How to Maintain a Business
Sometimes situations arise causing changes in how a business operates. MyCorporation can help, by offering you a variety of services to help eliminate the difficulties that can arise while maintaining your good standing or changing the details of your business post formation. See below for a list of some of the most common business maintenance issues that MyCorporation can help you with, easily and affordably.
Expand Your Business
If your business is operating under multiple names or divisions, you may have to file for a fictitious business name, also knows as a DBA, so you can cash checks under all of your business names. Obtaining a DBA is required to cash checks or open bank accounts for different divisions or company names, which can be an important part of growing your business. We file the DBA with the required government agencies and publish where required (in most states). You'll receive the approval and publication certificate for your records.
When you incorporate you must determine what state to incorporate in. If you wish to do business in more than one state, you may need to Foreign Qualify if you are not incorporated there. (Please note that many states will tax a corporation that exists in their state, even if it is not doing business there.)
Protect Your Name, Works, And Company
A trademark is a word, phrase, symbol, or design, or a combination thereof, that distinguishes the source of your goods from those of others. A Service Mark is similar to a trademark. However, it identifies and distinguishes the source of a service rather than a product. Generally, the terms "trademark" and "mark" are used to refer to both trademarks and service marks.
We offer three Trademark services:
- Comprehensive Trademark Search - Is your business name already in use by someone else?
- Trademark Application - Protect your brand entity when you register your trademark.
- Trademark Watch - Are other people using your trademark?
MyCorporation offers copyright application and registration services. Copyright is a protection that covers published and unpublished literary, scientific and artistic works, whatever the form of expression, provided such works are fixed in a tangible or material form. Copyright laws grant the creator of the "work" the exclusive right to reproduce, prepare derivative works, distribute, perform, and display the work publicly.
Employer Identification Number (EIN)
MyCorporation obtains EINs for businesses nationwide.
An EIN is a federal identification number used by the IRS to identify a business entity. It is also known as a Federal Tax ID number.Legally, you are required to identify your business with one of two numbers: either your social security number or an EIN.
Generally you need an EIN when your business:
- Is new
- Hires, or will hire, employees
- Is an LLC or Corporation
- Opens a bank account
- Changes type of organization
If you are a sole proprietor, your social security number can be used on all of your government forms and other official documents, but most small business advisors recommend that you apply for an EIN and use that number instead.
Furthermore, banks may require an EIN in order to open a business bank account.
MyCorporation can help you elect S-corporation status.
Electing S-corp status means that income generated by your business is "passed-through" to your shareholders for computing tax liability.
Most businesses start out as a general C-Corporation and are required to pay income tax on taxable income generated by the corporation.
However, as soon as a corporation has been formed, it may elect S-Corporation status. Then, the shareholders are taxed like a partnership or sole proprietorship, and not the corporation.
A large majority of our small business customers meet the following S-Corporation requirements:
- First be filed as a U.S. corporation
- Maintain only one class of stock
- Maintain a maximum of 100 shareholders
- Be comprised solely of shareholders who are individuals, estates or certain qualified trusts, who consent in writing to the S corporation election
- All shareholders must be US citizens or resident aliens
- Fiscal year must end December 31st
Failure to observe any of the above requirements could revoke your S-Corporation status.
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