how to increase your firm revenue through business … · 2019. 10. 2. · help your clients &...
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How to Increase Your Firm Revenue Through Business Incorporation and Compliance Services
Nellie Akalp, CorpNet CEO
How to Increase Your Firm Revenue Through Business Incorporation and Compliance Services
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Nellie Akalp, CorpNet CEO:
Nellie Akalp is an entrepreneur, business expert, professional speaker, published author, and mother to four amazing kids. Nellie has dedicated her entrepreneurial career to helping other entrepreneurs and business professionals succeed at business ownership.
As CEO and Co-Founder of CorpNet.com, she has helped more than half a million small businesses and licensed professionals get their businesses and clients off the ground. She has developed a strong following within the small business community and has been honored as a Small Business Influencer Champion and was named women entrepreneur of the year by NAWBO.
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Accountants are Critical toSmall Business Success
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Businesses Rely on Accountants
Source: http://www.waspbarcode.com/small-business-report-accounting
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Creating a Win/Win Relationship
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Copyright Corpnet, Incorporated. CorpNet® is a Registered Trademark. All Rights Reserved. CorpNet is NOT A LAWFIRM and cannot provide you with legal advice. Use of our Site and/or our Services subjects you to our Terms of Use.
Help Your Clients & Grow Your FirmAdding business formation and compliance monitoring to
your advisory services will help you be more proactive.
Become a trusted advisor to your clients; you may already be advising on these services, but not utilizing it as a revenue source
Increase and diversify your services
Get engaged earlier in the startup process
Increase revenue and improve your bottom line
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Why Clients Need Your Support Your clients may know they need to protect their assets, but they typically
don’t know which option is best for incorporation
Terminology and business formation options can be very overwhelming to most people
When clients do attempt to incorporate, they don't understand the tax savings for the various entity types
Once their paperwork is filed, they forget about compliance and/or ignore annual reporting requirements
Which means…they fall out of compliance and put themselves and their businesses at risk
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The Win/Win Approach You'll help provide clients with a professional identity.
You'll keep your clients in compliance.
You'll help clients select the best entity type for tax purposes.
You'll help reduce their chance of a tax audit.
You'll give them the right identity for raising future capital.
You are more cost-effective than a lawyer.
You’ll provide true value and increase goodwill by advising them on best choice of entity and jurisdiction for purposes of reducing tax liability.
You will grow your firm by adding additional services.
Business Entity Refresher Course
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Popular Entity Choices
Sole Proprietorship/
Partnership
LLC (Limited Liability
Company)
S Corporation
C Corporation
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Business Formation Options
Sole ProprietorshipA Sole Proprietorship is easy to form, but it offers little liability protection, funding options, and opportunities for future growth.
General PartnershipA General Partnership is the most basic form of partnership. It is comparable to a sole proprietorship, but it must have at least two owners or partners.
Limited PartnershipSimilar to a General Partnership, the Limited Partnership offers its “Limited” partners asset protection and a shielding from personal liability.
C CorporationThe C Corporation is the most common form of corporate entity. The C Corporation is owned by shareholders. The shareholders elect a board of directors to create and direct the high-level policies of the business.
S CorporationA S Corporation is different from a C Corporation in two significant ways: (1) An S Corporation makes an election to be taxed as a “pass-through entity” and(2) An S Corporation has limitations on ownership.
Limited Liability CompanyA Limited Liability Company is a popular business structure because it combines the liability protection offered by incorporation while retaining some of the tax advantages of a Partnership or Sole Proprietorship.
Professional CorporationIndividuals who provide a professional service can also benefit from forming a Professional Corporation. Where a business provides a professional service, most states have special filing requirements when incorporating.
Note: Most accounting firms, in fact, are registered as a Professional Corporation or Professional LLC/LLP (where available).
Sole Proprietorship
General Partnership C Corp S Corp
Professional Corporation LLC
Formation None NoneState Filing Required
State Filing Required
State Filing RequiredState Filing Required
Limited Personal Liability
No No Yes YesYes: Except
for Own MalpracticeYes
Transferability of Interest
No No Yes Generally Limited Generally LimitedYes: Often
Limited
DurationUntil Withdrawal or Owner Death
Unlimited Unlimited Unlimited Unlimited Unlimited
Pass-through Taxation
Yes Yes No Yes NoYes: Upon Election
Ability to Raise Capital
Not as Separate Entity
Yes YesYes: Shareholder
Limits ExistYes Yes
Limitations on Number of Owners
Yes No No YesNo: All Owners Must
be in Same Profession
No
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Avoiding Legal Advice
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You Can Safely Help ClientsYou may give advice about the effects a business structure will have on clients’ tax
obligations. Example questions you can answer:
Will pass-through taxation, S Corporation tax treatment, or taxation as a corporation be most beneficial financially to a client who is forming an LLC?
What options does a general partnership have if its owners want to lower their self-employment tax burden?
