportunities available out there. However, there are some instances where you didn’t make it to college and that should not be the end of the line for you. You still have a chance in the business finance world if you take the following tips to heart. (more…)

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MyCorporation’s End-of-Year S-Corp, Payroll Promotion

With the end of the year approaching, entrepreneurs everywhere are reflecting back on a year of business decisions. What worked? What didn’t? How can I really get the ball rolling for 2016? For those new small business owners out there who have yet to incorporate, we have a suggestion. The S-Corporation. Why? Because the payroll benefits are undeniable. (more…)

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4 Reasons to Support Local Shops and Franchises During Small Business Saturday

Everyone knows Black Friday is the largest shopping day of the year for consumers to snatch up deals at big box retail stores. But for too long, small businesses missed out on the flood of customers. In an effort to remedy this, American Express founded Small Business Saturday in 2010, encouraging shoppers to buy from small, local stores on the day after Black Friday. (more…)

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Business Basics: Should You Opt for a Delayed Filing?

Procrastination tends to hit business owners hard when it comes to incorporating or forming an LLC. A lot of small business owners resolve to file the necessary paperwork, and then never do. And now they’re facing the end of another year and wondering if it’s even worth filing this late in the game. Believe it or not, it is! But around this time of the year, we usually tell customers to consider a delayed filing over a traditional, immediate action. Delayed filings are the perfect option for businesses owners who know…

They want to form an LLC or Corporation

Forming a limited liability company or incorporating is easily on of the best ways to protect yourself and your personal assets from any debts associated with the business. The government treats corporations and LLCs as their own legal entities, separate from the owner or owners. Any debts it incurs, loans it takes out, or judgments against it are therefore its responsibility and, in most cases, your personal assets will not be seized to pay for those debts. However, forming an LLC or incorporating requires the company’s managers to jump through a few extra loopholes, like paying fees and filing reports annually. Incorporate or form an LLC now, and you may be on the hook for 2015’s fees, even though the company only existed for a month. Plus, depending on your state, you may have to file different returns for the months your business was not its own entity, and the month it was.

That’s where delayed filing comes in. A delayed filing allows you to file the proper paperwork now, and set an “effective on” date a month or so into the future. That way you finish out this year as a sole proprietorship or partnership and, early next year, your LLC or Incorporation is officially approved and formed.

They do not want to be rushed

There is a lot of work that needs to be done at the end of the year. You have to put your books in order, evaluate the staff, and make it through the holiday season. But forming a legal business entity comes with its fair share of responsibilities as well; if you rush through your paperwork, and anything is amiss, the state will reject your filing. We are right at the cusp of December, so take this brief bit of time to make sure your ducks are all in a row – you have a registered agent, a physical address, and a protected DBA name – and then fill out your forms and opt for a delayed filing. That way you won’t have to struggle through all of the normal, extra work that comes in December and January.

They don’t mind waiting a little bit

I know how frustrating it can be to wait on the government to approve your paperwork, but trust me, patience pays off. You actually save a bit of time filing now and opting for a delayed filing instead of filing at the beginning of next year because a lot of businesses wait until the start of the year to send in their forms. State offices get swamped, the delay gets longer, and then you’re stuck waiting until February or March to hear whether your LLC or Corporation was formed. A delayed filing means your paperwork is approved before that rush or, at the very least, that the state will put your paperwork at the top of next year’s pile.

Ready to form an LLC or Corporation? Want us to help you file the right paperwork or opt for a delayed filing? Click here or give us a call at 1-877-692-6772

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How I came to be an Entrepreneur: Part 2

This is part two in the series of how I became an entrepreneur.

Although there are several different types of leadership in business, for the most part, there are two different types of roles and people who take them on.  There are those who create projections, understand cash flow, expenses, employee roles, payroll, taxes, and start up costs. And there are the rest of us.  We figure it out, estimate, plan in our heads, see the plan, move forward while creating the plan and bend like a river to accomplish our goals. (more…)

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