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What “The Four Agreements” Can Teach Entrepreneurs About Running a Business by @DeborahSweeney

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What book would you make required reading for everyone on Earth? That’s the question posed by the July/August 2018 issue of The Atlantic, which drew on answers from a wide variety of sources including literary critics, film directors, and published authors. One author, Imbolo Mbue, recommended “The Four Agreements” by Don Miguel Ruiz.

Published in 1997, Ruiz drew upon the personal conduct codes learned from his Toltec ancestors in his book that serves as a practical guide to personal freedom. There are four specific agreements that, once followed, allow us to obtain personal freedom from beliefs we make with ourselves. These agreements can resonate with anyone reading this book, but I’d like to think it would hit home for entrepreneurs especially and provide a little extra insight into how to run a small business.

1. “Be impeccable with your word.”

More often than not we are messy, not impeccable, with our words. Entrepreneurs don’t always have the luxury of treating every word with care. They must be responsive to emails, text messages, and phone calls, and meetings and attend to the needs of everyone surrounding them from employees to customers at all times. Sometimes words are too much and we are left with only consonants — replying to an employee text with “K.”

Entrepreneurs are always encouraged to be the best version of their selves and bring their A game to their small business, so why not push to be better with our words? Whether spoken aloud or written down, the key is to pause and think before you express anything. By being impeccable with your word, which should be optimistic and thoughtful, you are able to create a domino effect where your words are able to positively impact others.

2. “Don’t take anything personally.”

This is a difficult agreement to follow because everyone, entrepreneur or not, has had a moment in their life where they have taken an insult (whether direct or indirect) too personally. Maybe someone tweeted a rude comment to the company Twitter account, a customer complaint was posted on Yelp, or you overheard someone gossiping about you.

However, Ruiz argues that no matter what happens around you or seems to be about you, it really has nothing to do with you. By taking something personally, Ruiz says, we are superimposing our worlds onto others and assuming that everyone else knows what’s happening in our world. The reality is that they don’t. Nobody does! It’s hard to do, but when entrepreneurs don’t take things personally we are unable to become prey to predatory thoughts that want us to become vulnerable. We learn to trust ourselves instead and that trust developed within allows us to go the extra mile forward.

3. “Don’t make assumptions.”

When has making an assumption been a good thing for anyone? The trouble with assumptions, as Ruiz points out, is that we think they are the truth. Rather than ask for somebody to better clarify it for us, we just assume that it’s true because if someone says it is then it must be… right? Rather than make an assumption about anything, entrepreneurs should go straight to the source and clarify the answer from the beginning. The sooner this is done, the better, to avoid any confusion later on down the line.

4. “Always do your best.”

One of the most fascinating aspects to “doing our best” that Ruiz expresses is that it changes from moment to moment. Entrepreneurs tend to look at what they did when they first started their business and often wish they could go back. They might have done things a little bit better, if they knew what they know now.

Or would things really have been done “better” in the past, if you knew what you do now? Wouldn’t going back and redoing things to be perfect mean that we missed out on opportunities for trial and error? To make mistakes, take risks, and learn from those things that did not go according to plan? Truthfully speaking, sometimes all we have this is moment and our existing circumstances to work with in order to do our best. If we do great work in the here and now, we can be content with knowing later on that we did do well with what we had and where we were in our entrepreneurial journey.

How to Properly Hire Your First Employee by @DeborahSweeney

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The United States economy is currently enjoying “a hiring spree,” according to a recent report from The Washington Post. 223,000 jobs were added in May 2018, allowing the unemployment rate to fall to 3.8 percent which is the lowest it has been since 2000.

As more jobs continue to be added and businesses make the decision to bring on full-time employees, entrepreneurs that have never hired before may be curious about the legal requirements necessary for hiring new team members. If you’re planning to hire your first employee, here’s a look at the documents and records you’ll need to ensure a smooth — and compliant — process.

1. File for an Employer Identification Number.

An Employer Identification Number, or EIN, is a federal tax ID issued by the IRS to uniquely identify employer tax accounts. If your business wants to hire employees, you’ll need to file for an EIN first. Outside of hiring employees, you’ll also need to file for an EIN if you plan to open a business bank account, change your organization type, or establish a credit profile.

