Get answers to all questions you have and boost your knowledge so you can bank, incorporate and trade smarter.
The main reason to incorporate or form an LLC is to minimize your personal liability. Once your business is incorporated (either by forming an LLC or Corporation),
it exists as a separate business entity. Essentially, you put a wall separating your personal assets from anything in the business.
Yes you can help reserve your business name if you’d like. A business name reservation consists of a filing with the Secretary of State’s office to reserve a
business name until you are ready to incorporate your business or form a Limited Liability Company. Generally, a name reservation will be effective and the name that
you place on reserve will be on hold for 30-90 days. Once the name reservation expires, that name becomes available for use to the general public for anyone who wants to use it.
An LLC (Limited Liability Company) is a hybrid of a sole proprietorship/partnership and corporation. This structure is very popular among small businesses, and for good reason.
The LLC limits the personal liability of the owners, but doesn’t require much of the heavy formality and paperwork of the corporation. This makes it a great choice for business
owners that want liability protection but don’t want to deal with exhaustive meeting minutes, addendum filings or other paperwork you’d need to file as a corporation.
A C Corporation is a standard corporation. It is considered a separate entity from its owners. This means that the corporation is responsible for any of its debts and liabilities.
This is often called the “corporate shield” as it protects the owner’s personal assets from debts and liabilities of the business.
An S Corporation begins its corporate existence similar to a C Corporation: Articles of Incorporation must be prepared and filed with the state office.
Once filed, a “general for profit” corporation has been formed.
You often hear of companies incorporating in Delaware, Wyoming, or Nevada. That’s because Delaware offers flexible, pro-business statutes, while Wyoming and Nevada
feature low filing fees as well as no state corporate income, franchise, or personal income taxes.
All LLCs, S-Corporations, and C-Corporations must appoint a Registered Agent, also known as a Resident Agent or Statutory Agent.
Because a Registered Agent is required by law, failing to have one can cost your company its good standing in that state. This means you could lose the ability to
secure loans and initiate lawsuits in your state of business. It might even endanger your limited liability protection.
Your Registered Agent receives essential state mailings (annual reports, tax forms, etc.) and legal mandates (like lawsuits), promptly relaying them to
the correct individuals within your business. Beyond alerting you to deadlines and court proceedings, our Registered Agents can also manage other documents for you at an incremental cost.
Not having a registered agent to accept service of process does not mean that the business cannot be sued. What it does mean is that the court can obtain jurisdiction in another manner,
but the business may not have timely notice of the lawsuit and will not be able to mount a defense.
Although individuals can serve as a registered agent in some states, there are significant responsibilities. Failure to perform the duties of a Registered Agent successfully
can have serious adverse consequences for the business. For example, the improper handling of a service of process may eventually result in a default judgment.
A business mailing address is the one you use for official business correspondence. The address could be a physical street address or a PO box address. Entrepreneurs with home-based businesses can use their home address for business.
A PO Box is a good option for many small business owners who don't want to use their home address as their business address.
You can file form SS-4800 to change the mailing address by mail or in person. A change in Registered Agent or principal address requires filing Articles of Amendment and paying the statutory $20 filing fee.
If you are legitimately operating multiple, legally distinct businesses, you can typically create a Google My Business listing for each of them.
Head down to your local post office and rent a post office box. This will give you an address where you can receive mail, without having to use your home address.
The Data Universal Numbering System (DUNS) number is a unique nine-digit identification number provided by Dun & Bradstreet (D&B). The DUNS Number is site-specific.
Therefore, each distinct physical location of an entity (such as branches, divisions, and headquarters) may be assigned a DUNS number.
Businesses that contract with government agencies are required to have a DUNS number. What are the limitations? Once a DUNS number is established and basic business data
is provided, information including public findings, judgments and bankruptcies will automatically be added to the business' credit history.
7 Things You Can Do With a DUNS Number
A DUNS number is not a replacement for an EIN or Social Security number (SSN) for lending and application purposes.
To get a business credit score from Dun & Bradstreet, one of the three major business credit bureaus, you first need a DUNS number.
Your DUNS number is basically a unique identifier for a physical location of your business. That being said, the answer is no.
