Being your own boss sounds appealing. You can choose when and how you work and get all the rewards for your efforts. However, setting up a business is complex, and the details of doing it effectively can be intimidating. The legal requirements are manageable for those seeking to work as a sole trader with […]
What’s an Annual Report?
What happens next after an entrepreneur incorporates or forms an LLC for their small business? The short answer is that it’s necessary to catch up on a certain amount of corporate compliance. One of the first documents small business owners will need to file is an annual report. What is an annual report? This […]
Which Entity Formation Should My Business Incorporate As?
As you prepare to launch a small business, it’s important to consider incorporating as a business structure. What does it mean to incorporate? Incorporation is defined as the process of creating a corporate business structure. This structure, in turn, allows the business to act as a separate legal entity from its owner. The entity […]
5 Mistakes to Avoid Making When Starting a Business
It’s an exciting moment when entrepreneurs decide to take the leap forward and start a small business. Once you discover your why, you’ll be ready to launch a startup that can solve problems for its customers and bring value to the community. Before you start imagining all the fantastic things your startup will achieve, […]
What Entrepreneurs Need to Know Before Selling a Business
Thinking about selling your small business? Now may be the right time to contemplate selling — or at least considering an exit strategy. Amid COVID-19, studies have shown that the majority of advisors see today’s market as a seller’s market for businesses valued between $2 to $5 million. Small businesses in essential industries, such […]
How to Transition From a Sole Proprietor to an LLC
by Deborah Sweeney Is it ever too late to change the legal structure you initially incorporated as? Not at all. The entity formed for a business at its offset does not need to be its formation forever. Entrepreneurs have the option to change structures that best fit their needs, and many begin as sole proprietors. […]
Which Entity Structure Should You Choose to Incorporate a Small Business?
by Deborah Sweeney There are a lot of entity structures to pick from when you decide to incorporate a small business. It’s easy to struggle with finding the formation that feels like the right fit. Some entrepreneurs may feel so overwhelmed that they decide not to incorporate their startup. Keep calm and always incorporate! Certain […]
What Motivates Entrepreneurs to Start Small Businesses?
by Deborah Sweeney Entrepreneurship isn’t for the faint of heart. Starting a small business means that you get to pursue your passion but takes self-discipline. As an entrepreneur you must also make sacrifices, like careful budgeting and working more hours outside the traditional 9-5 schedule, to reach your goals. However, this investment of time and energy […]
Legal Steps to Closing a Business Before the New Year by @CorpNetNellie
by Nellie Akalp Did your business struggle this past year? You’re not alone. Statistics show 20% of small businesses fail in their first year, while 30% fail in year two, 50% fail after five years in business and 70% don’t make it past their 10th year in business. Business failure does not mean the end […]
File This Paperwork to Prep Small Businesses for 2020
by Deborah Sweeney Entrepreneurs are on the cusp of more than a new year. We’re approaching a whole new decade! How exciting is that? As small business owners say goodbye to 2019, it’s crucial that they enter the next decade in compliance. Forgetting to file or update outstanding documents could result in their business falling […]