News and Resources for Entrepreneurs and Startups! A view of the global startup ecosystem by Greg Monterrosa. Entrepreneurs and Start ups welcomed
Showing posts with label Limited Liability Company. Show all posts
Showing posts with label Limited Liability Company. Show all posts
Google's Don Dodge Interview with Jennifer Reuting
Google's Don Dodge Speaks with Jennifer Reuting Author of Limited Liability Companies for Dummies and Founder of MyLLC.com and DocRun.
Los Angeles Small Business and Entrepreneurs Needed
MO.com is seeking small business and entrepreneurial candidates from the Los Angeles to interview. Candidates should be willing to share their background, advice, strategies and business philosophies with our readers.
About MO.com - MO is run by a team of entrepreneurs, so we get energized talking with others that have traveled down the same path of launching a new business or even those just about to embark on the adventure of starting a business. For a better idea of what we are after in our interviews, please check out
our site at MO.com. We interview entrepreneurs from all walks, across all industries, and from around the world. We focus on their habits and methods; what makes them tick.
Requirements:
Must be from the Los Angeles area
Contact:
Name: Mike Sullivan MO.com
Tax Havens For Internet Companies
If your website or business does not operate out of a corporation or LLC, you’ve probably given some thought at one time or another as to whether there is any benefit to you or your business to have one. Online businesses are different from traditional businesses in many ways that make them especially good candidates for operating out of a formal business entity.
One of the great benefits of incorporating is that you create legal separation between you and your business. In other words, your business is its own legal entity. It has its own bank account, pays its own taxes and, most importantly, has the option of “living” in whichever state (or country) you decide. Why then, do so many business owners limit themselves by forming corporations in their home state? Unless you are one of the lucky few that happen to live in a tax haven such as Nevada or Wyoming, take into consideration whether or not your state is the best tax climate for your company.
However, while businesses can “live” in whichever state they desire (technically called “domiciled”), they still have to register and pay taxes in each state where they transact business. And while each state has a different idea of what that term means, for the most part, if you have employees or office space in a particular state, you are transacting business there.
Qualifying Online Businesses and Tax Havens
If you operate a pure online business chances are your company only exists in a virtual world. If you don't keep office space and instead of employees you have independent contractors — such as programmers and server administrators, who are often in developing countries — you are a perfect candidate for saving on taxes via a tax haven.
Tax havens are generally states that are very pro-business and tax-free — no corporate taxes, franchise taxes or personal income taxes. There are two major tax havens in the United States — Nevada and Wyoming. The only significant difference between the two is that Wyoming seems to offer lower fees and doesn’t carry the tax haven stigma that Nevada has developed over the years.
If you have a truly virtual online business, all you have to do is form a Nevada or Wyoming corporation. Keep in mind that it can’t be an LLC unless you elect corporate taxation with the IRS. Otherwise, all of your income will pass through to your individual tax return in the state in which you live. This means that you will have to pay state taxes on the income at an individual level as if it were income to yourself.
When forming your corporation, it’s recommended to use a professional service. If you choose to go it alone, you may have to spend many more hours than you realize to understand the filing procedures and the nuances of that particular state — all from hundreds of miles away. A better bet is to use a national company with associates who specialize in each state and not only know the required filings, but also maintain strong relationships with state employees — an important factor to getting things filed in a timely manner.
Keep in mind that as soon as you issue yourself payroll, your corporation or LLC will need to register to transact business in your state — which means it will have to pay taxes from all income derived in that state. Therefore, you should try to take money out of your company in the form of loans and dividends.
Read the entire article on
Tax Havens For Online Businesses - Website Magazine - Website Magazine
 |
| Website Magazine |
However, while businesses can “live” in whichever state they desire (technically called “domiciled”), they still have to register and pay taxes in each state where they transact business. And while each state has a different idea of what that term means, for the most part, if you have employees or office space in a particular state, you are transacting business there.
Qualifying Online Businesses and Tax Havens
If you operate a pure online business chances are your company only exists in a virtual world. If you don't keep office space and instead of employees you have independent contractors — such as programmers and server administrators, who are often in developing countries — you are a perfect candidate for saving on taxes via a tax haven.
