The HBS Blog offers insight on Delaware corporations and LLCs as well as information about entrepreneurship, start-ups and general business topics.
The deadline for the FBAR filing is rapidly approaching! We can assist with the filing of the FBAR report. If you would like our assistance in properly completing and filing these documents, you must get started right away since a great deal of information and original signatures must be obtained for both the SS-4 and the TD F 90-22. In order to file the reports in a timely manner, we must receive all the necessary information and payment for each company from you by June 14th.
Who Must File an FBAR
United States persons are required to file an FBAR if:
- The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
- The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
United States person means United States citizens; United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
All foreign financial accounts with a balance of $10,000 or more at any time during the calendar year must be reported. A financial account includes, but is not limited to, a securities, brokerage, savings, demand, checking, deposit, time deposit, or other account maintained with a financial institution (or other person performing the services of a financial institution). A financial account also includes a commodity futures or options account, an insurance policy with a cash value (such as a whole life insurance policy), an annuity policy with a cash value, and shares in a mutual fund or similar pooled fund (i.e., a fund that is available to the general public with a regular net asset value determination and regular redemptions)”.
You are exempt from filing the FBAR if your financial account had a balance throughout the year (2012) of less than $10,000 USD, and the amount in the account never exceeded $9,999 USD.
In order to file the reports in a timely manner, we must receive all the necessary information and payment from you for each company by June 14th. The cost for this service between now and June 14th will be $230 per company per tax year. We will email the form to you for completion. You may then email the form back to us for a review by a filing specialist. We will then confirm if the form is fully completed by email and ask you to courier or mail the original form to us for filing. An original must be sent. Once received, we will UPS the documents to the IRS for filing.
A US tax id number (EIN) is required for this filing. If a number has not yet been obtained for your company, for just $325 we can obtain your tax id number and submit the FBAR filing to the IRS.
If you would like us to assist with the FBAR and/or EIN filing, please contact us at firstname.lastname@example.org. Or you may call our IRS specialist Nadine Jordan at 302-645-7400, Ext 6129.
Have you recently filed your Delaware LLC through Harvard Business Services, Inc. and are now looking to get your company off the ground by raising capital? In this article I am going to provide you some helpful tips on how to get started; being an entrepreneur has ups and downs and when starting a business, the funds are not always going to be available. If you’re like most business start-ups, you may need to start reaching out to investors to help raise capital.
According to www.go4funding.com; “Before a new business owner can raise capital for their start-up, they must first identify the different sources of funding, find one that is most compatible with their needs, and then meet the given criteria of the investor or bank. These crucial steps can mean the difference between successfully raising capital and leaving their new business ideas behind.”
Here are some basic guidelines:
These are all great tips but before you seek out investors you are going to want to have your company formed and your operating agreement in place. It is generally a good idea to have The LLC Agreement, whether you are a Single Member LLC or a Multi-Member LLC, on file. The Operating Agreement is the legal binding agreement that helps to show the Ownership, Operations and Management of the LLC. The advantage to having your company filed here in Delaware is you do not have to provide the LLC Members' (Owners') information, nor the Operating Agreement to Harvard Business Services, Inc. or the State of Delaware. Our blog post LLC Operating Agreement 101 can teach you even more about LLCs and Operating Agreements.
You should also protect your intellectual property with a patent, trademark, or copyright before calling on investors. There are many tips and tricks on how to raise capital, but in the end it’s about having all your ducks in a row to prove to investors you are a smart entrepreneur and worth their investment.
These days, many workplaces allow some amount of telecommuting: A 2012 survey from Reuters found that one in five workers telecommute frequently, communicating primarily through online software, email, and phone.
As an employer, providing the chance to work from home can help you when it comes to snow storms, school closings and even in recruiting great candidates. But if your company deals with secure data, how can you ensure that your out-of-sight employees won’t jeopardize your business’ security? Here are a few strategies to keep in mind.
Use a VPN. A virtual private network, or VPN, allows you to authenticate any user that accesses secure data from a remote location. The VPN uses software installed on the user’s computer to connect to the central database, and relies on a PIN number to ensure that unknown individuals don’t access the remote server without permission.
Protect your employees’ devices. On their own, employees may not make the effort to install security software and upgrading their software versions on a regular basis. If they plan to telecommute, ask them to bring in their devices for inspection, so that you or your IT staff can install anti-malware software, check password strength, and take any other measures necessary to prevent hackers from gaining access to the device.
Create a secure BYOD policy. Many of your employees are likely to have their own smartphones, tablets, and laptop computers—and, as a result, they’re likely to do at least some of their work on their own devices instead of on your company’s equipment, so it’s essential to make sure that they understand what they can and can’t do with company data. Review your existing security policies, and add any measures that might apply to mobile devices and other devices employees commonly use. If certain types of devices cannot be made secure, ban their use for work-related purposes.
Use cloud-based apps when possible. If you’re not fully confident in your own ability to protect data, it can be helpful to pass that responsibility on to cloud-based data storage solutions that are known for excellent security protocols. In this case, it’s even more essential that your employees are using strong passwords; if the app offers two-step authentication it will help make the log-in process even more secure.
