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Filing an Annual Report: An Overview for Small Business Owners

Posted on February 15th, 2012 by Joey Donovan Guido

Category: Entrepreneur, Form My Business, How To Information, Small Business, Small Business Presentations, Start A Business

Filing-an-Annual-Report

What is an Annual Report?

This is a question that’s asked by many new small business owners, as well as aspiring business owners, year after year. Understanding what an annual report is, as well as when it’s due, can help your small business remain compliant.

And, if you’re still deciding on your small business formation, understanding your companies potential annual report obligations (as well as its potential tax obligations) can go a long way in helping you clarify which choice is best for you.

Depending on the state you incorporate in, an annual report (also referred to as an annual statement) may be due if you’re a Limited Liability Company (LLC), S corp, C corp, nonprofit company, Limited Liability Partnership (LLP) or Limited Partnership (LP). Although many states require the filing of an annual report, some require biennial reports, while others require no report at all.

The best way to determine your company’s due date would be to visit the Secretary of State’s website for your home state, as well as each state in which you’ve Foreign Qualified (an annual report will be due in each). Sometimes searching online for your state’s “Department of State” can also bring you to the information you need.

In addition, small businesses that utilize us as their Registered Agent can view their annual report deadline, as well as a wealth of other information, through BizComply (a web based application that’s included in our Registered Agent Service).

Typically, annual reports ask for certain business information, which again varies by state. Commonly requested information includes:

The current principal business address
Names and addresses of the management of business (directors and officers for corporations and members/managers for LLCs). This would also include any management changes
Number of shares of stock a corporation has issued is also required
Who is your current Registered Agent?
An annual report fee, which varies greatly by state. In some instances there is no charge, however the typical range is between $50 — $400

In addition to providing the state with current business information, annual reports also serve another purpose — they generate additional revenue streams for the state. Regardless of your opinion on this, remaining compliant is the recommended way to go in order to keep your business running smoothly without any potential compliance problems.

Filing Your Annual Report Late, or Failing to File

Most states will attach a late fee to an annual report that has not been filed on time. There are some cases where the late fee is waived for nonprofit corporations.

In many cases, failure to file an annual report by a certain date will result in the administrative dissolution or revocation of the business entity on the state’s records. Reinstatement is possible, but at an additional cost (not to mention the time it will take to fill out a reinstatement application).

How to Name a Business: The Importance of Branding

Posted on February 8th, 2012 by Joey Donovan Guido

Category: Entrepreneur, How To Information, Launch My Business, Small Business, Small Business News, Start A Business

HowToNameABusiness

What’s in a Name?

Years ago, some companies would name a business that began with ABC or 123, so they’d be at the beginning of a yellow pages listing.

It wasn’t a good idea then, and it’s still not.

Why? Because names like ABC Plumbing aren’t memorable, nor are they descriptive of one’s company.

When you’re thinking about how to name a business, it’s important to take the time to consider a few key questions to help you arrive at the right choice. Remember, your company name is the first of many branding decisions that will either add to, or take away from, the image and ultimate success of your business.

Six Basic Questions to Ask Before You Name a Business:

What are the main benefits of the products or services my company offers, and how can I have this be evident in my company name?
Is there a single, meaningful benefit I can highlight that’s shared among all products/services?
Do I want my customers or clients to perceive the company as cool, techie, serious, smart, funny, snarky? In other words, what type of image do I want to imbue into the minds of my customers?
Should my company name be directly attached to me? If I’m a designer (even if I’m not famous yet), I’m going to want my products to be synonymous with me.
Will the company name I choose lend itself to compelling branding — both in content and aesthetically? I want my products, Website and business cards (to name a few things) to engage and connect with customers and potential customers.
Is my company name simple and easy to “get,” or is it complicated? Simple sticks.

Some of these questions may be hard to gauge so early in the process, but discussing these points with a trusted group of friends or business associates can help you effectively name a business — as well as define your company’s branding in a multitude of ways. The last thing you want to do is form a company with a boring business name, or one that has a negative connotation that you didn’t notice yourself. You’ll also want to ask your trusted group if the name you’ve chosen is engaging and relevant to them.