Tax havens are generally states that are very pro-business and tax-free — no corporate taxes, franchise taxes or personal income taxes. There are two major tax havens in the United States — Nevada and Wyoming. The only significant difference between the two is that Wyoming seems to offer lower fees and doesn’t carry the tax haven stigma that Nevada has developed over the years.
If you have a truly virtual online business, all you have to do is form a Nevada or Wyoming corporation. Keep in mind that it can’t be an LLC unless you elect corporate taxation with the IRS. Otherwise, all of your income will pass through to your individual tax return in the state in which you live. This means that you will have to pay state taxes on the income at an individual level as if it were income to yourself.
When forming your corporation, it’s recommended to use a professional service. If you choose to go it alone, you may have to spend many more hours than you realize to understand the filing procedures and the nuances of that particular state — all from hundreds of miles away. A better bet is to use a national company with associates who specialize in each state and not only know the required filings, but also maintain strong relationships with state employees — an important factor to getting things filed in a timely manner.
Keep in mind that as soon as you issue yourself payroll, your corporation or LLC will need to register to transact business in your state — which means it will have to pay taxes from all income derived in that state. Therefore, you should try to take money out of your company in the form of loans and dividends.
Read the entire article on
Tax Havens For Online Businesses - Website Magazine - Website Magazine
Examining Different Business Structures With Jennifer Reuting
Register for our July 12th webinar and discover:
• Which entity is right for you - LLC, Corporation or S-Corporation?
• How to operate your company effectively, while still maintaining compliance
• Which tools and resources are essential for structuring your business
Thousands of companies have entrusted and counted on Jennifer Reuting to address their corporate needs. She has founded multiple industry-leading companies to help lower the cost of entry for independent contractors and small businesses. A regular speaker and guest professor at USC Marshall School of Business, Reuting’s newest venture, DocRun.com, was born out of the need to provide small businesses and independent contractors with an easy, affordable way to create operating agreements and other contracts and agreements governing business operations.
MyLLC.com Joins Forces with Startup America Partnership
MyLLC.com, the nation’s leading document filing and business entity formation company specializing in LLC and Corporation formations in all 50 states, is proud to announce their alliance with the Startup America Partnership.
MyLLC.com, which has long been renowned for its education-based platform, intends to assist the Startup America Partnership through offering free advice, and discounts on business filings and business structuring to emerging and existing entrepreneurs from coast to coast.
Along with some of the world’s largest corporations such as Microsoft, HP, Cisco and Google, and non-profits including the National Center for Women & Information Technology and The National Venture Capital Association, MyLLC.com will serve as a valuable supplemental resource for entrepreneurs from the earliest stage of business development. “Since our inception, it has been our primary mission to educate entrepreneurs about the critical need for proper structuring and filing of their businesses, in order to ensure that their startups, their visions, and their labors of love are strategically and thoroughly protected,” says Greg Monterrosa, Vice President of MyLLC.com.
The Startup America Partnership, launched on January 31, 2011 with initial launch funds from the Case Foundation and the Ewing Marion Kauffman Foundation, was conceived as a means to encourage and support the innovation of American entrepreneurs. The Partnership will work hand in hand with the White House to contribute funds, develop new programs, and assist entrepreneurs as part of President Obama’s strategy to stimulate economic growth by creating quality jobs.
“MyLLC.com is thrilled to be a part of the Startup America Partnership,” says Monterrosa. “As a rule, MyLLC.com never misses an opportunity to promote high-growth entrepreneurship across the country. We know that every business in the world started with one person’s vision -- just one idea. It is our obligation as an educational company to ensure that the visionaries behind these ideas are well-informed about the proper formation and structuring of their companies so that they remain sustainable and continue to create jobs well into the future,” he adds.
In addition to its new alliance with the Startup America Partnership, MyLLC.com’s founder Jennifer Reuting is the author of the best-selling book Limited Liability Companies for Dummies™, now in its second edition. MyLLC.com also has partnerships with the National Foundation for Teaching Entrepreneurship (NFTE) and works in conjunction with the University of Southern California’s E-Club to help educate emerging entrepreneurs.
