Tuesday, March 30, 2010
A service mark is used in connection with services, while a trademark is used in connection with tangible goods. The general terms "mark" or "trademark" may be used to describe both trademarks and service marks.
Do I need to register my trademark?
No. It is not required that you register your trademark or service mark in order to establish ownership rights. Registration of the trademark creates a legal presumption of the registrant's ownership of the mark and the registrant's exclusive right to use the mark in the state commerce in connection with the goods or services described in the application.
Monday, March 29, 2010
Information from the annual report is public and forms the core of the State's corporate/ business status reporting system. This information is relied on heavily by the commercial, financial and legal sectors.
Who is the Signing Authority?
Individuals who may sign the annual report are specifically designated. For corporations / LLCs, either the registered agent or a corporate officer may sign. Annual reports for other business types may be signed by any authorized representative.
All corporations and LLCs are required to file annual reports, statement of information or biennial reports, even if no business is being transacted.
How much does it cost?
Registered Agent fees are $159 per year payable in advance. You may cancel registered agent services at anytime as long as you provide proof that another agent has been named in the state of incorporation or that the business is no longer active. Remember, in order for your business to maintain good standing status it must also maintain a Registered Agent.
• Registering a trademark provides greater Protection.
• Registering a trademark deters others from using your trademark.
• Registering a trademark provides the trademark owner with greater remedies.
Friday, March 26, 2010
Sales tax is imposed on all retail sales, leases and rentals of most goods, as well as taxable services. In other words a sales tax is a tax on the end-purchase of a good, so it normally does not apply if a sale is for re-sale or for subsequent processing. Sales tax normally a certain percentage that is added onto the price of a good or service that is purchased.
Your sales tax responsibilities as a new business owner, whether you start a business or buy an existing business, will vary depending on the type of organization or entity you operate. Besides state level, estimation of sales tax is also done on municipal or county levels. Payment of state sales tax depends on your sales and your state's regulations.
Normally it is the consumers who are burdened with sales tax. The re-sellers on the other hand, are exempted from sales tax, provided they do not use the goods on which sales tax is levied.
Shareholders are protected from the corporation's liabilities."Double taxation" frequently occurs, because the corporation is taxed on its profits, and shareholders are also taxed on the distributions they receive, such as profit sharing payments or dividends.
To Read More : What is a Corporation?
Name Amendment reflects changes to the legal name of a corporation, LLC or any other legal entity. Companies are authorized and bound to do business using their legal names filed with the registering State. If a legal entity will be changing its name, for that change approval must be taken from the state before applying that change into the business.
A Corporation Certificate of Good Standing / LLC Certificate of Good standing is a certificate issued by the Secretary of State’s Office evidencing that a business either corporation, LLC or partnership has complied with the applicable provisions of the laws of the state, is in good standing, and authorized to transact business or to conduct affairs within the state.
Tuesday, March 23, 2010
Monday, March 22, 2010
The corporation must notify each director or shareholders, whether or not entitled to vote, of the proposed members' meeting. The notice must state that the purpose of the meeting is to consider dissolving the corporation.
When Will the Corporation be withdrawn?
The corporation will be withdrawn and its existence ended on the date the Certificate of Dissolution is filed and approved by the State. The Business Corporation Law does not permit the effective date of dissolution to be other than the date of filing of the Certificate of Dissolution by the State.
Who can Sign the Certificate of Dissolution?
The Certificate of Dissolution must be signed by an officer, director, attorney-in-fact or a duly authorized person. The name and title of the signer must be typed or printed opposite the signature.
Tuesday, March 16, 2010
There are some agencies helping promote the development of business enterprises and non-profit organizations owned and operated by minorities or women.
You can contact the following organizations for any assistance regarding women-owned business schemes and if any help or grant available.
To Read More : What is Women-Owned business?
Monday, March 15, 2010
Friday, March 12, 2010
Thursday, March 11, 2010
In a C-Corporation, the corporation pays income tax on profits of the corporation. If the corporation pays a dividend to the shareholders, this money is taxed again as income to the shareholders. It may not be as bad as it sounds, though. If you are working for your corporation you should be paid a salary. This salary is deducted from the income of the corporation before taxes, so it will only be taxed once. Depending on the business, salaries may use up most or all of the profit. As long as the salary is not unreasonably high, the IRS should not challenge it. Fringe benefits for employees such as health insurance may also be deducted by a C-Corporation, but not by an S-Corporation. For a profitable and growing company it may be better to be a C-Corporation. In a C-Corporation profits beyond salaries and other deductible expenses can be used by the company for growth rather than being distributed to the shareholders and creating taxable income for them.
An S-Corporation does not have the double level of taxation, corporate and individual, that a C-Corporation has. Instead, profits and losses are distributed among shareholders who report that income or loss on their own federal income taxes. This is the main advantage to electing S-Corporation status.
Wednesday, March 10, 2010
Friday, March 5, 2010
Establishing a sole proprietorship is cheap and relatively uncomplicated. You don't have to file any papers to set it up -- you create a sole proprietorship just by going into business. In other words, if you'll be the only owner of the business you're starting; your business will automatically be a sole proprietorship, unless you incorporate it or organize it as an LLC. Of course, you do have to get the same business licenses and permits as any other company that goes into the same business
Unlike a corporation, a sole proprietorship is not considered separate from its owner for tax purposes. This means the sole proprietorship itself does not pay income tax; instead, the owner reports business income or losses on his or her individual income tax return. Note that all business income is taxed to the owner in the year the business receives it, whether or not the owner removes the money from the business
Legally, a sole proprietorship is inseparable from its owner -- the business and the owner are one and the same. As a result, the owner of a sole proprietorship is personally liable for the entire amount of any business-related obligations, such as debts or court judgments. This means that if you form a sole proprietorship, creditors of the business can come after your personal assets -- your house or your car, for example -- to collect what the business owes them.
A sole proprietor can be held personally liable for any business-related obligation. This means that if your business doesn't pay a supplier, defaults on a debt, or loses a lawsuit, the creditor can legally come after your house or other possessions.
Soruce : http://www.infotaxsquare.com
Wednesday, March 3, 2010
• It allows you as a sole proprietor to use a business name rather than your personal name.
• It allows a single legal entity (corporation, LLC, etc.) to operate multiple businesses without creating a new legal entity for each business.
• Having an Assumed Name gives the business owner some creditability.
Monday, March 1, 2010
For example, if an LLC named Flower LLC exists in your state, you probably would not be allowed to name your business Flour Limited Liability Company. It is possible that the name you select will not be available; therefore, we ask for a second choice on the Entity order form. Additionally, most states require that the name you select show your business is a limited liability company, by including the words "Limited Liability Company," or the abbreviation LLC. If Corporation include the word "Inc”,” Corp" or "Incorporate" , "Corporate".