State Name Check
Once you’ve decided on potential names, it’s time to see if it’s available in the state you want to incorporate. We offer a free service called State Name Check, which is a preliminary check to see if your preferred name choice is available. All information is kept confidential, and there’s no commitment to incorporate your business with BizFilings. Results will be e-mailed to you within two business days.

Click here to see if your preferred business name is available.

Please note that a name check conducted before the incorporation documents are submitted is considered preliminary. The final determination of availability rests with the state, once the state has reviewed your incorporation documents and business purpose.

We’re Here to Help
Whether you need assistance with a state name check, or have questions about forming a business, feel free to give our customer service team a call between 8am and 7pm CST, at 800-981-7183. You can also visit our Contact Us page to speak with us via Live Chat during the same days and times. Or, send us an e-mail anytime. We’re always happy to help.

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Delivering Outstanding Customer Service

Posted on February 3rd, 2012 by Joey Donovan Guido

Category: Business Inspiration, Customer Retention, Customer Service, Grow a Business, Small Business

Outstanding-Customer-Service Customer service is a cornerstone of success.

In many instances, it’s more important than the products or services you offer.

I’d like to share a true customer service story that goes above and beyond the typical expectations of a customer. It happens to be about one of our own BizFilings customer service team members: Adriana.

One of the services BizFilings offers is Registered Agent Service in all 50 states. There are times when a customer will call to cancel their service — typically because they want to take on the responsibility of Registered Agent themselves, or because they are closing their company.

Adriana has a very specific way that she handles this type of interaction.

Of course, she honors the customer’s request and cancels the Registered Agent service. Nothing out of the ordinary yet, right?

But then Adriana does something extra special. She lets her customer know that she’s going to follow up with them once the change of Registered Agent Service occurs.

“Once the paperwork is submitted to the state, it could take weeks before the change is officially accepted. It’s helpful for people when they don’t have to think about it. I just e-mail or call them once the state accepts the change. I really like the fact that we’re encouraged to be helpful with our customers.”

This story exemplifies the philosophy of our customer service team. Our top concerns are making each customer’s experience as easy and pleasant as possible and developing an honest, trusted relationship with them.

We’re Here to Help
Adriana, and the rest of our outstanding customer service team, can be reached between 8am and 7pm CST, at 800-981-7183. Or, you can send us an e-mail anytime. We’re always happy to help.

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The Basics of Forming a Nonprofit Company

Posted on January 24th, 2012 by Joey Donovan Guido

Category: Entrepreneur, Form My Business, Start A Business

The-Basics-of-Forming-a-Nonprofit-Company Forming a nonprofit company can be confusing. There are steps that must be taken on both the state and federal level — some of which require an expert’s understanding of incorporation forms. This is especially true when it comes to 501(c)(3) registration.

But before we get ahead of ourselves, let’s take a look at the basics of forming a nonprofit company, so we can glean a better understanding of the process …

What is a Nonprofit Company?

The name “nonprofit” is a tricky one. It often lends itself to visions of hard working philanthropists who get paid small salaries. And although this is sometimes the case, many nonprofits are huge, very profitable companies. The difference between for-profit and nonprofit companies comes down to one thing: how profits are distributed. In the for-profit world, profits can be legally redistributed to shareholders. Not so for nonprofit entities, which need to apply profits back into the organization.

How to Form a Nonprofit Company on the State Level
Although nonprofit companies adhere to state laws that are different than those of standard corporations (LLCs, S corps and C corps), the business formation process is very similar. Three things you’ll need to do are:

File nonprofit Articles of Incorporation with the state, along with applicable state filing fees.
Provide a detailed business purpose: In your Articles of Incorporation, you need to provide a detailed explanation of what the nonprofit is being created to do/provide. The IRS will consider this information as it reviews your application for tax-exempt status.
Include specific tax-exempt language in your articles of incorporation. Typically, the IRS looks for this if you file for tax-exempt status.

How to Form a Nonprofit Company on the Federal Level
Speaking of tax-exempt status, there’s a misconception that creating a nonprofit corporation means the nonprofit is automatically tax-exempt. Not true. Once you’ve formed your nonprofit on a state level, you’ll need to file for tax-exempt status (if it’s something you’re seeking) with the IRS. This means filling out and submitting form 1023 with the IRS, who must approve your request. If your 1023 form is approved by the IRS, you will then have what is called 501(c)(3) status, making your company tax exempt.

