Archive for July, 2008

Oh, The Places Your Business Will Go!

July 29, 2008 at 11:07 pm · Filed under Starting a New Business, Uncategorized ·Tagged , , , , , ,

Most business owners start their businesses with the hope that they will expand into other cities, states, and maybe even countries.  This business growth is excellent for the economy, excellent for the business owner (is anyone against success?), and great for customers who want options closer to where they are.  But moving a business into other areas can mean increased documentation and preparation on the part of the business owner.

For those who are looking to take their business to another state, it may be necessary to file a Foreign Qualification in the state where you are looking to expand.  This gives a business that is incorporated or organized in one state, the authority to operate in another state.  A company is considered a domestic entity only in the state where it was formed, and then must obtain Foreign Qualification in other states where it does business.  For example, Jorge decides to start a web-based company that sells video games.  He forms a corporation in Nevada because of the tax benefits and beneficial corporate laws even though his operations are based out of California.  Since he is operating his business out of California, but his business is incorporated in Nevada, Jorge will need to get a Foreign Qualification for the state of California.

There are also businesses that are looking to expand their operations to a foreign country.  In order to do this, the corporation will need to obtain an Apostille for the country where they wish to conduct business. An Apostille allows another country to recognize your corporation’s charter for international banking and registration purposes.  An Apostille can be used for other documents as well such as birth certificates, wills, and passports.  For example, let’s say Jorge’s business is doing very well in the US and he is eager to start selling in the UK.  For Jorge to start selling in the UK and to have his finances set up there, he gets an Apostille for his corporate charter and other documents so they will be recognized there.             

Growth and expansion into other areas is the goal of most business owners.  In order to make sure you can take your business to the next place, please contact MyCorporation today about getting a Foreign Qualification or Apostille for your business.  Don’t forget to ask about our compliance product MyIncGuard that will help to keep you current and in good standing with the state.

Comments (2)

MyCorporation Affiliate Program

July 25, 2008 at 9:41 pm · Filed under Uncategorized ·Tagged , ,

The new-and-improved MyCorporation Affiliate Program continues to set the bar in its industry by focusing on building great relationships with its existing base while enlarging it with quality new affiliates.

In February 2008, MyCorporation relaunched its Affiliate Program which had been in existence since the company’s 1998 inception.  The initial goal was to reach out to the near 2000 existing affiliates, many of whom have been with MyCorporation for half a decade. 

A two-part strategy was used to accomplish the goal.  The first part being to inform and/or remind them of MyCorporation’s status as an Intuit Company alongside the likes of TurboTax, QuickBooks, Quicken, and Homestead, to name a few.

In late 2005 Intuit acquired MyCorporation, which was already second in the industry behind the competitor-whose-name-shall-not-be-repeated.   By the end of 2007, which was also to be the second full fiscal year with Intuit, MyCorp began to become fully integrated with Intuit’s other business units.

Just two months ago MyCorp Affiliates hooked up with leaders from all of Intuit’s Companies including the aforementioned four, sharing business practices and visions for a future community of Intuit Affiliate Programs.  Suffice it to say, this is a significant win for MyCorporation and Intuit as a whole; though we feel it is clear who will be the biggest winner down the road:  MyCorporation’s existing affiliates.

The second part of the re-launch strategy was to shower the affiliates with gifts and cash.

Affiliate gifts given out have included QuickBooks software – the SimpleStart Program and Credit Card Processing Kit, Starbuck’s gift cards, authentic MyCorporation Affiliate Program pens, and even candy and flowers to some.  Heck we even hand-signed all of the welcome letters, risking carpal tunnel and arthritis for our affiliates.

The cash has been shared through contests and coupons.  The Spring Affiliate Contest was a great success, awarding more than $2,000 in cash prizes to the top five revenue generators during a four-week span.  In addition, each of the top five also received a free incorporation service.  As to the coupons, ongoing promotions for our affiliates have shown coupons ranging in discounts from $25.00 all the way to $149.00.

The results to this strategy have been an obvious success.  Monthly revenue records have been broken with the surface having barely been scratched.  Other contests are in the work with higher payouts, and the coupons will keep rolling out.

During this presidential election year, you will no doubt hear the punditocracy odiously simplify the important campaign issues with the hackneyed phrase, “It’s the economy, stupid.”  Well MyCorporation’s inner-office catchphrase has always been, “It’s the customers.”  We’re not quite as condescending as pundits so we leave out ‘stupid.’

As customers drive our focus and energy, it’s the repeat customers – affiliates – who garner our utmost respect. 

Feel free to call our Affiliates Department at 888-692-9566 or email us at affiliates@mycorporation.com.  See if you qualify to become an affiliate free-of-charge without any obligation.  Furthermore, we are offering an initial revenue share payout at 15%.  The train is filling up and picking up steam, and with a bright future laden with rich business relationships with other Intuit Companies and thus customer bases, now is the time to catch it.

