Posts Tagged ‘Incorporate’

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Make Your New Year’s Small Biz Resolution Count!

Friday, December 30th, 2011

It’s that time of year again. Time to make your New Year’s resolution, or resolutions. Most of us make the usual resolutions, to lose weight, save money or go to church more frequently. Personal growth goals are certainly a great idea. However, what about resolutions you can make for your business? Taking a step back and evaluating your 2011 performance can help you move successfully forward into 2012. Here are a few tips to get you started.

Start up!
If you have been thinking about starting a business, or starting another business, now is a great time to do so! Business typically picks up a great deal during the first of the year. Use this momentum to help you realize your dream of owning a small business. Take time during your holiday vacation to create a business plan. Talk to friends and other entrepreneurs who have gone through the process to help you get started. When you’re ready, give MyCorporation a call. We can help you incorporate your business making your entrepreneurial dream a reality!

Go back to your business plan
When you first created your business, no doubt you had a business plan outlining company policies and goals you hoped to achieve. Take a minute and go back over your plan in the New Year. Have you accomplished the things you set out to accomplish? Is your business operating on a day-to-day basis in the way in which you intended it to? Your business plan is really the skeleton, the bones, of your business. If you have broken, or missing parts, you can’t hope you function successfully. Give your business a thorough once over to ensure things are functioning properly.

Focus
After reviewing your business plan, take a moment to focus. Think back over the past year. Ask yourself what worked and what didn’t? Are there certain policies that have become outdated? Are all of your employees performing to company standards? Is your business fulfilling its purpose? Are you doing everything you can in your role, whether it is owner or employee, to contribute to the success of the business? Focus on the other pieces of the business, outside of the business plan, and assess what is working and what isn’t. Staying in tune with the day-to-day happenings of the company will help you stay on track.

Look Ahead
Now that you have reviewed the inner workings of your business, take time to create new goals. How do you want your firm to grow this year? What new accounting or billing strategies are on the market that can help your business? What are your new hiring needs? Make a list of goals you hope to achieve each quarter, and by this time next year. Think of the business as a train, always moving forward.

This year, consider making a new years resolution for your small business. Whether it be starting your first business, or maintaining a current one, give your start up some love! Happy New Year from all of us here at MyCorporation!

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Posted in Entrepreneurs, General Advice, Incorporating or Forming an LLC | No Comments »

How to Avoid the Dreaded Lawsuit

Friday, August 19th, 2011


Lawsuits are an unwelcome guest in any household not to mention in any business; no one wants to be sued! Unfortunately, lawsuits surrounding the workplace are on the rise. Compensation issues, discrimination complaints as well as wrongful termination suits were all in abundance in 2010. For example, in 2010 wage and hour lawsuits under the Fair Labor Standards Act jumped dramatically, adding 700 more cases than in 2009 totaling 6,800 lawsuits.

Other areas contributing to an increased number of lawsuits are disability and leave of absence claims. Requests for disability accommodation as well as for a leave of absence are on a dramatic upswing. Employers are now seeing work-related injury claims stemming from physical or emotional ailments that don’t stem from the job but affect it. Denial of such claims can lead to a lawsuit under the Fair Labor Standards Act. The issue appears to be finding a balance between what legal right the employee has versus what legal right the employer has; the two rights often overlap.

What is causing this increase? Some point to the increased activism by the Obama administration in both discrimination and wage and hour claims. In 2010, the U.S. Department of Labor hired around 200 additional field investigators to strengthen its enforcement efforts. In fact, a number of complaints made surrounding the heightened investigation claim that federal agencies are turning what used to be small, resolvable workplace matters into full-scale investigations. How can the problem be solved? Better yet, how can lawsuits be avoided?

1. First of all, keep open lines of communication between all departments and employees. Full disclosure regarding wages and salaries, over-time pay and leave of absence policies will keep everyone in the office informed of their rights.

2. Provide outlets for counseling and dispute resolution within your business. Employees and employers alike should have an outlet in which they can air their grievances without feeling threatened.

3. Ensure hiring procedures are in place and employees are appropriately classified.

4. Don’t retaliate against employees for complaining. The majority of claims filed with the Equal Opportunity Commission include a form of retaliation.

5. Finally, treat everyone equally and fairly. Employees who feel valued are not only happier, they will perform more efficiently and accurately.

Lawsuits are intimidating. However, they can often be avoided. Keep the above five tips in mind to increase productivity in the office and to create a happier, lawsuit free environment. Learn more ways MyCorporation can help you maintain your business HERE!

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Go Green With MyCorporation!

Friday, April 22nd, 2011

If you’ve been to our website today, you’ve probably noticed that our logo has undergone a makeover. Our blue and white diamond logo is celebrating Earth Day in stylish eco-friendly green with our proud planet peeking out from behind.

For today only until midnight tonight (PST), we’re offering a FREE incorporation package deal, worth $49. Just give us a call or go online and use the coupon code EARTHDAY to take advantage of this deal!