Other things to keep in mind:

The IRS requires filing fees. The standard filing fee is $750. A reduced filing fee of $350 is available to nonprofits who expect to have, or have had, gross revenue under $40,000 for the first four years combined
Some states that also require a state-level tax-exempt status filing
There are many additional IRS nonprofit classifications other than 501(c)(3). It’s important to make sure that you’re filing for a classification that suits the needs of your company.
The IRS requires a plethora of financial information, which you may not have at the inception of your nonprofit corporation.

The Difficulties with Form 1023
When filing for tax-exempt status, we highly recommend utilizing an expert to complete form 1023. This form has the reputation of being the most difficult form created by the IRS, and if it’s not filled out correctly your tax-exempt status may never come to be. Form 1023 is approximately 30 pages long — without the schedules and attachments. The IRS estimates preparation time of over 100 hours for completion, and IRS approval can take anywhere from a couple months to around a year, depending on the number of written follow-up questions the IRS has and how quickly you provide answers.

It’s critical that you use a reputable company to complete this form, one that’s experienced with filing 1023s. We typically refer our customers to The Foundation Group.

What does tax-exempt status mean?
Being tax-exempt means that the net profits of the nonprofit organization are exempt from federal income taxes. Certain states allow state-level tax-exempt status, and in such cases, the net profit is also exempt from payment of state income taxes.

Tax-deductible Donations
Many companies that are approved for 501(c)(3) status, can accept donations and contributions from individuals and businesses. In turn, the persons or businesses that are contributing to the nonprofit corporation may claim their donation as tax-deductible* — which of course is a big selling point when seeking contributions. (*The IRS determines which types of 501(c)(3) entities are permitted to do this.)

Have Questions?
If you have questions, or would like assistance with forming a nonprofit company, feel free to give our customer service team a call between 8am and 7pm CST, at 800-981-7183. Or, send us an e-mail anytime. We’re always happy to help.

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Time is Running Out to Win a Free Incorporation Package from BizFilings!

Posted on December 22nd, 2011 by Joey Donovan Guido

Category: Entrepreneur, Form My Business, Incorporate a Business, LLC, S-Corp, Small Business News

FreeIncorporationPackageFromBizFilings It’s not too late to enter our Small Business Love Sweepstakes! BizFilings is giving away one free incorporation package per week through December 31st …

If you’re a sole proprietor, entrepreneur or small business owner who’s ready to form an LLC or S corp, our sweepstakes is a great opportunity to kick off the new year in a positive way. Winners will enjoy the limited liability protection and potential tax benefits that go along with forming an LLC or S corp.

How to Enter
Go to BizFilings Facebook page, like us, and fill out a brief sweepstakes form. That’s it, you’re done! Enter the sweepstakes once per week to increase your chances of winning.

Additional Info on Business Formation
Have questions regarding the different formation types? Visit the Incorporation Options page on our Website for more info. You can also download our Free Guide to Incorporating Your Business, which offers in-depth insight regarding the different types of business entities, where to incorporate, ongoing compliance requirements and more.

We’re Here to Help
Feel free to give our Incorporation Specialists a call between 8am and 7pm CST, at 800-981-7183. Or , send us an e-mail anytime.

Happy holidays, and good luck!

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Global Entrepreneurship Week is Back!

Posted on November 15th, 2011 by Joey Donovan Guido

Category: Entrepreneur, Incorporation, Small Business, Small Business News, Work For Myself

GlobalEntrepreneurshipWeek

November 14th—20th celebrates the fourth annual Global Entrepreneurship Week (GEW), “a movement to inspire people everywhere to embrace entrepreneurship.” Three of Global Entrepreneurship Week’s major goals are to bring ideas to life, drive economic growth and expand human welfare.

Since it’s inception in 2008, the number of countries sponsoring the event has grown from 77 to 119 — making GEW the world’s largest celebration of innovators and job creators who launch startups.

