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Atricle Dump - Which Incorporation Services You Need And Which You Can Do Without
A couple of years ago, Baltimore's Center for Nursing Advocacy started a letter-writing campaign against NBC and the producers of ER. This group was protesting the episode where a central character, nurse Abby Lockhart (actress Maura Tierney), chucked her nursing career to go to medical school. The Baltimore group claims the TV show "is perpetuating long-standing misrepresentations that are contributing to the nursing shortage."Never mind the fact that ER – watched by 20 million viewers – is far from reality television. The notion that the show is c
2. A Corporate Veil Guarantee.
This is included standard with all Company Corporation packages. It’s basically insurance against your corporate veil being pierced. If your company is sued and you're held personally liable because your corporate veil is pierced, they'll reimburse legal defense fees up to $50,000.
Things you can live without:
1. Corporate kits and binders.
These are attractive binders to hold your
Quality Care Options is an established company advocating for the right of all seniors to receive excellent service and product. The organization recommends Certified Senior Approved Services to its elderly clientele.Through its highly visible web sites and monthly ezines, Quality Care Options (QCO) attracts both the senior and the businesses that serve the senior population.Barbara Mascio, Founder of QCO, has been inundated with requests from healthcare businesses for recommendations towards resources that would further promote an elder or
1. Hiring an attorney to form your LLC (at $1,500 - $3,500) is too expensive; and
2. You’re not going to do it yourself--filling out government forms gives you hives.
The only option left is to choose an online incorporation company to form your LLC for you.
The only problem is that there are hundreds of online incorporation companies ready to sell you a dizzying array of services and a confusing pricing structure.
Which services do you need?
Probably the biggest factor in determining the cost of forming an LLC are all the add-ons offered. In the marketing world these are called “upsells”. Understand that your plain-vanilla LLC formation is relatively simple. The company pays someone (or more likely has software auto-populate the form) to fill out an Articles of Organization form from the state where you’re forming your LLC. Then they mail that form with a check to the Secretary of State. Some time later, usually a few days or weeks at most, you have a legal LLC. There’s only so much that a company can charge for simple paper-shuffling of that kind.
So the real profit for online incorporation companies are the add-ons. I’m not begrudging them that—everyone needs to make a profit. The only question is which services do you really need, and which can you live without.
Essential Services
1. Registered agent service if you incorporated in a different state than you live in.
This one is clear cut. If you don’t have a physical address in the state you’re forming your LLC in, then you don’t have a legal LLC. Example: if you form a Nevada LLC, then you need to live or have your business in Nevada with a physical address for the government to send tax returns and serve legal process on you. If you don’t live or work there, then you need to hire a company with a physical presence in (for this example) Nevada.
2. A Corporate Veil Guarantee.
This is included standard with all Company Corporation packages. It’s basically insurance against your corporate veil being pierced. If your company is sued and you're held personally liable because your corporate veil is pierced, they'll reimburse legal defense fees up to $50,000.
Things you can live without:
1. Corporate kits and binders.
These are attractive binders to hold your f
Has this every happened to you? You have an account that owes your company a considerable amount of money. Everything goes well for awhile. The payments are made on time, the debtor calls you just because he wants to know how he can make your day better (hey, this is my dream!).Then one day no more calls and worse yet, no more payments. You, being the good employee that you are, attempt to call them and you discover that they have disappeared off of the face of the planet. So, you go back through your previous issues of Collection Advisory to look i
Which services do you need?
Probably the biggest factor in determining the cost of forming an LLC are all the add-ons offered. In the marketing world these are called “upsells”. Understand that your plain-vanilla LLC formation is relatively simple. The company pays someone (or more likely has software auto-populate the form) to fill out an Articles of Organization form from the state where you’re forming your LLC. Then they mail that form with a check to the Secretary of State. Some time later, usually a few days or weeks at most, you have a legal LLC. There’s only so much that a company can charge for simple paper-shuffling of that kind.
So the real profit for online incorporation companies are the add-ons. I’m not begrudging them that—everyone needs to make a profit. The only question is which services do you really need, and which can you live without.
Essential Services
1. Registered agent service if you incorporated in a different state than you live in.
This one is clear cut. If you don’t have a physical address in the state you’re forming your LLC in, then you don’t have a legal LLC. Example: if you form a Nevada LLC, then you need to live or have your business in Nevada with a physical address for the government to send tax returns and serve legal process on you. If you don’t live or work there, then you need to hire a company with a physical presence in (for this example) Nevada.
2. A Corporate Veil Guarantee.
This is included standard with all Company Corporation packages. It’s basically insurance against your corporate veil being pierced. If your company is sued and you're held personally liable because your corporate veil is pierced, they'll reimburse legal defense fees up to $50,000.