###
About MyLLC.com: MyLLC.com®, the authors of Limited Liability Companies for Dummies™ offers customers: complete entity formation, entity dissolutions/withdrawals, foreign qualifications, corporate compliance, free name checks, trademark searches and registrations,, registered agent services, and corporate supplies such as corporate kits, stock certificates and embossing seals. These services are available in all 50 States as well as the District of Columbia. For more information visit http://www.myllc.com/ or call 888.886.9552.
The Startup America Partnership is a movement - by entrepreneurs, for entrepreneurs - to help inspire and celebrate entrepreneurs, their firms and the people that join them. Launched January 31st at the White House in response to President Obama’s call to celebrate, inspire, and accelerate high-growth entrepreneurship throughout the nation, the Partnership is bringing together an alliance of major corporations, funders, service providers, mentors and advisors working to dramatically increase the prevalence and success of high-growth enterprises in the U.S. AOL co-founder Steve Case chairs the partnership and the Kauffman and Case Foundations are founding partners, providing initial funding and strategic guidance. For more information on the Partnership, visit http://www.startupamericapartnership.org/ and follow at www.twitter.com/startupamerica and www.facebook.com/startupamerica.
 |
| MyLLC.com |
 |
| Start Up America Partnership |
MyLLC.com, which has long been renowned for its education-based platform, intends to assist the Startup America Partnership through offering free advice, and discounts on business filings and business structuring to emerging and existing entrepreneurs from coast to coast.
Along with some of the world’s largest corporations such as Microsoft, HP, Cisco and Google, and non-profits including the National Center for Women & Information Technology and The National Venture Capital Association, MyLLC.com will serve as a valuable supplemental resource for entrepreneurs from the earliest stage of business development. “Since our inception, it has been our primary mission to educate entrepreneurs about the critical need for proper structuring and filing of their businesses, in order to ensure that their startups, their visions, and their labors of love are strategically and thoroughly protected,” says Greg Monterrosa, Vice President of MyLLC.com.
The Startup America Partnership, launched on January 31, 2011 with initial launch funds from the Case Foundation and the Ewing Marion Kauffman Foundation, was conceived as a means to encourage and support the innovation of American entrepreneurs. The Partnership will work hand in hand with the White House to contribute funds, develop new programs, and assist entrepreneurs as part of President Obama’s strategy to stimulate economic growth by creating quality jobs.
“MyLLC.com is thrilled to be a part of the Startup America Partnership,” says Monterrosa. “As a rule, MyLLC.com never misses an opportunity to promote high-growth entrepreneurship across the country. We know that every business in the world started with one person’s vision -- just one idea. It is our obligation as an educational company to ensure that the visionaries behind these ideas are well-informed about the proper formation and structuring of their companies so that they remain sustainable and continue to create jobs well into the future,” he adds.
In addition to its new alliance with the Startup America Partnership, MyLLC.com’s founder Jennifer Reuting is the author of the best-selling book Limited Liability Companies for Dummies™, now in its second edition. MyLLC.com also has partnerships with the National Foundation for Teaching Entrepreneurship (NFTE) and works in conjunction with the University of Southern California’s E-Club to help educate emerging entrepreneurs.
###
About MyLLC.com: MyLLC.com®, the authors of Limited Liability Companies for Dummies™ offers customers: complete entity formation, entity dissolutions/withdrawals, foreign qualifications, corporate compliance, free name checks, trademark searches and registrations,, registered agent services, and corporate supplies such as corporate kits, stock certificates and embossing seals. These services are available in all 50 States as well as the District of Columbia. For more information visit http://www.myllc.com/ or call 888.886.9552.
The Startup America Partnership is a movement - by entrepreneurs, for entrepreneurs - to help inspire and celebrate entrepreneurs, their firms and the people that join them. Launched January 31st at the White House in response to President Obama’s call to celebrate, inspire, and accelerate high-growth entrepreneurship throughout the nation, the Partnership is bringing together an alliance of major corporations, funders, service providers, mentors and advisors working to dramatically increase the prevalence and success of high-growth enterprises in the U.S. AOL co-founder Steve Case chairs the partnership and the Kauffman and Case Foundations are founding partners, providing initial funding and strategic guidance. For more information on the Partnership, visit http://www.startupamericapartnership.org/ and follow at www.twitter.com/startupamerica and www.facebook.com/startupamerica.