To celebrate Global Entrepreneurship Week, partners of GEW can take advantage of BizFilings’ current pledge to Startup America Partnership. Interested entrepreneurs who apply to Startup America Partnership can receive a free incorporation package if their business qualifies. For more information, visit Startup America Partnership.

You can also visit Global Entrepreneurship Week for more on who they are and what they do.

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Small Business Insights: Taking a Break Can Improve Your Profits and Your Health

Posted on September 16th, 2011 by Joey Donovan Guido

Category: Grow a Business, How To Information, Small Business, Small Business Trends, Work For Myself

Have you ever found that no matter how hard you work,
there’s always something else to do?

Beyond completing today’s tasks, there’s also the need to improve your business — from processes, to products, to branding, to website SEO. And the list goes on.

As a small business owner, you may feel like you can’t afford to take a break. In reality, failing to take a break can cost you much more than simply taking one. And, a rejuvenating break has the power to actually increase your productivity, your profits and your health.

Think about it for a moment (if you’re not too exhausted to think right now). Do you want to plod along, completing tasks and projects like a car that’s running on fumes? Sure you might complete the race, but you certainly won’t be first to cross the finish line. Plus, the stress of running on fumes is unhealthy for the car (your business) and the driver (you).

Taking a break allows us to refresh our minds, our bodies and our spirit. This puts us in a position of opportunity to make positive life-changing decisions. Sure, we can make plenty of life-changing decisions when we’re exhausted, but the likelihood of them leading to a negative outcome increases with our fatigue level.

People really do “work themselves to death.” No amount of success or money is worth losing our health.

So go ahead. Take a break. Your health, your family and your business will be better off if you do.

Need more convincing on how a break can improve the health of your company and your life? Check out Seriously You Need a Vacation, over at Inc.com.

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Are You Pushing the Envelope or Pushing Paper?

Posted on August 29th, 2011 by Joey Donovan Guido

Category: Business Inspiration, Goals, Grow a Business, Home Business, Internet Business, Small Business

Whether you’re a huge company, a small business, or somewhere in-between — you’re either pushing paper or pushing the envelope.

A Quick Word on “Pushing”
In the literal sense, we shouldn’t be pushing anything at all, because pushing equals forcing — which can lead to disaster.

But in this article, pushing has a slightly different meaning. Are we status quo, staying within a tiny little paradigm that gets us a paycheck or a modest profit for our business? Or are we pushing the envelope by creating innovation that makes us a leader, a trend setter or a world changer?

What We Choose to Push Affects Our Entire Life
Beyond the business model, pushing paper is a choice that typically brings us no personal satisfaction or accomplishment. Weren’t we put on this earth for more than just going through the motions?

Sure, pushing the envelope can be scary. And if we don’t do our research, learn from our mistakes or ensure the highest quality, it can be fatal. But the rewards are great for those who are brave enough to go into uncharted territory — both personally and professionally.

A true desire for pushing the envelope is the path of high integrity. But it also involves extreme dedication and hard work. Remember, even Michael Jordan (the greatest basketball player who ever lived) was cut from his high school basketball team. What would have happened if he would have walked away and stopped trying because it was too “hard?”

FACT
We’re at work anyway. Why not be the Michael Jordan of what we do? We have a choice, no matter where we’re at in our lives. We can be our best or we can be mediocre.

There may be hundreds, or even thousands of people, awaiting our decision. What’s your choice?

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New Federal Trucking Regulations Could Increase Opportunities for Independent Owner/Operators

Posted on August 9th, 2011 by John L. Duoba

Category: General Contractor, Incorporate a Business, LLC, Small Business, Small Business News, Work For Myself

New federal trucking regulations, aimed at increasing driver and driving safety, are set to take effect soon, possibly by October 2011. Unfortunately for many trucking enterprises, these rules will be extremely costly and disruptive to their operations. But for truck drivers who are independent owner/operators, this situation may present opportunities to capture additional business with these companies.

The proposed Transportation Department rules would reduce the daily driving limit from 11 to 10 hours per day, with a required 30-minute break after 7 straight hours on the road. Other new rules would require drivers to be off-duty for 34 straight hours (covering two nights) once the weekly driving limit is reached. Trucking companies that violate the new rules could be fined as much as $11,000 per incident.