Comments (3)

Now Is the Time to Start Your Business

July 25, 2008 at 6:59 pm · Filed under Incorporating or Forming an LLC, Starting a New Business ·Tagged , , , , , , , ,

Given the current economic climate, some would think it is crazy to start a new business.  And those people are correct:  crazy like a fox.  The number of new businesses being formed has continued to increase, and there are still lots of entrepreneurs taking their ideas and making them a reality right now. 

Even though many are throwing around the dreaded “recession” word, and there is a lot of financial uncertainty right now, there are plenty of new businesses being formed.  For those who have an idea and are motivated to start a business, they should know they are not alone.  Many are choosing now to start companies and form businesses.

Most companies in the United States are considered small businesses.  This should be comforting to those who are thinking about starting their business since these new captains of industry will fall into this category as well.  The small business owner and entrepreneur are in the majority when it comes to business in the United States.  They are the backbone of the economy and are the ones who push innovation forward.  Google, Microsoft, Levi’s, McDonald’s and other companies that have become a part of our culture, and a large part of our economy, started out as small businesses. 

The reasons why businesses continue to be started during the hard economic times, and why now may be the time to start your business, are varied.  For some, it is because a reshuffling of the economy has left them looking for something new.  For others, they are tired of what they have been doing and are ready for a change.  There are still others who are just ready to be their own boss and not slave away for someone else.  These are just a few of the reasons why many are breaking out and starting a company.

A limiting factor for many wishing to start a business may be the daunting task of trying to finance their idea.  Don’t make the mistake of letting this keep you from starting a business.  There are still many angel investors and venture capital firms that are investing in new start-ups.  The economy has impacted the amount of money that investors are willing to commit to start-ups, but they still believe in new companies and what they are trying to do.  The dot-com boom and bust taught many investors valuable lessons that make them smarter and savvier in how they invest.  It also taught them that investing in the ideas of others can be profitable and that this investment is the way to grow the economy. This translates into the ability for new businesses to get the capital they need to get their operation off the ground.  A jolt of capital can also help take an established business to the next level as they may be making the push toward eventually going public. 

The lesson to be learned is that even though many are shouting about the difficulties posed by the economy, there are still others who are quietly starting new companies and seeing success as they implement their ideas.  MyCorporation offers an affordable way to start a corporation or LLC so that you have a formalized organization to launch your business.  With other services like trademarks, DBAs, business licenses, and the compliance protection package called MyIncGuard, new businesses can be set-up for success.  Follow your entrepreneurial spirit and call us today.

Comments (2)

Setting Up a DBA

July 9, 2008 at 9:31 pm · Filed under DBAs, Incorporating or Forming an LLC, Starting a New Business ·Tagged , , , , , , ,

            A DBA is all about names.  Sometimes called a “fictitious business name,” “doing business as,” “trade name,” or “assumed name,” it is all the same thing.  If an entrepreneur is planning on doing business using a name other than his or her own personal legal name, then they will probably need a DBA.  Most states require a DBA prior to conducting business under a name other than the business name or one’s personal name.

            The most common use of a DBA is probably by those who are sole proprietors.  These are individual business owners who run their business themselves and have just hung out their shingle.  Since most people in these circumstances use a business name other than their own name, it would be necessary to get a DBA.  For example, if Mario wanted to open his own doughnut shop called “The Perfect Doughnut,” he would need to get a DBA that asserted it was Mario doing business as “The Perfect Doughnut.”  This would allow Mario to receive checks made out to the “The Perfect Doughnut” and also sign checks under that name.

            DBAs can also be useful to corporations, LLCs, and other business entities because it can permit them to do business under other names without having to form new organizations.  In this way more formalized business entities that are seeking to branch out into other businesses or industries can do so without forming new corporations or LLCs.  This can save money (in the form of filing fees) and time (in the form of filing documents and maintaining the business entity throughout the year).  For example, let’s say Mario decided to form Mario’s Tasty Treats, LLC and started a doughnut shop. Now he wants to start a sandwich shop too.  Instead of starting a separate company for the sandwich shop, he can just file a DBA for Mario’s Tasty Treats, LLC doing business as “The Perfect Sandwich.”

            Setting up a DBA is going to be crucial for banking purposes.  Operating under a business name without setting up a DBA will make it impossible to issue and receive checks under the business name.  For one thing, a business owner cannot use their personal account and issue checks or receive checks under their business name.  The second issue with this is that a business owner will be unable to open an account under his business name without first having a DBA.  Business owners should plan ahead for these banking issues by getting their DBA filed prior to trying to set-up bank accounts.