2. File Form I-9.

According to the U.S. Citizenship and Immigration Services, Form I-9 is used to verify the identity and  employment authorization of your employee’s eligibility to work in the United States. U.S. employers are required to complete this form, along with employees (including citizens and noncitizens), for each hired individual. Once the form has been completed, employers must keep it on file for each person on their payroll who was required to complete it. It is not to be filed with the U.S. Citizenship and Immigration Services (USCIS).

3. Begin withholding taxes.

Once you, the employer, have decided to hire an employee with the intention of paying them, you are required by the IRS to withhold their income, Social Security, and Medicare taxes. New employees must complete and return to their employer Form W-4 Employee’s Withholding Allowance Certificate in order to have federal income taxes withheld. Form W-2 withholds federal Social Security and Medicare taxes and is completed by the employer. There may be additional state forms to complete as well, which may differ depending on your state’s tax regulations. During this time, you may consider whether you will administer payroll in-house or by using an external service.

4. Report new hires to the state.

Once an employer has hired a new employee, they must report that information to the state. Each state will vary in their reporting requirements, but don’t worry — it’s not meant to be an intimidating process.

Let’s use the state of California where my business is an employer, for example. If I hired any new employees who work in California, I would need to report that information to the New Employee Registry within 20 days of their start-of-work date. I can send the report electronically or through the mail. The only situation where I would not need to submit a report is if I did not hire any new employees.

5. Create compensation plans and obtain workers’ compensation insurance.

There are several compensation plans every business will need to create for its team. Let’s take a moment to explore the required ones.

  • Workers’ compensation insurance is required in the event that an employee suffers an injury or unforeseen circumstance on the job. Employers can obtain this insurance through their state’s workers’ compensation program or through a third party provider.
  • Disability insurance, which is required in California, Hawaii, New Jersey, New York, Rhode Island, and Puerto Rico.
  • You may register for unemployment insurance with your state workforce agency.
  • Leave benefits, outside of the Family and Medical Leave Act (FMLA), may be optional, but are worth discussing additional options with your employees.

For brick and mortar storefronts or offices, remember that you will be required to post OSHA workplace posters in a conspicuous place where all workers are able to see it. If you don’t already have one, you may order a print copy online or on the phone or download it from the OSHA website.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

Should Entrepreneurs Act As Their Own Registered Agent? by @DeborahSweeney

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Should Entrepreneurs Act As Their Own Registered Agent?

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“To act as your own registered agent or to work with a third party? That is the question.” We might have paraphrased this famous quote from William Shakespeare to fit into the present day, but we have a feeling the Bard might have shared similar musings if he had been an entrepreneur.

For those that don’t know what a registered agent (commonly referred to as an RA) does, this is an individual or a company that is designated by an LLC or corporation to accept official documents on behalf of a small business. While many small business owners choose to work alongside a third party, some decide to act as their own registered agent. This is still legally acceptable, so long as you thoroughly understand what is expected of you in this role. Here’s a look at some of the responsibilities that come with acting as your own RA.

A physical address is required.

As a registered agent, you must have a physical street address. A P.O. Box is not considered to be an acceptable address. Furthermore, the street address must be in the same state you do business and the RA must also be a resident of the state. If your LLC or corporation has been formed outside of your home state, you may need to work with an outside registered agent service until (and if) you decide to move the business to that state and work from a physical address within that location.

You must be available during general business hours.

Corporations and LLCs that are formed on a state level must have a designated registered agent in order to accept correspondence on behalf of a business and remain complaint with the state law. Correspondence tends to arrive during general business hours and registered agents must be available at that time to accept service of process. This can prove to be difficult for ‘treps on the go, who may not be available or physically present at their designated address during normal operating hours.

Are you ready to receive this much paperwork?