Federal regulators say the new rules are needed to help prevent driver fatigue and accidents associated with it. Recently, a high-profile truck/train accident in Nevada, killing six people, garnered national headlines and calls for increased focus on driving rules. Meanwhile, the trucking industry opposes the new rules, citing the Transportation Department’s own data showing truck fatalities and accidents declining by nearly one-third in recent years under the current rules.

Under the new rules, shorter routes and adjusted workflows will be required to accomplish the same tasks and deliver the same shipments. This also will mean many trucking companies will need to bring on additional drivers to meet the new driving standards.

So what can independent owner/operators do to prepare for these upcoming changes? Here are a few ideas:

Incorporate to make your services more attractive—When these trucking companies look to add drivers, they will likely prefer to work with incorporated entities and not Form 1099 independent contractors. And for good reasons. An independent O/O, formed as a limited liability company (LLC) or corporation, will reduce the trucking company’s liability for your driving, making you a more attractive partner. It also offers you important protections as well. Ultimately, every trucking company (large or small) should form a formal business entity to take advantage of the limited liability protections offered under law. All judgments and debts incurred by the business will be owed by the business alone, and will not be attached to the owner’s personal finances. Further, the use of 1099 independent contractors by employers is closely scrutinized by government authorities, so avoiding this arrangement also enhances your attractiveness.

Update insurance coverage—As your formal business status changes, your insurance needs will likely have to be reviewed. Be sure all new elements of your operations are considered when making insurance changes, so you can maximize your proper coverage.

Network with owners in the industry—All trucking companies will be required to follow the same new rules. So stay in touch with other owners grappling with the same issues. Maybe new partnerships could provide economies of scale, allowing more efficient scheduling and shared resources among companies to meet the limitations in the new rules? At the very least, you may learn some new best practices for dealing with the issue.

Keep everyone informed—Ignorance of the law is no excuse for not following it. So be sure all drivers are aware of the new rules and are following them exactly. Institute internal controls and record keeping, ensuring your company stays in compliance and everyone is safe on the job. As leader of your organization, make sure you set the right example and others will follow.

John L. Duoba is the publisher and managing editor of Business Owner’s Toolkit at www.toolkit.com, and he has been know to frequent a Waffle House or two (or ten) in his interstate travels across America’s highways.

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Veterans Have Incentive to Start Small Businesses

Posted on August 5th, 2011 by The BizFilings Team

Category: Form My Business, Small Business, Small Business News, Start A Business, Work For Myself

Good news is on the way for veterans who are looking to start a small business in Illinois. Governor Pat Quinn recently signed legislation to boost small businesses owned by Illinois Veterans.

The new law will have the state set an annual goal of 3 percent of every state contract to be set aside for businesses owned by veterans and service-disabled Veterans.

“Veterans who have taken the initiative to start small businesses and help create jobs should be supported when competing for government contracts,” said Governor Quinn.

Taking effect immediately, the law is helping small businesses, that are owned 51 percent or more by veterans, compete in the Illinois bidding process.

Other businesses with movements to employ veterans include Humana, which recently announced its new goal to hire 1,000 veterans or their spouses across the company, and to invest $1 million over the next two years to entrepreneurship programs for veterans, according to the Courier Journal.

The movement comes in unison with Humana CEO Mike McCalllister’s appearance with President Barack Obama, who is promoting the hiring of 100,000 veterans by 2013, according to the news source.

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Archive for the ‘Work For Myself’ Category

Filing an Annual Report: An Overview for Small Business Owners

What is an Annual Report?

Filing Your Annual Report Late, or Failing to File

We’re Here to Help

How to Name a Business: The Importance of Branding

What’s in a Name?

Delivering Outstanding Customer Service

The Basics of Forming a Nonprofit Company

What is a Nonprofit Company?

Time is Running Out to Win a Free Incorporation Package from BizFilings!

Global Entrepreneurship Week is Back!

Small Business Insights: Taking a Break Can Improve Your Profits and Your Health

Are You Pushing the Envelope or Pushing Paper?

New Federal Trucking Regulations Could Increase Opportunities for Independent Owner/Operators

Veterans Have Incentive to Start Small Businesses

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