S Corporation vs. LLC

Limited liability companies (LLCs) and S Corporations are business structures that provide liability protection for business owners and allow for pass-through tax treatment. While they have those things (and some others) in common, they differ in several ways, too. If you’re starting a business or considering changing a sole proprietorship or general partnership to [...] The post S Corporation vs. LLC appeared first on CorpNet.
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What You Need to Know About the Qualified Business Income Deduction

Tax considerations are a significant factor in how entrepreneurs structure their businesses. The qualified business income deduction (or QBI tax deduction) is an important tax deduction that allows eligible businesses to deduct up to 20% of their qualified business income from their taxes. As a provision of the 2017 Tax Cuts and Jobs Act [...] The post What You Need to Know About the Qualified Business Income Deduction appeared first on CorpNet.
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Who You Need to Know About Work From Home Tax Deductions

According to Global Workplace Analytics, 25-30% of the workforce will be working from home multiple days a week by the end of 2021. Already a trend before the pandemic, remote working became the “new normal” for businesses of all sizes struggling to stay afloat during safer-at-home directives. Today, both employers and employees have found [...] The post Who You Need to Know About Work From Home Tax Deductions appeared first on CorpNet.
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12 Steps for Closing a Corporation by Year End

As difficult it may be to make the decision to close a business, things can become even more challenging if a business’s owners don’t tie up all the loose ends. If you’re thinking of closing your corporation by year-end, realize that there’s more to the process than halting the sale of products and services. [...] The post 12 Steps for Closing a Corporation by Year End appeared first on CorpNet.
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Filing Annual Meeting Minutes Before Year End

Depending on a business’s entity type and the state it’s registered in, its owners may be required to hold annual meetings and record minutes from those meetings. But how do you know if that requirement applies to your company? In this article, I'm going to explain what annual meetings and annual meeting minutes are [...] The post Filing Annual Meeting Minutes Before Year End appeared first on CorpNet.
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Business Closures, Dissolutions, and Withdrawals

It has been a rough few years for businesses across the country, but especially so for small businesses. According to Yelp data, an estimated 60% of business closures due to the coronavirus pandemic are permanent. Companies of all sizes have had to close some or many of their locations. Whether you’ve had to close [...] The post Business Closures, Dissolutions, and Withdrawals appeared first on CorpNet.
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Maintain Business Compliance to End the Year in Good Standing

As we move into the fall and winter months it's time to begin thinking of year-end compliance responsibilities and business activities. We'd like to help you prepare for the year-end and we want to help you get all your legal ducks in a row. To assist in these efforts, we’ve put together a year-end [...] The post Maintain Business Compliance to End the Year in Good Standing appeared first on CorpNet.
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