Archive for the 'Small Biz Management' Category




MyCompanyForms™ – Your Lifetime Business Forms Solution

Tuesday, September 16th, 2014

Why waste time and money when you don’t have to? MyNewCompany.com has created MyCompanyForms™ to provide you with all the important documents that’ll help you run your business for the long-term. For a one-time purchase of just $35, you’ll have lifetime access to more than 200 constantly-updated business forms to assist you with starting, operating and growing your company!

MyCompanyForms™ is perfect for all business owners whether you’re in the startup phase or operational. New entrepreneurs can benefit from our handbooks and checklists to properly set up your company from the get-go. Existing business owners can save money in legal and tax fees with our annual checklists, tax guides and popular business forms. Did you file your LLC formation or incorporation paperwork with your state on your own? No problem! Our company forms can walk you through the important “after-formation” tasks to make sure you don’t miss any crucial steps in organizing your new business.

How does it work? Simply order the forms as a standalone product or when you file an LLC or Corporation with us. Then visit our My Account section for immediate lifetime access to a digital business library including:

  • Startup Checklists for DBA’s, Corporations and LLC’s
  • The New Corporation Handbook, The New LLC Handbook
  • Compliance Guides
  • IRS Tax Guides, Calendars and More
  • Corporation Forms: Bylaws, Minutes and Resolutions
  • LLC Forms: Operating Agreements, Minutes and Resolutions
  • Dozens of Categorized Business Forms

Are you starting a company today? MyCompanyForms™ is included with our Entrepreneur and Complete Incorporation and LLC Formation Packages!

How Long to Keep Business Records

Thursday, August 29th, 2013

Most business owners don’t know how long they should hold on to old records. According to the IRS, here’s how long you should keep those records:

Permanently:

    • general ledgers and journals
    • payroll records, including W-2s, 940s, 941s
    • year-end financial statements
    • tax returns and supporting documents
    • articles of incorporation, bylaws, meeting minutes, etc.
    • retirement plan records
    • mortgages and deeds

10 Years:

  • bank statements and cancelled checks
  • AP & AR documents
  • invoices and billing information (customers and ventors)
  • leases
  • contracts with clients and suppliers

7 years:

  • expense reports
  • employee agreements/contracts/termination records
  • documents related to litigation
  • inventory documentation

3 years:

  • employment applications
  • employee disability and illness benefit records
  • expired insurance policies
  • general correspondence

This information is helpful but our favorite rule of thumb is to “save everything” and keep anything older than a few years in storage. Unless your business deals with mountains of paperwork, that method will be the easiest way to keep it simple and safe.

Action Plan:

  • Organize your documents by the various categories above.
  • Scan copies of the critical documents and place them in a free Dropbox account which will keep your files safe and backed-up “in the cloud” (Free up to 2GB of data)
  • If you are a Corporation or LLC, then also make sure that you are complying with record-keeping, minutes and annual reports. Click here to learn about our ComplianceLock™ service which can automate these tasks.

How to Create a Small Business Intranet

Friday, April 5th, 2013

Lifehacker has a good article on how small businesses and teams need to “stop repeating yourself” and collaborate with a company “wiki” and use it as an intranet. Basically, you want a password protected web page where everyone on your team can view, edit and collaborate on ideas, processes and “how to’s” so a team member does need to keep asking for information or bother anyone on how to do something, what is so and so’s phone number, what is the time-off policy, etc. The basic premise is that if you need to send an email to everyone in the company about something (especially how to do something, a policy change, procedure update, etc.), you can probably post it on your small business intranet where everyone can access it.

If you can centralize your company documents, instructions, contact lists and procedures in one place, and make that information easy to update, then you have a fantastic time-saving resource. Moreover, you have gotten one step closer to automating your business, standardizing your procedures. You’ve also made your company more valuable because a) you can sell it as a “system” and b) you can have your company run by others who know what to do and how to do it.

Lifehacker recommends MediaWiki, the free open-source software that powers WikiPedia, to power your intranet. However, the learning curve is steep, it requires installation on your own web server and is not entirely user-friendly. There are many other professional solutions like HyperOffice and Microsoft Sharepoint but they have their own complexities – usually too many bells and whistles for a small business intranet.

We use and recommend EditMe. EditMe is like a user-friendly, password protected version of WikiPedia. Basically, you setup an account instantly, double click the page you are on and you can edit it in a regular Word-like editor. Same goes with the side menu where you will be adding links to other pages (which you can create in one click). Basically, you create a page, name it, then link to it on your menu – you can even attach files to each page (employee manuals, etc.). You can add users with different permissions (view/edit/delete, etc.) quickly and it sends email notices when pages have been updated. A basic account starts at $19/month (30 day free trial as well) and is easily the best $19 MyNewCompany.com has ever spent. I’ve seen all the intranet solutions and this is by far the easiest for small business.

Small Business Intranet suggestions:

  • Have a “Home” page that everyone must check daily – this is where you post any important notices or updates – prevents endless “memo” type emails. Tip: set company browser home pages to this page.
  • Let anyone make updates but make sure there is an “administrator” who can reverse those updates and “undelete” files and pages. EditMe has this feature.
  • Recommended pages: Contact List, Procedures Manual, “How to” page (change printer ink, setup email account, etc.), Business Ideas, Suggestion Box, Marketing Info, Vendor List, Employee Contact Info, projects, etc.
  • Make sure every employee uses it. EditMe takes 10 minutes to learn so every new and existing employee should get an overview.

Optional:

If you need to collaborate on a higher level, you may want to consider, in addition to a small business intranet, using a simple project manager like BaseCamp. BaseCamp has some additional features that make managing tasks, projects and more extremely simple and they offer a free basic account.

So “stop repeating yourself”, setup your intranet now and focus on your business – you won’t regret it. 🙂

Do Your Last Minute Taxes Online!

Wednesday, April 13th, 2011

Did you know that TurboTax now allows you to not only do your personal tax return, but they also do Single-member LLC’s, Multiple-member LLC’s, S-Corporations and C-Corporations?

Great Small Business Advice from Larry Winget

Thursday, September 9th, 2010

Larry Winget offers great small business and personal development advice in this recent article. He can be a bit “brusk” and in your face. He’s known as the “Pit Bull of Personal Development” so while his advice might not make you feel good, it is effective.

Specifically, his small business “truths” (each is summarized in the article)  include:

  • Apathy is killing business.
  • Attitude doesn’t matter.
  • Who cares if your employees are happy?
  • You don’t have to love your job – but it helps.
  • Not firing people is a cancer on your business.
  • Do the right thing no matter what.

And he summarizes with his “Larry’s all time best advice for business success:”

Do what you said you were going to do, when you said you were going to do it, in exactly the way you said you were going to do it.  You won’t ever get any better business advice than that.

Be there when you said you would be there.  Deliver when you said you would deliver.  Call when you said you would call.  Be a person who can be counted on by keeping his word every time.

While I don’t agree with every one of his “truths”, his summary is the absolute truth – we take it to heart here at MyNewCompany.com and you should consider it as a cornerstone of great customer service for your small business.