Registered agents accept quite a few legal documents on behalf of a small business which may include franchise tax forms, annual reports, renewal reminders, and lawsuit paperwork. They also accept official documents from the state. If you don’t mind staying organized with all of this paperwork, then you may be able to be your own RA. However, if you’re concerned that some of the documents might get lost along the way or disorganized you may find it’s a better idea to work with a registered agent service.

I don’t think I have the bandwidth to be my own RA! What should I do?

Reach out to a third party registered agents and work alongside them! You’ll find that it provides peace of mind to work with knowledgeable and reliable professionals that know exactly what they’re doing and are often more affordable than hiring a CPA or attorney. If you need help finding one, visit your state’s Secretary of State website for a list of active registered agents.

What’s the Difference Between DBAs and Trademarks? by @DeborahSweeney

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Many entrepreneurs new to the world of small business may find themselves easily mixing up the industry’s terminology and assorted acronyms. Trademarks, copyrights, dissolutions, EINS, DBAs, SUI, LLC… You may need to write the definitions down in order to memorize them at first!

Trademarks and DBAs, in particular, often get mistaken as being essentially the same concept when they couldn’t be more different. However, their sole similarity is that they both offer protection for small businesses. If you aren’t clear about the difference between the two terms, here’s a briefing that defines both and what they can do for your startup.

What’s a DBA?

DBAs go by a few different terms. There’s the Doing Business As name, which is what the acronym stands for, and fictitious name. By filing for a DBA, your company can conduct business and receive payment for its services under a name that is different from its legal name.

Why would you want to do business under a different name anyway? More often than not, entrepreneurs file DBAs as a fraud prevention measure. Your DBA name will still identify your business, but it will discourage anyone from registering for your name. In the meantime, having claimed a DBA name for yourself will allow you to create a business identity for your customers and vendors, market and advertise your company publicly, and open a business bank account to collect checks and payments under your business name. That last one is especially important because most banks won’t allow you to open a business bank account unless they have a certified copy of your DBA.

Ready to file? Check with your state or county that you’re business in first to see if you need to register a DBA since some states don’t require a formal registration. If you do need to register a fictitious name, file as soon as possible with your state government or county clerk’s office. You’ll need to pay a processing fee and identify your business with either your Social Security Number or EIN (Employer Identification Number) when filing and the registration process typically takes anywhere between one to four weeks.

What’s a trademark?

While a DBA may identify your business, a trademark goes a step further in making your business name your property. You can also trademark more than your company name too! Logos, slogans, and taglines also qualify as eligible for trademark registration. These are all distinctive words, phrases, symbols, and designs that are unique to your business and help distinguish your brand from that of the competition.

If you’ve already put in all of the hard work of dreaming up these original marks and conducted searches to ensure that nobody else was using them, protect them by filing for exclusive ownership. You can file a trademark application with the United States Patent and Trademark Office (USPTO). Once you’ve registered the mark, nobody else will be allowed to use or plagiarize your trademark. One extra perk to filing a trademark? As long as you pay your fees and file the necessary documents, these marks never expire and can protect your small business for as long as they are in use!

Self-Employed or in the Gig Economy? Why the Difference Matters for Taxes by @DeborahSweeney

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Unless you happen to fall into one of the two categories, you may not know the difference between self-employed professionals and gig economy workers. According to the Second Annual Self-Employment Report released by accounting software company FreshBooks, these two groups are often categorized as a single entity despite their differences. Self-employed professionals are defined as having a primary income that comes from independent, client based work. Members of the gig economy, on the other hand, work side gigs such as rideshare driving or freelance writing in addition to maintaining a traditional full-time job. Their primary source of income is the paycheck from their full-time position, with side hustles bringing in a little extra money.

With 27 million Americans estimated to exit traditional employment for self-employment by 2020, defining the difference between the two groups has become crucial for tax purposes. As you work on filing tax returns, here are the key areas for both self-employed professionals and gig economy workers to keep in mind.

Make sure you have been properly classified

Both self-employed and gig economy professionals must be properly classified for the services that they provided. The IRS states that business owners must correctly determine if these individuals are employees or independent contractors (AKA self-employed).