Checking the name of a Corporation or Limited Liability Company (LLC)
Before you can start printing up business cards, and promo material you're going to want to ensure that the name you want to use for your Corporation or Limited Liability Company (LLC) is available. The folks over at MyLLC.com offer this as a free service. Here is a direct link to the free name check option.
http://www.myllc.com/corporate-name-check.aspx
http://www.myllc.com/corporate-name-check.aspx
what it is I do..
I work for a really innovative company that forms corporations and LLCs' for business nationwide. I love what I do. I come in every morning and help hundreds of businesses getting set up. Its a real privilege and responsibility if you ask me, I love it. That's why I continue to educate myself in the field of business formation and operations. W
One of the main questions I have been getting allot recently is "Greg I'm starting a web based "virtual business" what entity should I be and where should I form out of?"
Online businesses are different from traditional businesses in many ways that make them especially good candidates for operating out of a Tax haven state as formal business entity like a corporation or LLC.
Tax havens are generally states that are very business and tax friendly — no corporate taxes, franchise taxes or personal income taxes. There are two major tax havens in the United States — Nevada and Wyoming.
If you operate a pure online business chances are your company only exists in a virtual world. If you don't keep office space and instead of employees you have independent contractors — such as programmers and server administrators, who are often in developing countries — you are a perfect candidate for saving on taxes via a tax haven.
Keep in mind that as soon as you issue yourself payroll, your corporation or LLC will need to register to transact business in your state — meaning it will have to pay taxes from all income derived in that state. Therefore, you should try to take money out of your company in the form of loans and dividends.
Once you have formed your corporation or LLC, you will need to open a bank account in that state. It is imperative that your bank account has a routing number associated with your state of formation. PLEASE don’t make the mistake of opening an account in California if you are trying to establish that the company is legitimately operating out of Nevada or Wyoming. You have to look at this as a complete separation of yourself and your business. You need to operate your company out of the state in which it is domiciled. I have a contact over at Bank of America that can help us get the bank account set up in a different state without you having to go there. In Nevada our contact is Travis and can be reached at 702-883-8111 he is a business specialist at BofA in Las Vegas and can assit you wih opening a Nevada bank Account. mention myLLC.com for special perks.
One of the main questions I have been getting allot recently is "Greg I'm starting a web based "virtual business" what entity should I be and where should I form out of?"
Online businesses are different from traditional businesses in many ways that make them especially good candidates for operating out of a Tax haven state as formal business entity like a corporation or LLC.
Tax havens are generally states that are very business and tax friendly — no corporate taxes, franchise taxes or personal income taxes. There are two major tax havens in the United States — Nevada and Wyoming.
If you operate a pure online business chances are your company only exists in a virtual world. If you don't keep office space and instead of employees you have independent contractors — such as programmers and server administrators, who are often in developing countries — you are a perfect candidate for saving on taxes via a tax haven.
Keep in mind that as soon as you issue yourself payroll, your corporation or LLC will need to register to transact business in your state — meaning it will have to pay taxes from all income derived in that state. Therefore, you should try to take money out of your company in the form of loans and dividends.
Once you have formed your corporation or LLC, you will need to open a bank account in that state. It is imperative that your bank account has a routing number associated with your state of formation. PLEASE don’t make the mistake of opening an account in California if you are trying to establish that the company is legitimately operating out of Nevada or Wyoming. You have to look at this as a complete separation of yourself and your business. You need to operate your company out of the state in which it is domiciled. I have a contact over at Bank of America that can help us get the bank account set up in a different state without you having to go there. In Nevada our contact is Travis and can be reached at 702-883-8111 he is a business specialist at BofA in Las Vegas and can assit you wih opening a Nevada bank Account. mention myLLC.com for special perks.
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