Why You Shouldn’t Wait Until the Election to Start or Grow Your Business

October 19th, 2016 by Matt


Something we’ve been hearing over and over recently from clients and potential clients alike goes something like this: “I’m going to wait until the election is over to see if I should start my business” or something similar. Some existing business owners have said similar things in regards to expanding their business, spending money on marketing or capital improvements, etc. Basically, they want to see what the political environment will be like before pulling the trigger on any big decisions.

While that seems like the prudent thing to do, let’s go over the reasons why that might not be the best strategy:

  1. Gridlock will be likely
  2. You’ll lose months of momentum and experimentation
  3. Your best competitors will not have such hesitations

1. Gridlock will be likely:

Hillary Clinton, should she win, will almost certainly be dealing with Republican majority in the House and maybe the Senate. Republicans only need one house to block any meaningful legislation. There’s also a lot of “bad blood” going around this election season so there’s yet another reason why the 2 parties are likely not to agree on much – in this case, gridlock of our government is a “feature, not a bug” so when American’s can’t agree, the government usually can’t either. Also, recent scandals (emails, Benghazi, etc.) may cause both parties to fight from day one.

Donald Trump, should he win, will also be dealing with a hostile congress, even if it is Republican majorities in both houses. He’s made many enemies in his own party, in particular, Paul Ryan who is the Speaker of the House. Trump getting much legislation through in this environment is unlikely. Also, the Democrats will be extremely angry at his tactics to secure the Presidency so they’ll likely be willing to block anything just to spite him.

2. You’ll lose months of momentum and experimentation

In the small business world, speed, momentum and being able to test your product, message, marketing and other things is critical. Speed is one of the main advantages of small business. If you wait around for months to even start a business or spend money on improving your business you’re likely to lose momentum to other competitors. Speaking of…

3. Your best competitors will not have such hesitations

Many have written about the vast fortunes that were created in recessions/depressions and challenging political environments. The lesson is that while their competitors were petrified to move or even downsizing, smart entrepreneurs were taking advantage of tough times to “buy low” (investments, property, etc.), expand their business, simplify and streamline their operations and keep moving forward. Recessions are usually a convenient excuse to not do anything.

Should I worry at all?

Sure, any political or economic environment is unpredictable by nature, but these worries are usually not justified for small businesses or startups. It’s large companies that have the most to lose. Small business is nimble, quick to adjust and ultimately much more suited to survive the worst. Focus on the positive, the opportunities that even bad environments can bring and you’re much more likely to thrive.

The New Mexico LLC – The Most Private Entity in the USA

March 16th, 2016 by Matt

One of our most frequent requests or inquiries is how to be “anonymous” or at least not have your name on public records when forming your company. With modern websites like CorporationWiki and state databases, the names of company owners are not only searchable but openly pushed into search results of search engines like Google.

Despite what you’ve heard from many people who push the use of Nevada or Delaware companies, in most cases the owners, Directors (of a Corporation) or Members (of an LLC) are going to be listed on a public database somewhere. This database is almost always searchable to the general public and if not, then an inquiry directly to the Secretary of State by an attorney or other authority will usually get the data they need.

This is where the New Mexico LLC comes into play. As of the date of this post, New Mexico does not require listing the names of the LLC Members on the Articles of Organization when forming the company. More importantly, New Mexico does not require an Annual Report that lists the name of the members. The Annual Report (which is called different things in different states: “Annual List”, “Statement of Information”, etc.) is basically how each state keeps track of a businesses address and owners. This is the big difference between New Mexico and other states: other states may not list the Members or Directors on the initial filing but almost all of them will require it on the Annual Report. New Mexico never asks for it.

This means that as long as you have filed your LLC in New Mexico then the members (owners) are not going to be searchable and you will effectively be anonymous.

