The state of Michigan requires all business owners of limited liability companies (LLC) and corporations to file an annual report. An annual report is a filing that helps ensure the state's records about a business entity are accurate. Michigan has specific due...
Real estate agents, just like other self-employed professionals and independent contractors, should consider how to safeguard their personal assets from business-related liabilities. As a real estate agent, you may wonder if you need an LLC to get that level of...
What Is a Nonprofit? A nonprofit organization is created to fulfill a charitable, civic, religious, scientific, literary, or educational goal. Nonprofits do not have private owners, nor do they issue stock or pay dividends to shareholders. Aside from founders or...
A business entity can have its own business credit record and score. Lenders, suppliers, vendors, and even potential customers might check a company’s credit score (which is publicly available) before providing funding or doing business with the company. Business...
From your company logo to your trade secrets, your business’s intellectual property has value. That’s why it’s important to take measures to protect it. What are the various types of intellectual property and how can business owners’ safeguard them? Here’s a...
If you’ve incorporated your business or formed a limited liability company, you’ve taken critical first steps toward building a successful business. When registering your business, you’ve protected your company name from being used by competitors in the state the...
Starting a new Limited Liability Company (LLC) can be complex, entailing several legal, administrative, and organizational steps. Whether you’re starting the business on your own, with a partner, as part of a team, or converting your current business structure to...
An EIN (Employer Identification Number), also known as Federal Tax ID Number, is a 9-digit number issued by the IRS that the United States federal government uses to identify a business for tax purposes. Every business with employees or registered in the U.S. as a...
Small business certification comes in many forms and offers incredible opportunities for business owners to work with and compete with larger businesses for contracts. Federal government agencies and many state and local governments must set aside a percentage of...
Tax season is right around the corner. A lot has changed, tax-wise, in the past year due to new legislation. Here’s a quick look at what business owners need to know about filing their taxes in 2022. Sole Proprietorship Sole proprietors are unincorporated...
If you already have an Employer Identification Number (EIN) for your business but have recently made some changes, you may be wondering if you need a new EIN. Because EINs are used for reporting certain taxes (such as payroll and excise taxes), it’s essential to...
One of the first decisions new entrepreneurs make is “What should I name my business?” A lot of brand equity gets built around a business name, so it’s essential to protect that valuable marketing asset. During a presentation to accounting professionals, I...
Extending your small business’s presence across state lines can help your company reach new markets, grow revenue, and boost profits. But how do you expand a small business into another state? And what’s involved in operating a business in multiple states? There...
Also sometimes called network marketing companies, a multilevel marketing company (MLM), offers income opportunities to folks who want to set their own schedule and work at their own pace—without having to build a business from the ground up. Many people who want...
If starting a new business is on your 2022 New Year’s resolution list, we’re here to help you begin on the right (and legal) path. Here are 10 must-have legal documents you need to start a new business. 1. Business Plan Technically, a business plan is not a “legal”...
Along with other annual business compliance responsibilities, corporations (and sometimes LLCs) must hold various meetings and record minutes from those meetings. With the new year ahead, new entrepreneurs and existing business owners need to make sure they...
If you’re considering starting a Limited Liability Company (LLC) or restructuring your business as an LLC, it’s important to know what taxes you’re responsible for, when your taxes are due, and how to file taxes for your business entity. Keep in mind that an LLC’s...
Many entrepreneurs wonder if an LLC is a corporation. An LLC is not the same thing as a corporation, but it's easy to get the two business entity types confused. In this article, I’ll explain the difference and highlight some of the advantages these structures have...
Deciding to close a business that you’ve put your blood, sweat, and tears into can be an emotional experience. That’s especially true of entrepreneurs who have operated as sole proprietorships or partnerships. Essentially, they become “one” with their companies,...
How many small business owners think about retirement when starting their businesses? Not many, which is understandable since all efforts are generally focused on growing the business, not leaving the company. However, at some point, all entrepreneurs want to know...
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