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1099 Health Care Act: Information and Implications

Tuesday, April 5th, 2011

Small businesses face a unique set of challenges in the current economy.

The Senate voted to repeal the unpopular 1099 tax reporting requirement of the Affordable Health Care Act Tuesday, April 5th. This is the first piece of legislation that officially repeals part of President Obama’s widely-debated health-care reform movement.

Small business owners have expressed their frustration at the provision, which would require them beginning in 2012 to report to the IRS all payments of more than $600 on 1099 forms—work that many small companies just don’t have the time or manpower to do. According to the Washington Post, The bill would have generated an additional $22 billion in tax payments over the next ten years. In addition, the major provisions of the Health Care Act include:

1. Tax Credits for small business
2. Help for Seniors with the cost of Drugs in the Doughnut Hole
3. Elimination of Pre-existing conditions exclusions for children
4. A High Risk pool for anyone turned down due to Pre-Existing Conditions
5. Re-Insurance for early retirees (55 to 64)
6. Prohibition on Rescission of insurance policies if you get really sick
7. No More Lifetime Limits on insurance policies
8. Unmarried Children can stay on their parent plan (up to 26th birthday)

Despite the Health Care Act, there are numerous tax implications for employee’s and independent contractors. For small businesses seeking to make sense of the new legislation, regardless of possible appeals, the classification of their employees is paramount. Specifically, what makes someone an employee and not just an independent contractor? The answer is often less than simple. Many business owners fail to make the distinction, thus opening them up to potential lawsuits and tax complications.

The best way to avoid penalties is to know the law. Employee classification holds enormous potential for lawsuits, mainly because most employers really don’t understand the employee distinctions. The IRS published a great deal of information regarding this classification. The information can be found HERE.

Who is considered an independent contractor? The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done. The earnings of a person who is working as an independent contractor are subject to Self-Employment Tax. Who is considered an employee? Under common-law rules, anyone who performs services for you is your employee if you can control what will be done and how it will be done. This is so even when you give the employee freedom of action. What matters is that you have the right to control the details of how the services are performed.

Only time will dictate the future changes and appeals to the Health Care Act. Small business owners should consider all of their employees and classify them into the correct category in order to avoid potential lawsuits and tax complications.

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The 5 W’s of Business Blogging

Tuesday, March 29th, 2011

We all read blogs to get a sense of what is going on with the world. We read informational blogs, entertainment blogs, and solely news related blogs. Never has it been easier for an individual to have his or her voice published. The same opportunity is available for small businesses, but should you join the blogging community? ABSOLUTELY! Blogs provide a platform for you business to send a clear message to your customers. Below are the 5 W’s regarding blogging and why you should jump on board.

Who?
Yes, your business is the obvious who. However, make sure you address who specifically will be in charge of your blog. Often, small businesses hire a marketing intern for this job. This is a great idea. First, make sure that the blog author is aware of a few important things. The blogger should have a clear understanding of the purpose and mission statement behind your business. Tailor blog content not only to issues surrounding your business, but expand your articles to include different types of customers. You want your blog to be a clear representation of what your business is all about while appealing to a wide audience.

What?
What should you blog about? If you are a new start-up you could blog about the issues you faced- create a trouble shooting entry. Think about your community as a whole and blog about your industry. Do you know of other products, applications or ideas that will help your community? For example, if you are a bakery and recently changed the type of eggs you buy due to how it affects your product, blog about that experience. Offer relevant advice. Go nuts! One word of caution- If you’re going to pump out regular content that is meaningful, you obviously need to blog about a topic in which you’re knowledgeable, thoughtful and passionate. Without these three things your content may be ill received, if read at all.

When?
How often should I blog? This can be a difficult question to answer. Professional bloggers often update daily, sometimes twice a day. This is not recommended for small businesses. A few times a week, at most once a day, is a good schedule. Although you do not want huge lag time between entries, it can be beneficial to let your entry ‘simmer’ for a few days to gain attention. Also- most online blog traffic occurs between 9a.m. and 2p.m EST. Therefore, post your blog in the early afternoon.

Where?
Where do I publish my blog? Several publication options exist. Check out sites such as WordPress.com, blogspot.com and Tumblr.com. These sites will walk you through the steps to creating your blog including your background colors, linking it to other sites and actually publishing. If your business has a website, and it absolutely should, it is often smart to provide a link to your blog on your site. Often, customers cannot get a sense of ‘who you are’ by solely looking at your website. Also, posting a link to your blog on Facebook or Twitter can also increase traffic. Your blog can be your voice. Connect with the customer and let them know what you are all about.

Why?
Spread the news about your small business! If you care about accessing customers, reaching an audience, communicating your vision, influencing people in your industry, marketing your services or just plain engaging in a dialog with others in your industry a blog is a great way to achieve this.

Learn more about small business tools HERE!
Not incorporated yet? Let MyCorporation help you! Learn more HERE!

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