There are a few important things to note about the New Mexico LLC:

  • The Articles of Organization do require that you list the name and address of your Registered Agent. This is why we recommend you use a Professional Registered Agent, even if you form the company yourself. This will be another level of anonymity.
  • When you go to open a company bank account, the bank may have issues with the fact that there are no owners listed on any database. Typically this can be overcome with a copy of the Articles of Organization, a signed Operating Agreement and a banking resolution (we provide all of these to our clients).
  • Things may get more complicated when you go to obtain your Federal Employer Identification Number (FEIN or EIN); the IRS requires you to assign a person who is a member of the company to be the “responsible person”. As far as we know, EINs are generally not searchable by the public but this is where anonymity will begin to get more complicated. Some people use a trusted relative or other person to be this person.

So basically, you can form a New Mexico LLC, make sure to use a 3rd party as your Registered Agent and navigate the pitfalls that may come from opening a business bank account and you’ve achieved a level of privacy that most American’s would envy.


Urgent Alert for Nevada Corporations

June 23rd, 2015 by Matt

Urgent Alert for Clients with Nevada Corporations: Additional State Fees Effective July 1st

Dear Clients,

MyNewCompany.com, Inc. has been notified by the Nevada Secretary of State of two fee increases that were recently jammed through the legislature and signed by our Governor via Senate Bill 483 (we’ve only been notified within the past few weeks and it wasn’t clear until a few days ago when the fees would be effective). Those additional fees have been verified and are as follows:

  • The “State Business License” (which is being renamed to the “State Business Registration”) is being raised from $200/year to $500/year effective July 1st for Nevada Corporation’s only – LLC’s and other entities are not affected and will continue to pay the $200/year fee.
  • The “Annual List” which is due every year at the same time is being raised from $125/year to $150/year.

This means that basically it will now cost $650/year plus any Registered Agent fees (our fees are $99/year and guaranteed not to raise) to maintain your Nevada Corporation. I can assure you we and the Nevada Registered Agents Association are as angry about this as our clients. This is probably going to decimate our Nevada business so we’ve come up with the following options for our clients’ that do not want to pay that fee; please remember that time is of the essence and feel free to email or call us about any of the options mentioned below.

We apologize on behalf of the shortsightedness of our Governor and Legislature and hope one of the following 6 options will be beneficial to your company.

Matt Knee
MyNewCompany.com, Inc.


Option 1: Not using the Company?  File a Dissolution


Option 2: Want to remain a Nevada entity but don’t want to pay that fee? Form a New Nevada LLC while Dissolving your current Nevada Corporation.

Important Details:

  • Both the Articles of Organization for the new LLC and the Articles of Dissolution to close the Nevada Corporation must be submitted together to release the Corporation’s name for use as your new LLC name.  Please place both orders at the same time.
  • The state fees start at $175 and the process takes about 10 – 12 Business Days.  Additional services and options and faster filing can be added when ordering.


  • Easier than filing a Conversion or Domestication (Discussed Below)
  • Yearly State Maintenance Fees are $350 instead of $650 per year.


  • You’ll receive a new State File Date and Effective Date
  • New FEIN (Federal Tax ID) will be required


Option 3: File a New Company in your Home State, then Dissolve your Nevada Corporation.

Important Details:

  • The Nevada State Fee for the Dissolution is $100 and the process takes about 10 – 12 Business Days.  Additional options and faster filing can be added when ordering.
  • The State Fees and turnaround time for the company formation depends on your home state.  Fees, packages and options are available on the Online Price Quote


  • You can act as your own Registered Agent in your Home State
  • You’ll only have to deal with and pay fees to your Home State.


  • You’ll receive a new State File Date and Effective Date
  • You will need a new FEIN (Federal Tax ID)


Option 4: Conversion from a Corporation to an LLC in Nevada (Get a quote here)

Important Details:

  • The state fees start at $425 and the process takes about 10 – 12 Business Days.  Additional options for faster filing will be provided with your quote.


  • Your FEIN (Federal Tax ID) stays the same.
  • Your State File Date and State Filing Number will stay the same.
  • The State Business License yearly due date does not change, you’ll just pay $200 instead of $500
  • No separate Dissolution is required to close the Nevada Corporation


  • A “Plan of Conversion” must be drafted by your attorney and adopted before the Conversion process starts.
  • Your attorney or tax advisor will need to draft a new LLC Operating Agreement to replace your Corporation ByLaws to be adopted when the Conversion has been filed.


