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What Is an Annual Report? What’s Included & When to File
Running a business can sometimes be exhilarating work, but it can also come with its fair share of tedium—thanks to the long list of tasks associated with compliance. Filing an annual report in your state of incorporation—and any additional states where you’re registered to do business—is one of those tasks. And like many business compliance tasks, the specific requirements to file vary from state to state. What is an annual report?
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HR Compliance: Common Issues & Tips for Scaling Businesses
HR compliance has two main parts. First, you need to identify the laws and regulations that apply to your business, and then, you need to comply with them. Both can be tricky. Businesses need to comply with federal, state, and local laws in every jurisdiction where they employ workers. Laws also change all the time, and government agencies won’t notify you of changes—it’s your job to stay up to date.
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What Is Workers Compensation & How Does It Work?
At its most basic level, workers’ compensation is one of the simpler compliance requirements for employers to navigate. You either need to carry it, or you don’t—and because most US states require employers to carry workers’ compensation coverage, if you have employees, you’re likely to need coverage. But here’s where it can get thorny: Workers’ compensation requirements are determined by state law, and authorized providers, required benefits, and exemptions vary by state.
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Exiting a PEO: Reasons, Considerations, and Checklist
If you work with a professional employer organization (PEO), it’s a good idea to regularly reevaluate the relationship. Growing businesses can reach a point where the costs of working with a PEO outweigh the benefits, and some companies expanding into new states may also run into limitations on what PEOs can do there—eliminating the PEO’s original value proposition. If you’re dissatisfied with your PEO or your business circumstances have changed, it may be time to leave.
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What Is Tax Nexus? Nexus Types & Determining Tax Nexus
Conventional wisdom holds that only death and taxes are certain. The tricky part, however, is that sometimes tax obligations aren’t certain. For multi-state business owners, determining what you owe (and where you owe it) can be complicated. Consider the following brain-teaser: A Wisconsin-based DTC pickle company grows cucumbers outside of Milwaukee, pickles them on site, and ships them to individual consumers all over the country. As the business grows, it retains the help of a New Jersey-based marketing professional and a fulfillment consultant in Michigan.
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What Is Foreign Qualification? Considerations & How to Qualify
Let’s say that you own a tomato farm in Iowa. You harvest your own seeds, grow your tomatoes in Iowa soil, harvest your tomatoes with a local workforce, and sell them at a local farmers markets. Congratulations—you own a single-state business, and you don’t need to worry about foreign qualification. But what if you’re a startup founder who is building a platform to connect farmers to restaurants and boutique grocery markets in their region?
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Business Compliance: Guidelines for Entrepreneurs
Some people love to follow the rules–others live to break them. Many founders and business owners fall at least partially into this second category. After all, innovation requires questioning the status quo. But one area where it’s wisest not to break rules is the law. Employment and tax laws apply to even the earliest stage, most disruptive founders, and not complying comes with penalties and fines. That means when it comes to business compliance, you need to become a certified box-checker.
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Hiring Remote Employees: Everything You Need to Know
The decision to hire remote workers can transform your business. You’ll have access to a national (or even global) talent pool, save on overhead costs, and provide a valuable incentive to join your team: According to a 2022 Future Forum study, 80% of knowledge workers desire a flexible work location. Remote work can also increase employee satisfaction and productivity, improve work-life balance, and even support diversity and inclusion—employees who lack transportation, can’t afford to live near the office, or even need to pick up the kids every day at noon won’t necessarily be precluded from full participation.
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Complete Guide to PEOs: What They Can & Can’t Do
Operating a startup is complex. Founders and leadership teams need to juggle competing priorities, from seeking funding to managing the team to attending to an array of human resources, accounting, and administrative tasks. Operating a business that employs workers in multiple states is even more complicated: If your business is incorporated in Delaware and you want to hire remote employees in Maine, Nevada, and Arizona, the HR, accounting, and admin tasks quadruple.
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Certificate of Good Standing: The Business Owner’s Guide to How and Why
Consider the following scenario: You’re the founder of a new startup, which you incorporated in Delaware, but you live in California. You need to register your company as a foreign entity to do business there. But before you can register in California, you’ll need to obtain a Certificate of Good Standing from your incorporated state of Delaware. Essentially, a Certificate of Good Standing validates the legitimacy of your business. Business owners might use a Certificate to register to do business in another state, apply for a business loan or insurance, seek financing from investors, or lease commercial space.