Which states offer the most favorable tax rates for a corporation?
Topics to Avoid Giving Legal AdviceYou may not give advice about liability ramifications of the various business entity
types. Example questions you should avoid:
What are the personal liability advantages of changing from a sole proprietor to an LLC?
What should clients include in their operating agreement?
Which state will offer the most favorable legal environment for a corporation?
Services You Can Offer
Copyright Corpnet, Incorporated. CorpNet® is a Registered Trademark. All Rights Reserved. CorpNet is NOT A LAWFIRM and cannot provide you with legal advice. Use of our Site and/or our Services subjects you to our Terms of Use.
Copyright Corpnet, Incorporated. CorpNet® is a Registered Trademark. All Rights Reserved. CorpNet is NOT A LAWFIRM and cannot provide you with legal advice. Use of our Site and/or our Services subjects you to our Terms of Use.
Services You Can Offer
Business incorporation
Name search
Business name reservations
Business name registrations
Licenses and permits
Federal tax IDs
State revenue registration
DBAs
Articles of amendments
Reinstatements
Register Agent services
Forming LLCs
Bylaws
Annual meetings
Annual statements
Trademarks
Certificates of good standing
Mergers
Articles of dissolution
Business closure
Meeting minutes
Adding business formation and compliance monitoring services create both short and long-term services
Sample Filing Requirements by Entity
Initial FilingRequirements
Annual Compliance RequirementsRegistered Agent
Required
Sole Proprietorship None None No
General Partnership None None No
Limited Partnership Initial Filing (Some States)
Annual Reports(Some States)
Yes(Some States)
C CorporationInitial Filing
Initial ReportPublication Fees
Annual ReportsAnnual MeetingsMeeting Minutes
Yes
S CorporationInitial Filing
Initial ReportPublication Fees
Annual ReportsAnnual MeetingsMeeting Minutes
Yes
Limited Liability Company Initial Filing Annual Reports Yes
Professional CorporationInitial Filing
Initial ReportPublication Fees
Annual ReportsAnnual MeetingsMeeting Minutes
Additional Licensing or Board Certification May Be Required
Yes
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Revenue Growth Potential
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Copyright Corpnet, Incorporated. CorpNet® is a Registered Trademark. All Rights Reserved. CorpNet is NOT A LAWFIRM and cannot provide you with legal advice. Use of our Site and/or our Services subjects you to our Terms of Use.
Revenue Example OneProfessional: QuickBooks Pro Advisor
Sample Offering: Complete Business Formation Package
Sales Per Month: 1
Monthly Revenue: $750 + State Fees
CorpNet Cost: $250
Advisor Profit: $500
These numbers increase as clients re-engage advisor for annual compliance filings and services.
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Revenue Example TwoProfessional: Small CPA Office
Sample Offering: Complete Business Formation Package
Sales Per Month: 4
Monthly Revenue: $4,000 + State Fees
CorpNet Cost: $1,000
Advisor Profit: $3,000
These numbers increase as clients re-engage advisor for annual compliance filings and services.
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Revenue Example ThreeProfessional: Large Accounting Firm
Sample Offering: Complete Business Formation Package
Sales Per Month: 20
Monthly Revenue: $20,000 + State Fees
CorpNet Cost: $5,000
Advisor Profit: $15,000
These numbers increase as clients re-engage advisor for annual compliance filings and services.
Streamlining the Process
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CorpNet.com Partner Program
Offer business formation and compliance.
CorpNet is a silent, white labeled partner.
CorpNet never contacts your client.
All documents, alerts, and information are sent directly to you without labels.
You will have a Dedicated Account Manager who knows your specific requirements and is available to you for whatever you need.
Private Label: Resell CorpNet Services
Refer your clients to CorpNet and they will receive white glove treatment.
A dedicated account manager will work with your clients to ensure a personalized experience and a “hand-off” back to you when the process is complete.
Earn commissions up to 25% or pass the savings to your client.
Referral Program: Refer Your Clients
Participating in both our Reseller and Referral partner programs is ok!
CorpNet.com/partners/
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Our Tools Are Your Resources
Questions?
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Copyright Corpnet, Incorporated. CorpNet® is a Registered Trademark. All Rights Reserved. CorpNet is NOT A LAWFIRM and cannot provide you with legal advice. Use of our Site and/or our Services subjects you to our Terms of Use.
Nellie Akalp, Presenter
Founder & CEO, CorpNet.com
(888)449-2638
https://www.corpnet.com/partners/
Nellie Akalp
August 22 - 23, 2018 | Boston, MA
Nellie Akalp, PresenterFounder & CEO, CorpNet.com
[email protected](888)449-2638
https://www.corpnet.com/partners/
Copyright Corpnet, Incorporated. CorpNet® is a Registered Trademark. All Rights Reserved. CorpNet is NOT A LAWFIRM and cannot provide you with legal advice. Use of our Site and/or our Services subjects you to our Terms of Use.