A domestic and foreign LLC refers to the state where the LLC is created. Registering your business as a foreign LLC (also known as a foreign qualification) is required under certain circumstances when you operate your business outside of the state in which you’ve formed your LLC. The purpose of registering is to meet the regulatory and tax requirements of the foreign state. Despite the term “foreign”, a foreign LLC operates domestically within the United States. Your LLC isn’t considered foreign in the state where you initially registered it, only in the states where you’ve expanded its opera ..read more

Is it better to form a Limited Liability Company (LLC) or a C Corporation? Many entrepreneurs ask that question as they work through the many facets of transforming their dream of business ownership into a reality. The business structures have similarities and differences, as well as advantages and disadvantages, so it’s important to consider all of them when deciding on the right business entity type for your company. So, how do LLCs and Corporations compare? 1. State Registration Both LLCs and Corporations are formed by filing registration forms with the state. The paperwork required, filin ..read more

The Corporate Transparency Act’s Beneficial Ownership Information Reporting Rule went into effect in January 2024, leaving many business owners wondering: Are they required to submit a Beneficial Ownership Information (BOI) Report? What’s the difference between beneficial owners and company applicants, and what information does a reporting company have to share about them? Although certain entities are exempt, most small Corporations, Limited Liability Companies (LLCs), Limited Partnerships (LPs), Limited Liability Partnerships (LLPs), Limited Liability Limited Partnerships (LLLPs), and bus ..read more

If you own a business that’s registered with the state in which you operate, such as a Limited Liability Company, a C Corporation, or a Limited Liability Partnership, it’s likely that at some point you’ll be asked to provide a Certificate of Subsistence. A Certificate of Subsistence, which in some states is known as a Certificate of Good Standing, a Certificate of Existence, or a Certificate of Status, is a document from the state that verifies a business is indeed operating; is properly registered; and is in compliance with federal, state, and local laws. While specific information varies fr ..read more

If the bed-and-breakfast you own and operate runs at full capacity for the months of July and August and the work is too much for you to do on your own, you might consider hiring temporary employees to help. The same goes for a consulting firm that just landed an important six-month assignment for its biggest client, or a building contractor who agreed to take on a large-scale renovation project. Temporary workers account for only about 2% of total nonfarm employment in the United States, according to the Bureau of Labor Statistics, but employers in many industries rely on temporary employees ..read more

Starting in 2025, Pennsylvania will retire its decennial report requirement and instead require many business entities to file annual reports. Going from reporting every ten years to every year is a result of 2022 Act 122, which Governor Tom Wolf signed into law. The new reporting rule and revised annual report dates apply to the following types of business entities in Pennsylvania: Domestic Business Corporations – June 30th Foreign Business Corporations – June 30th Domestic Nonprofit Corporations – June 30th Foreign Nonprofit Corporations – June 30th Domestic Limited Liability Companies (LL ..read more

You’ve likely heard buzz about the U.S. District Court for the Northern District of Alabama’s March 1, 2024, ruling that the Corporate Transparency Act (CTA) is unconstitutional because it oversteps Congress’s legislative authority. As a result, plaintiffs in the National Small Business United (NSBU) et al. v. Yellen case may pass (for now) on filing Beneficial Ownership Information (BOI) reports to the Financial Crimes Enforcement Network (FinCEN). My team at CorpNet has talked with many concerned and confused business owners. They want to know if this means they don’t have to file a BOI re ..read more

Along with deciding whether your company will operate as a Sole Proprietorship, Limited Liability Company (LLC), General Partnership, C Corporation, or S Corporation, selecting the right name for your new business is an important early step. And while choosing a name might sound like an easy, straightforward task, it’s imperative that you spend some time and effort making sure you follow the rules laid out by your state. One of the most important tasks is to make sure the name you choose isn’t already taken. Taking a name that’s already in use can result in confusion, or worse yet, legal issu ..read more

Many business owners who operate as a Sole Proprietorship or Partnership use a DBA (Doing Business As) name to market their business more effectively and present a more professional image. A DBA can serve a business well, but it’s important to realize it is just a name. A DBA is not a business entity and does not provide any liability or asset protection for entrepreneurs as a Limited Liability Company (LLC) does. What if you’ve been running your business as a Sole Proprietorship or Partnership and you’d like to switch to an LLC but continue using your DBA name? Can you turn your DBA into an ..read more

CorpNet is proud to announce that it has made Inc.’s prestigious Inc. Regionals Pacific list in 2024 as one of the fastest-growing private companies in the country. This is the third year CorpNet has been honored in the regional awards. With a healthy 259% 2-year growth, CorpNet made a significant move from position 75 to 56. CorpNet’s Inc. profile can be found at https://www.inc.com/profile/netcom. “I am beyond proud of the continued growth our company has achieved in the last year and our ability to secure a spot on the coveted Inc.5000 Pacific Regionals list in 2024. Our team continues to ..read more