Self-employed individuals are in business for their own self and therefore do not have businesses that withhold or pay their taxes. Businesses that work with gig economy professionals use common law rules to determine if these workers are employees or independent contractors. The major three factors are behavioral (control, or not, as to how the worker does their job), financial (if there are business aspects of the worker’s job controlled by the payer), and their relationship type (such as written contracts).

Once these three factors have been examined, businesses will have contractors complete and file the appropriate forms like Form W-9 or Form 1099-MISC to pay their associated taxes.

Determine if you will need to pay estimated taxes

Paying estimated taxes is a tax strategy that self-employed professionals and members of the gig economy may consider doing, if they haven’t started already. Estimated tax payments are used by taxpayers to pay income and self-employment taxes. These quarterly payments are due on the 15th of April, June, September, and January.

If you do decide to start making estimated tax payments, remember that your payments must be made in full and on time. Failure to do so may result in being charged a penalty for underpaid taxes.

How are your records looking?

One of the most strategic moves that anyone, self-employed, in the gig economy, or an employee, can do when filing their tax returns is to keep their paperwork organized. Who did you work for or complete work throughout the year? Did you receive all of your necessary tax forms or are you still waiting on a few? What about deductions? Do you have your receipts handy for business expenses you can deduct? Establish a solid recordkeeping system for every year that you are self-employed or a member of the gig economy and keep it as up-to-date as possible. Doing this allows you to document and track your income and expenses and can come in quite handy if you need to provide proof of your professional activities within a specified timespan.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

3 Traits to Look For in a Great Business Partner by @DeborahSweeney

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The business world was rocked to the core on January 30th when three corporations — Amazon, Berkshire Hathaway, and JPMorgan Chase — announced they were partnering together to form an independent health care company for their U.S. employees. While the initiative is still in its early stages (so early that nobody knows exactly what it will disrupt just yet), the announcement from the trio caused stocks to tumble for major health care companies with the world breathlessly watching. Change is coming — and if it’s successful, it could forever alter traditional health care business models.

From a personal standpoint, I believe that these three companies and their CEOs — Jeff Bezos, Warren E. Buffett, and Jamie Dimon, respectively — have all of the right characteristics necessary for a strong business partnership. If your own business is looking to partner with another like-minded company this year, look to their example for the following traits to ensure a mutually beneficial partnership.

1. Look for the ones that get things done.

Could there be any bigger power players in the game right now than these three companies? Each CEO runs a major corporation that employs hundreds of thousands of employees in the United States. Moreover, none of them have never been content to sit on their laurels and coast when it comes to business. They’re natural born disruptors. Each business has taken on various initiatives over the decades to expand, grow, and evolve to fit into the changing times and further benefit the lives of consumers.

When partnering with another company or entrepreneur, seek out those that let their work speak for them. Look for great work ethics that consistently show signs of innovation. Whatever you have a slight weakness in, make sure that area is a strength for them and vice versa so you can help build one another up.

2. Seek out partners that are on the same page as you.

You don’t have to come from the same industry background in order to partner together. Amazon is rooted in logistics and technology with Berkshire Hathaway focused on insurance and JPMorgan Chase in finance. Despite their industry differences, Bezos, Buffett, and Dimon all share the same interests. They are motivated to take on healthcare and its existing challenges to establish a more efficient system, benefit employees, and aid to the overall economy.

In order for a partnership to be successful, it’s key that each partner shares the same values. That sense of equal engagement can be used to create a strong balance. You run across businesses that want to partner together but are unwilling to do their share of the work, which doesn’t make it fair for everyone else. The best partnerships have partners on the same page as one another and balance out responsibilities for each individual.

3. Work with partners that have a positive attitude.

I mulled over several other traits for my third bullet point, but at the end of the day positivity wins. It’s okay not to have a paved road ahead in your partnership. Bezos, Buffett, and Dimon have all acknowledged that what they are doing is not easy and that none of them have all of the answers. But, they are also not willing to accept the existing system either and are putting their resources to work in working together to create a new solution.

