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THE BASICS OF A CORPORATE NAME RESERVATION

THE BASICS OF CORPORATE NAME RESERVATIONS

Becoming an entrepreneur is an exciting and momentous time in someone’s career, but producing a name that suits your business can be extremely challenging. After conjuring up a few name ideas and doing a quick search with the Secretary of State for availability, is the race on to get your business formed so nobody else steals the name you worked so hard to decide on? This is where a name reservation comes in. It buys you time to organize your business affairs and branding while saving the business name of your choice! WHAT IS THE DIFFERENCE BETWEEN NAME AVAILABILITY AND NAME RESERVATION?...

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NAVIGATING TEXAS FRANCHISE TAX FILINGS: WHAT YOU NEED TO KNOW FOR 2024

NAVIGATING TEXAS FRANCHISE TAX FILINGS: WHAT YOU NEED TO KNOW FOR 2024

Business owners operating in the Lone Star state, mark your calendars! Texas annual franchise tax filings are due to the Texas Comptroller’s office on or before May 15. Here’s what you need to know. TEXAS FRANCHISE TAX FILING: Deadline Reminder: May 15 The deadline for filing your Texas franchise tax return with the Texas Comptroller's office is Wednesday, May 15, 2024. Missing this deadline can result in late submission penalties and, after time, administrative dissolution or revocation with the Texas Secretary of State, so it is essential to ensure your filings are submitted on time....

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Essential Compliance Tips for Newly Formed Corporations

Essential Compliance Tips for Newly Formed Corporations

Navigating essential compliance can be a daunting task for new business owners. This blog post sheds light on the essential legal obligations required to maintain a corporate entity, touching on everything from state and federal regulations to annual filings, tax responsibilities, and corporate governance practices. While we are not attorneys or accountants, our years of experience equip us with insights that we believe will be invaluable to you. Our goal is to assist in keeping your business not only operational but also in excellent standing. However, it's important to remember that...

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Crossing State Lines: Navigating Foreign Qualifications

Navigating foreign qualifications is crucial for growing your business across state lines.

Navigating foreign qualifications is crucial for growing your business across state lines. This phase can be thrilling, yet without clear guidance, it might also become bewildering and taxing. What strategies should you employ to broaden your business's reach into new regions?  What is a foreign qualification? When starting a business, a domestic entity is created where the owner(s)/member(s) lives, where most of the business is conducted, and where the initial site is physically located. The process is called a foreign qualification when a business expands to another or multiple states....

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Corporate Transparency Act Updates February 2024

Corporate Transparency Act Updates

Beginning January 1, 2024, all new entities (“reporting company”) have been tasked with filing a Beneficial Ownership Information Report (BOIR) with the U.S. Dept. of Treasury, Financial Crimes Enforcement Network (FinCEN). This BOIR identifies the beneficial owners and anyone with “substantial control” of the reporting company. Since then, several updates have taken place, and we're currently revising the CTA information accordingly. Should you have any questions, please contact us, and we are happy to discuss the CTA and simple and easy ways to file your BOIR,  BOIR Filing Q&A The...

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The Importance of Filing Your Delaware Annual Report

Delaware Annual Report

Delaware Annual Reports and Franchise Taxes are due March 1st for all active Domestic Corporations. Failure to file the report and pay the required franchise taxes will result in a penalty of $200.00 plus 1.5% interest per month on tax and penalty. It is imperative that the Annual Report is completed timely. What is a Delaware Annual Report? The Delaware Annual Report for Domestic Corporations is a document containing business information and is filed along with the franchise taxes due each year. The entity does not have to be physically in Delaware or doing business in the state. What...

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Understanding The Wyoming Merger Process

wyoming merger process

When it comes to business expansion and growth through mergers, choosing the right state for filing can be a critical decision. Wyoming, often dubbed the "Delaware of the West" due to its business-friendly environment, is increasingly becoming a preferred destination for companies seeking to navigate the complexities of mergers. To review Wyoming's Corporation Merger Statutes, focus on Section 17-16-1102. When considering filing a Wyoming merger, some questions you may be asking are: Is there a statutory form for mergers in Wyoming? No, Wyoming does not provide a statutory merger form for...

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Navigating Reporting Requirements Under the Corporate Transparency Act

corporate transparency act

The Corporate Transparency Act will go into effect on January 1, 2024. Enacted in 2021, it aims to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. Beginning January 1, 2024, all new entities (“reporting company”) will need to file a Beneficial Ownership Information Report (BOIR) with the U.S. Dept. of Treasury, Financial Crimes Enforcement Network (FinCEN). This BOIR must identify the beneficial owners and anyone with “substantial control” of the reporting company. They also must identify two “company applicants”...

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Secure Business Filing in Colorado: Know How to Protect Your Information

Secure Business Filing prohibits business identity theft and business filings such as dissolution without your permission or knowledge. Colorado’s business entity laws were amended when the measures were enacted in 2022- SB22-034.This action puts restrictions in place so you can control who can submit filings or make changes on your behalf. Establishing and Managing Secure Business Filing Accounts Setting up a secured business filing account with the Colorado Secretary of State when you form your entity is critical to preventing business identity theft. You can still create a Secure...

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Unlocking Efficiency: Why Corporate Service Companies Are a Game Changer

efficiency in business

In the world of corporate governance, time is of the essence. The invaluable expertise and efficiency offered by a corporate service company, like Corp1, can make all the difference. In this blog, we'll explore why you should consider partnering with a service company backed by real-world examples. Here are some ways that corporate service companies like Corp1 can unlock efficiency for your needs: Document Retrieval Speed and Expertise: Corporate service companies excel in obtaining documents swiftly, often faster than clients can directly. They leverage agent access accounts, on-site...

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