Things you can live without:
1. Corporate kits and binders.
These are attractive binders to hold your
I was once asked to critique a 100 page business plan for a client that needed to apply for financing to start a multi-million dollar pharmaceutical company. Most bankers would have turned down the applicant for financing because the business plan was full of jargon, written in highly technical language, and hard to understand. The first 40 pages of the plan were vague and spoke in general terms. They did not clearly convey what the loan applicant was trying to sell or how they planned to generate revenue to pay back the loan. There was no clearly defined
So the real profit for online incorporation companies are the add-ons. I’m not begrudging them that—everyone needs to make a profit. The only question is which services do you really need, and which can you live without.
Essential Services
1. Registered agent service if you incorporated in a different state than you live in.
This one is clear cut. If you don’t have a physical address in the state you’re forming your LLC in, then you don’t have a legal LLC. Example: if you form a Nevada LLC, then you need to live or have your business in Nevada with a physical address for the government to send tax returns and serve legal process on you. If you don’t live or work there, then you need to hire a company with a physical presence in (for this example) Nevada.
2. A Corporate Veil Guarantee.
This is included standard with all Company Corporation packages. It’s basically insurance against your corporate veil being pierced. If your company is sued and you're held personally liable because your corporate veil is pierced, they'll reimburse legal defense fees up to $50,000.
Things you can live without:
1. Corporate kits and binders.
These are attractive binders to hold your
Invest some time in evaluating the skills and type of person you want for a position before placing a job advertisement or registering a job vacancy with an employment agency.The job specification (spec) is a tailored description of the vacancy including the responsibilities of the incumbent and goals of the job. The person specification is a profile of the person you consider best fits the bill. Preparing a detailed spec helps you focus on exactly what skills you seek. The finished document assists your HR or personnel department or recruitment con
This one is clear cut. If you don’t have a physical address in the state you’re forming your LLC in, then you don’t have a legal LLC. Example: if you form a Nevada LLC, then you need to live or have your business in Nevada with a physical address for the government to send tax returns and serve legal process on you. If you don’t live or work there, then you need to hire a company with a physical presence in (for this example) Nevada.
2. A Corporate Veil Guarantee.
This is included standard with all Company Corporation packages. It’s basically insurance against your corporate veil being pierced. If your company is sued and you're held personally liable because your corporate veil is pierced, they'll reimburse legal defense fees up to $50,000.
Things you can live without:
1. Corporate kits and binders.
These are attractive binders to hold your
The first point to make about Royalties is that good Franchise systems should look at them not as a payment but rather as a remittance. It is the Franchisor’s share of the income derived from customers or clients. The Franchisee collects that fee along with all other revenues from the customer.It’s an important concept because it emphasizes that the customer ultimately pays for everything, including the Franchisor’s royalty, the Franchisee’s overhead, all costs of sales, employee’s salaries, and the Franchisee’s profit. Therefore it’s all about the
2. A Corporate Veil Guarantee.
This is included standard with all Company Corporation packages. It’s basically insurance against your corporate veil being pierced. If your company is sued and you're held personally liable because your corporate veil is pierced, they'll reimburse legal defense fees up to $50,000.
Things you can live without:
1. Corporate kits and binders.
These are attractive binders to hold your filed Articles of Organization certificate in. It’ll look nice on your shelf. If a fancy binder is worth $25 or $50 or whatever they’re charging to you, then go ahead and get it. Or you can just buy a $1 binder at Office Depot. It’ll hold paper just the same.
2. Embosser with your corporate seal.
These look really cool. In college I started a non-profit magazine with some friends and we incorporated it as a 501(c)(3) company. We got the whole package--including the embosser. We had absolutely no legal use for the embosser. Mainly people would play with it when working on an article—embossing everything from waste paper to old magazine covers.
Things to consider getting:
1. EIN service.
You’re going to need an EIN—also known as an Employer Identification Number. An EIN is an identifier from the federal government that is essentially like a social security number for your company. You’ll need it to open bank accounts and apply for credit. As the name implies, you’ll also need it if you ever hire employees. But even if you are running a single member LLC with no intention of hiring employees, you’re still going to need an EIN.
The reason why this is under the “consider getting” category is that you can obtain an EIN yourself at no cost. It’s not too difficult. Just fill out one form, called an SS-4, and phone it in to the IRS. They’ll give you your number right on the phone or by return fax. I’ve done it and it’s actually quite painless—I’d say almost pleasant, but we are talking about a call to the IRS.
2. Expedited filing.
If you absolutely need to be incorporated now, then I suppose it’s worth it. Why are you in such a rush? If you’re trying to move and assets from a creditor or ex-spouse (or soon to be ex-spouse), then, let me tell you in my non-legal opinion, that it will probably not work. If you’ve simply procrastinated, then that’s the price you pa
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