This sounds like optimism to me! I firmly believe that change begins with your attitude and that positive behavior is contagious. It will reflect on you, your personality, team, and the company you own as well as attract partners with a like-minded mindset. Look for optimistic partners — you’re in this partnership for the long run and a great attitude will help get you (and your partners) everywhere.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

5 Ways Businesses Can Start Prepping For Tax Season Now by @DeborahSweeney

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Happy New Year! Are you ready to tackle your taxes?

If you answered “no,” don’t worry. As the holiday season wraps up, many small business owners may find that they aren’t quite ready to dive into their tax paperwork — even though there may be the promise of a great tax return awaiting them. Here’s what you can do to get prepped for tackling taxes now — I promise to make it as painless as possible.

1. Stay updated about tax reform news

This year’s tax season is already shaping up to have a slightly different tone than previous years due to the passing of the tax reform bill and its surrounding discussion. What do small business owners need to know about the tax reform and how it affects filing their taxes this year? Kelly Phillips Erb at Forbes addressed common questions she had received about it from taxpayers with one of the most frequently asked including when the new law would take effect. She notes that once the bill has been signed into law, it will apply in the beginning of the 2018 tax year and take effect on January 1, 2018. This means the new law will affect 2018 tax returns, not the 2017 return filed in 2018.

Throughout the rest of 2018, it will be key for entrepreneurs to continue following tax reform news from reliable media sources. This will allow small business owners to better understand the changes within America’s tax system and educate others that have questions about the process.

2. Get organized

This is about more than collecting receipts that gathered up over the course of the year. Remember to keep these areas organized too!

  • Mark down key filing dates for January like estimated tax payments, sales tax, and when tax season is slated to officially begin along with making note of upcoming deadlines.
  • From 1099s to W-2s, designate a specific spot to store all of your necessary tax forms.
  • If you got married, divorced, or had a child in the last year, this means your filing status has changed and should be updated accordingly.
  • Filing method. How will you file this year? Determine if you will need to use a software or work alongside a tax preparer.

3. Determine which deductions your business can claim

There’s plenty a small business can claim as a deduction on their taxes including the cost of renting space, salaries and wages, and insurance just to name a few. The deductions extend to entrepreneurs that work from home too, such as home office, travel, and even meals. Take the time to make sure you’re not missing out on any lesser-known deductions. Some areas to highlight may include health insurance and start-up costs, applicable for those that started a business this year.

4. Contribute to your retirement fund

Do you have a Roth or Traditional IRA fund? How about a retirement account? Use this time to add as much money as you can to these accounts, as these contributions count!

5. Figure out if you will need an extension.

It’s never too early to determine if your business needs a tax extension. If you already know that you won’t be able to file on time, look into requesting an extension as quickly as possible. Additionally, it’s important to note that there might be changes for these requests in 2018 so be sure to check in with the IRS as needed.

 

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

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Why Entrepreneurs Should Form a B Corp in 2018 by @DeborahSweeney

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This year, I started a series on my company’s blog where I interviewed proud owners of B Corporations. If you’re not familiar with the entity, B Corps are for-profit companies. They are certified by B Lab and encourage entrepreneurs to give back to business and society. They must also meet standards of social and environmental performance, accountability, and transparency in order to be a part of the B Corp community.

All throughout 2017, these small business owners shared why they believe that B Corps are the future of business. Some said that by being a B Corp, they were helping to inspire the next generation to keep paying it forward and make a difference. Others noted that not everyone runs a business just to make money, but rather to build something that leaves the world in a better place. The growing realization was that it’s impossible to expect everyone else to solve the world’s problems. What matters are our own everyday actions and how entrepreneurs take action to “B the Change.”

Warming up to the idea of forming a B Corp in 2018? Here’s a look at even more benefits this business structure offers entrepreneurs.

The certification process is not meant to be intimidating  

Incorporating a business as an LLC or Corporation is a process that requires time, energy, and paperwork. B Corporations operate a bit differently. The B Corp entity is a bit of a hybrid between a standard corporation and nonprofit. Before you can file as one, you must first meet performance requirements that show how you will commit to benefitting the public. Otherwise, the legal structure won’t be able to stay in compliance.