Your Dun and Bradstreet number does not expire and it does not need to be renewed.
The most important determinants identified are: economic factors as the level of income, audit probabilities, tax audit, tax rate, tax benefits, penalties, fines
and other non-economic factors as attitudes toward taxes, personal, social and national norms, perceived fairness etc.
A compliance check is a review of information forms that the IRS requires taxpayer to file or maintain; for example, 940s, 941s, W-2s, 1099s, or W-4s. During a compliance check,
the IRS may ask taxpayers whether they understand or have questions about the filing requirements for these forms
Tax compliance is defined as the ability and willingness of taxpayers to comply with the tax laws, declare the correct income for each year and pay the right amount of taxes on time.
Certain information will be requested and this could be one of the following: accounts and calculations, company tax return and/or PAYE records and returns.
The timescale is typically 40 days from the date of issue of the information notice.
It includes concealing or fabricating income, falsifying deductions without proof. Another tax evasion example is failing to declare cash transactions, etc. People utilize
various methods to avoid paying taxes, including filing fraudulent tax returns, smuggling, falsifying documents, and bribery.
Yes, to use VoIP you need an internet connection.
VoIP is usually 40-80% less expensive than traditional landline phone service.
VoIP texting uses a virtual number to send and receive text messages.
You can port phone numbers from your cell phone, Google Voice, cable/telephone company, and even a competitive VoIP service provider. You can select new numbers or use your existing ones. It's up to you
Many businesses use VoIP to communicate with employees and customers. As it has grown considerably in quality over the years. In most instances, it no longer matters if the person you are calling is a VoIP user.
We determine eligibility using a combination of factors, including overall processing volume and history.
Eligible US businesses with at least 6 months of processing history receive an email and Dashboard notification if they have an offer available.
Applying for a loan doesn’t require a personal credit check and won’t affect your personal credit score.
You can choose a custom amount. The loan fee and repayment rate adjust based on the amount you choose.
After you accept an offer, we’ll review your application. If you’re approved, you’ll see the funds in your Stripe account, typically within 1–2 business days.
Your account is evaluated for additional funds when you’ve repaid at least 75% of your loan.
Be aware that making a manual payment to repay 75% of your loan doesn’t automatically qualify you for a new offer.
After you pay down your loan, you’ll automatically be evaluated for a new offer. Paying down your loan early doesn’t automatically qualify you for a new offer.
The IRS cannot cancel your EIN. Once an EIN has been assigned to a business entity, it becomes the permanent Federal taxpayer identification number for that entity.
EIN is a tax identification number for Employers. For ITIN, it is an individual tax identification number for people
who have business activities in the US but are not US citizens and therefore do not have an SSN.
Yes, to get an ITIN, you must have an EIN.
Each one will require a separate, unique EIN. You cannot use the same EIN for multiple businesses, even if they are owned by the same person.
Business taxes are, of course, a reason to have an EIN. The ID number makes it easier to file federal and state taxes, quarterly or annually.
Yes, If you are running a business activity and therefore need an ITIN, you must have a company in the USA.
No, technically, it can be said that "ITIN will replace SSN for you".
Yes, you can have an ITIN even if you are not a US citizen.
Yes, you can operate a sole proprietorship or an LLC using your personal bank account, but it isn't advisable.
What is Personal Banking? Personal banking refers to all the services banks design and offer to individual consumers rather than businesses.
You can have as many bank accounts as you like, from banks that are willing to let you open one.
Yes. Mulcon follows the most strict requirements for security in the industry.
To open a business bank account, you will need your articles of incorporation, employer identification number and personal identification documents.
You can set up a business checking and savings account. A business bank account is necessary to keep your business and personal finances separate.
You can put cash into someone else's account by giving the teller the person's name and account number
Business bank accounts work just like personal checking and savings accounts, but they are specifically designed for you to use for business transactions.
While there's no question that a tax ID number is important for any type of business, you generally can't open a business bank account with only an EIN.
A DBA gives you the option to create a business account separate from your personal account. This will serve as a safety net for your personal finances.
There are two main ways to pay yourself as a business owner:
It only takes a few minutes to register your FREE Mulcon account.
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