            Forming a business entity such as a corporation or LLC, along with a DBA provides excellent benefits for a business owner.  It allows an owner to have liability protection for their personal assets, arrange taxation of their business in a way that is most beneficial for them, and still permits them to use various names for their business endeavors.  MyCorporation can help simplify the process of filing the documents for setting up corporations, LLCs, and DBAs.  Call us today and let us help get your business started.

Comments (1)

Closing a Company the Right Way

July 8, 2008 at 5:51 pm · Filed under Incorporating or Forming an LLC, Maintaining a Corporation or LLC ·Tagged , , , ,

            It is an unfortunate part of the entrepreneurial world that some businesses end up closing their doors.  This is a hard thing for business owners to do and comes after lots of hard work, sweat, and sometimes tears.  Despite these difficulties, closing down a business is not as easy as closing the doors.  If it is not done the right way, a business owner can be subject to fees and penalties associated with the ongoing existence of the business.

            For a company to truly terminate its existence, it needs to file Articles of Dissolution with the state where it was formed.  This notifies the Secretary of State that the corporation or LLC will no longer be in existence or functioning.  The exact requirements for filing Articles of Dissolution vary depending on the jurisdiction, but it is important that they are filed.

            Without filing the Articles of Dissolution the state will not know that the business is no longer in existence.  In addition, filing the Articles of Dissolution will stop fees that would normally be due if the business were operating.  This is a formality that may seem like a pain, but it can actually end up saving a business-owner money in the long run.  If several years go by without dissolving a company, the company can be assessed hundreds, and maybe even thousands, of dollars in fees and non-compliance penalties.  Other possible penalties include continued tax liability, continued personal liability, inability to distribute assets, need to file annual reports, and future liability from the products and services sold by the entity.  No business owner wants the insult of more fees and penalties added to the injury that comes from having to close a business.

            MyCorporation can help file the Articles of Dissolution for submission to the appropriate state agencies.  This can help alleviate the headache that comes from having to wade through these documents and file them with by yourself or using the costly services of an attorney.  It will also save you money in the long-run.  Call MyCorporation today and speak with one of our customer service people about how we can help.

 

Comments (1)

Keeping Your Corporate Machine Running Smoothly

July 7, 2008 at 5:32 pm · Filed under Uncategorized ·Tagged , , , , , , , ,

There are several parts to maintaining a corporation throughout the year in order to remain in compliance with the state.  Maintaining proper corporate documents is essential to running a successful corporation. Without it, the corporate veil may be pierced and the shareholders may be personally liable.  The corporate veil is the barrier that separates the corporate entity from the people who own the corporation.  This is what allows the corporation to be its own legal entity capable of buying property, suing, and being sued.  If this veil is pierced, then the separation between the corporate entity and the owners is destroyed and the individual owners of a corporation can be held responsible for all of the corporate liabilities.  The last thing any corporate shareholder wants is to be personally responsible for the liabilities, losses, and debts of a corporation.

There are three main aspects associated with annual corporate maintenance:  annual meetings, keeping minutes, and filing annual reports.  This article will address each of these items of corporate document maintenance and why they are crucial.

The first part of corporate maintenance is holding an annual meeting.  At the annual meeting things like company changes and organizational issues for the year will be discussed.  This is also where the new directors will be chosen, as well as the new officers.  In a bit of an oversimplification, this is where the shareholders will have the opportunity to hear what is going on with the corporation and will have a chance to give feedback as to how the corporation is being run and what direction it will be heading for the next year.  All states require corporations to hold annual meetings and failing to do so can cause the corporate veil to be pierced.

It is during the annual meeting that minutes come into play.  This is no more than taking notes of what is discussed and what decisions are made so there is a record of what is going on with the corporation during meetings.  Additionally, if there are other meetings that are conducted throughout the year, then records should be kept of these as well.  Minutes do not need to be kept for routine and day-to-day decision making, but they should be kept for any meetings where decisions are being made that require the approval of the board of directors or the shareholders.

One final aspect of corporate maintenance is the annual report that is filed with the secretary of state.  Each state will differ on exactly what they require.  Most states will require similar core elements to be included in the annual report such as:  name of the corporation, address of the registered agent and/or main business office, names, titles, and business addresses of its principal officers, and the names and business addresses of its directors.  Other things that may need to be included are the purpose of the corporation, number of vacancies on the board (if any), or the date of incorporation.

All of these things are needed in order to make sure that a corporation remains in good standing with the state.  Failure to follow these requirements can needlessly expose shareholders and corporate owners to the liabilities of the business.  Having someone to help guide a corporation through this annual process and to help offer reminders to meet these requirements can take away some added stress.  MyCorporation can help make sure your corporation stays in good standing.  Call us today and ask what we can do for you.

Comments (1)