The one thing nobody tells you about this formation? It only takes three steps to become a B Corp.

  • Meet performance requirement. This means completing the B Impact Assessment with a minimum of 80 out of 200 points required as a passing grade.
  • Meet legal requirement. This works to legally protect your mission and bake sustainability into the DNA of your company as it grows. There is a process before certification and after — here’s what to expect in the “before” part.
  • In order to meet the legal certification requirement for your state of incorporation and corporate structure, decide if it’s necessary to adopt a benefit corporation status or amend governing documents.
  • For legal changes made, communicate with board members and legal counsel about how this shift is useful and if there will be any implications for adopting said changes. If you struggle to answer questions, B Corporation put together a helpful FAQ sheet for investors and directors of potential B Corps to download and review.

After certification, everything becomes more streamlined. Entrepreneurs will need to obtain the board approval of their planned amendment as well as shareholder approval of the board-approved amendment. If a corporation, it is recommended that amended articles are filed with your Secretary of State within one year.

You’re surrounded by a like-minded community

B Corps may be a global force disrupting the industry for social good, but sometimes it can feel like your business is all alone. Where’s your B Corp tribe at, anyway?

If you’re ever curious about the B Corps in your city or state, you can find a B Corp through B Corporation’s search engine tool. There is also a special event called the B Corp Champions Retreat which encourages attendees to come together and meet with those in the B Corp community. Held every year, this getaway celebrates the movement’s growth and success of those that have made significant strides. The retreat also goes global too, hosted by a different city every year from Toronto to Philadelphia.

B Corps attract talented employees

As reported by the 2017 American Express OPEN Small Business Monitor, one of the biggest challenges small business owners faced this year was finding and hiring talent.

Here’s where B Corps get to flex their social good muscle to draw in experienced team members. According to the Harvard Business Review, millennials seek out work that connects to a larger purpose. This same age group makes up 50% of the existing workforce. Enter the certified B Corporation, which is transparent and driven by its mission and values to do good, all of which attracts talent to reach out, connect, and apply for jobs there.

For the business, this gives them talented employees all passionate about the company and for employees it provides an invaluable opportunity to make a difference within their career. It’s a win-win for everyone involved.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

What Starbucks’ Red Cups Can Teach You About Evolving Your Brand’s Offerings by @DeborahSweeney

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Starbucks has brought back their beloved red coffee cups — with a twist. This holiday season, the cups have been redesigned as “color-in” holiday cups. Splashes of the signature red and green can still be spotted in the design, but the customer gets to color in illustrations of gifts, clasped hands, and Christmas trees on the mostly white cup and personalize it to make it their own.

These cups are unusual in that nobody walks into a Starbucks and purchases a sleeve of them as a stand-alone product, yet they continue to draw attention and drive sales every year from consumers throughout the world. It might not seem like it, but the red cups are great lessons in keeping your brand’s offerings fresh and anticipated especially during the holiday season. Take a sip and see for yourself what I mean.

 

Every year brings a new cup — and that’s a great thing

Since 2009, Starbucks has switched up the look of their red holiday cups ranging from almost entirely all-red (2015) to the aforementioned almost all white color-in design this year. In turn, the yearly changes have received mixed responses from critics and their fan base. Complaints can register from not being “Christmas-y enough” to being too boring or critical of the design chosen.

What’s a business to do when this happens? More often than not, the idiom “if it ain’t broke, don’t fix it” is applied with companies making little to no changes to their bestselling products. However, the red cups serve as more of a packaging attraction during the holidays. Likewise, it’s key for brands to offer packaging that is reflective of the times in order to stay relevant. Gift wrapping a product at a department store today varies greatly from how it might have looked years ago. Back then, prints and loud colors might have been in, and now the design aesthetic has shifted to reflect a more rustic, down to earth look. Love it or hate it, the red cup redesigns are created with this fan base, as well as the current cultural landscape, in mind.