Option 5: Domesticate (Move) your Corporation from Nevada to Wyoming (Get a quote here)

Important Details:

  • The state fees start at $432 and the process takes about 8 – 10 Business Days.


  • More affordable than keeping your Nevada Corporation: State yearly fees are $50 instead of  the $650 per year in Nevada.
  • You keep your FEIN, File Date and company history.


  • A “Plan of Domestication” must be drafted by your attorney and adopted before the Domestication process starts.
  • Your attorney or tax advisor will need to draft revisions to your ByLaws to be adopted when the Domestication has been filed.


Option 6: Domesticate (Move) your Corporation to your Home State (Get a quote here)

Important Details:

  • The fees and turnaround time depends on your Home State.
  • A detailed fee breakdown and time estimate will be provided with your Custom Quote


  • Usually more affordable than keeping your Nevada Corporation: Most states’ yearly fees are lower than the $650 required in Nevada.
  • You keep your FEIN, File Date and company history.


  • A “Plan of Domestication” must be drafted by your attorney and adopted before the Domestication process starts.
  • Your attorney or tax advisor will need to draft revisions to your ByLaws to be adopted when the Domestication has been filed.


How to Organize Your Corporation or LLC Minute Book

February 25th, 2015 by Matt

Maintaining corporate or LLC compliance is an essential function that begins with being organized. Ultimately, it’s a job that starts with you, your company’s owner, secretary or shareholders—and it doesn’t have to be difficult or complicated.

One compliance task you can easily manage without having to meet a deadline or pay a fee is getting your company minute book up-to-date. Your company minute book is where you keep all your company’s important paperwork such as your state filing documents and company meeting minutes. As you update certain documents such as stock ledgers (if you own a corporation) or the member ledger for your LLC, you will want to make sure to place the updated copies in your minute book to keep it current. You will also want to keep your minute book handy for inspection at all times (for shareholders, members, investors or even the IRS or state taxation agencies).

If you are organizing a corporation minute book, start out by making sure that you have your original Articles of Incorporation from your state of formation. You will also need the Corporate Bylaws that you adopted during your organizational meeting, and the organizational minutes from that meeting. In addition to your organizational meeting minutes, you will need copies of minutes taken at all meetings including annual meetings and corporate board meetings. For reference to company ownership, your corporation minute book should also contain a stock ledger that shows percentages issued, dates of issue and any transfers of ownership or stock.

An LLC minute book will need to hold the Articles of Organization from your state of formation and the LLC Operating Agreement that was set forth by the LLC members during your organizational meeting. Place both documents in your LLC minute book along with the organizational meeting minutes. You will also need copies of all meeting minutes such as those recorded at annual meetings and any special meetings that were held to discuss company changes. Don’t forget to include a current LLC member ledger that tracks ownership of the company, including the percentage owned by each member.

MyNewCompany.com provides an easy solution to keeping a compliant minute book with a complete corporate kit or LLC kit including a 3-ring binder embossed with the company name, index tabs, sample stock or membership certificates, a corporate or LLC seal with your engraved company name and more. If you are just starting out or have an existing corporation or LLC in need of a perfectly organized minute book, MyNewCompany.com can order a corporate or LLC kit for you today.

Still worried about getting your other compliance tasks done? Consider ComplianceLock™ the peace-of-mind service that 1) sends email and text alerts (SMS) for important compliance due dates, 2) generates meeting minutes/consents with one click 3) monitors the status of your company and 4) securely stores your personal and corporate documents “in the cloud” for safekeeping and instant retrieval when you need them. It’s 4 products in 1 for total entity protection – one full year is easily less than one hour of attorney advice!

How to Evaluate Your Startup Idea (infographic)

January 22nd, 2015 by Matt

Click for enlarged version!