 

Red cup = it’s officially the holiday season

We tend to instantly know what season it is when certain products take center stage at a business. At Starbucks, the release of the pumpkin spice latte means fall has (for the most part, anyway) begun. The same goes for their packaging, which switches over to the red cups the day after Halloween. Because the cups are such a mainstay with consumers, we have been hardwired to recognize that red cups in store means it’s officially the holidays. The change in packaging affects the mood of the consumer. It’s the most wonderful time of the year, which lends to more festive feelings all around, and allows consumers to begin prepping for the season to come including shopping at your business. Picking up their first latte of the holiday season is just one of the ways they share the joy and it’s all thanks to a red cup.

Putting creativity into the hands of the consumer

This year, the commercial for the color-in cups emphasizes that the holiday season means something different to everyone. For the first time in the red cup’s history, fans can get creative with the brand. Nothing showcases this as nicely as social media sites do, where colored-in red cups are spotted and tagged with the Starbucks social handles. By allowing customers to color in the cup any way they like — from a traditional holiday palette to a ty-dye rainbow masterpiece — Starbucks is putting the power in the customer to take an ordinary cup and make it their own definition of merry and bright.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

4 Ways Entrepreneurs Can Show Their Support During Breast Cancer Awareness Month by @DeborahSweeney

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All throughout the month of October, businesses everywhere are going the extra mile to show their support for Breast Cancer Awareness Month. During “Pinktober,” as it has been affectionately nicknamed, there’s a surge in companies creating limited-edition pink products and promotions where sales for said offerings go towards benefiting the cause. Beauty brand Estée Lauder has released the Pink Ribbon Knockout Eyes Collection with B.C.R.F. receiving 100% of the product’s proceeds, Aerie has a line of Aerie Supports tees with 100% of sales going to the non-profit Bright Pink, and Qatar Airways is helping to raise awareness with pink amenity kits available for first and business class passengers that fly on their airline.

Startups and small businesses may have a tougher go than established brands during this time of the year. How can they offer up their support for BCA while they’re on a shoestring budget? The good news is that there are plenty of great ways that entrepreneurs can rally their teams together and show their support to the community and cause no matter what your budget looks like. Think pink with a few of our favorite ideas below.

Rosy up your office and ensemble

When was the last time you added a touch of pink to your daily outfit or saw shades reflected in your office? If you have to think about it, or know that the answer isn’t recent, it’s time to dive on in to adding a pop of color to your wardrobe and space. Here are a few easy ways to do it.

  • Encourage every member of your team to wear pink in support of BCA. You can opt for something as simple as a small accessory like a scarf all month long or hold a day-long contest for the employee that is the most “pinked out” from head to toe.
  • Get your paint on. Add a dash of millennial pink to chairs, desks, or even create a team mural on the office wall. If you’re not allowed to swing a paintbrush on the furniture, consider having an afternoon where your team can carve and paint pumpkins pink or decorate the outside parking lots with blush-colored chalk creations.
  • Decorate your desk! Bring in potted tulips or peonies, clusters of balloons, pens and pencils, and even pink Post-its.

Encourage your team to race (or walk) for the cure

Raise awareness and celebrate breast cancer survivorship surrounded by all of your staff members! Racing, or walking, for the cure is the perfect team building exercise because everyone can be a part of it, regardless of their fitness level or age. Here, every participant counts — and there are plenty of races to be found to join in all throughout the country.

Hold a “pink” tasting

Yes way, rosé! We’re incredibly inspired by the Florida Wine Academy’s pink wine tasting held for breast cancer survivors and guests and the dual benefits it has to offer in educating others on its wines while showing support to the community. If you’re unable to offer a physical product for sale, but know that you’d like to contribute to breast cancer charities in a creative way that gets the neighborhood involved, you might want to borrow this idea for a pink tasting night out with rosé, sangria, or other cocktails along with light appetizers. Ticket sales can go to benefit the non-profit(s) of your choice and you can invite other local small businesses to join you in participation.

Contribute directly to charities

Writing a check or making a donation directly online to the non-profit, B Corp, or charity of your choice working to find a cure may be a simple and less flashy way for entrepreneurs to give back to BCA, but it’s also an incredibly effective one — and a method that can be done anytime throughout the year.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

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