Train employees on how to securely use their devices. Your employees may not be aware of the security risks that their online behaviors can pose, whether they’re using their own devices or a work device in an unsecured environment. Create a comprehensive policy that trains them on how to avoid security nightmares by downloading only approved file types; using secure wireless connections; and encrypting data before sending it. It’s important to ensure that employees’ friends and family members never have access to work equipment. Create a set of penalties based on the type of violation, and discuss your policies with employees in a training session.
If necessary, bring in a consultant for help securing your network. If no one on your team has a solid understanding of how network security works and what must be done to protect it, it’s important to seek advice from someone who does. Invest in a consulting session with an IT security consultant. The session may be expensive, but it’s likely to be much cheaper than the cost to your business of a damaging security breach.
Reading Profiles in Leadership by Emilio Iodice reminded me that entrepreneurship is all about leadership. Successful entrepreneurs come to know that and take the honing of their leadership skills seriously.
Consider this: almost every successful entrepreneur I’ve encountered admits they don’t fully understand some major areas of their business, but they have become successful in spite of that because they have successfully inspired others to handle those essential responsibilities and duties with dedication.
Likewise, former entrepreneurs who have been unsuccessful in business will usually tell you that they failed because they didn’t understand some major area about their business. In fact, what they usually don’t realize is that they didn’t fail at business; so much as they failed at leadership.
This book is an exciting read, from cover to cover, and should not be overlooked by anyone who is or wants to be a successful entrepreneur. It is an enabling textbook that will produce incalculable self-improvement results for those that desire sustainable business success.
Emilio Iodice’s premise - that leadership skills are learned, compels us to conclude that entrepreneurial success is possible for everyone who understands and effectively dedicates themselves to leadership education.
This is a revolutionary concept when looked at from the conventional standpoint of entrepreneurial success, and I believe he’s right.
The current myth is that success is the result of someone coming up with a “great idea” or doing something “at the exact right time”, or doing something “extremely well”. The press is full of articles swooning over someone who has “achieved” accidental success.
These myths are accepted, even by entrepreneurs who will tell you that there is no real school that can guarantee success as an entrepreneur. They will tell you that they learned everything they know from encountering challenges on the job and listening to someone’s smart advice. Succeeding in a fiercely competitively environment, they contend, is not a profession that can be taught and learned, it is a calling.
They will point out that some of the world’s most successful entrepreneurs are drop-outs from college or high school. Some never even went to school. Education, they assert, is not a factor.
Yet, along comes this carefully researched and meticulously documented folio of 500 pages written by a recognized leader in several fields over a long career, which points out that leadership education is not simply relevant to, but it IS the stuff that makes successful leaders successful.
We are all leaders in one context or another. Now we must admit that our relative success is largely determined by how well we lead, and how well we lead is a matter that can be learned. This book will make you much more aware of your skill level, and will help you become great – if that is your calling.
Profiles in Leadership – from Caesar to Modern Times By: Emilio Iodice, Vice President of Loyola University of Chicago and Director of Loyola’s John Felice Rome Center is available from Amazon.com.
Are you looking for new employees in skilled fields? Despite a high unemployment rate, it can often be difficult to recruit the right candidates for positions that require certain types of skills or backgrounds. Fortunately, LinkedIn—the business-focused social network with more than 175 million members—is an ideal place to scout for talent. Here are a few tips on using it properly to recruit employees.
Search your friends’ connections. LinkedIn allows you to run searches according to a variety of functions, including industry, specific skills, and companies worked for. For instance, if you’re curious whether you might be able to find an employee who worked for a competing business, search for the business’ name and see who pops up. If any of your immediate connections are connected to that individual, you can request an introduction to your potential recruit.
Share your job posting on your status line. You can broadcast a message to all of your 1st degree connections at any time, so use your status updates to share links to job openings and encourage your contacts to share the message on their own profiles.
Post the job listing on relevant LinkedIn groups. Search for discussion groups that are relevant to your industry or your location, and become a member. You’ll be able to share your job listing there for free, and you can also read the discussions and browse member profiles to see if anyone who’s written on the forum has the skills you’re seeking.
Use LinkedIn’s paid recruiting options. Often, you can find good candidates simply by using the free recruiting methods listed above, but if you’re not getting the right results, try the premium version. By upgrading to a LinkedIn Premium account, you can use “inMail” to contact any user, even without an introduction from a contact. Alternatively, you can pay for a 30-day single job listing or a multi-job pack, and see who finds you. Check out the site’s recruiting options on this page.
Vet candidates by browsing their profiles. Once you’ve narrowed down a list of candidates, whether you found them through LinkedIn or another source, search for their LinkedIn profiles and compare them to the resumés they sent over. Do certain facts not add up properly? Is there a candidate without any recommendations, even though he’s worked for three employers? Candidates can customize their own profiles on LinkedIn, so you’re not likely to find anything overwhelmingly negative—however, if there is a red flag, you may spot it here. On the flip side, stellar testimonials from previous employers can take away the need to solicit references, so you may be able to recognize star candidates right away. You’ll also be able to see who you know in common, so that you can solicit honest opinions from your own connections.
Build up your company’s profile. LinkedIn provides the opportunity to create a page for your own business, where you can share your philosophy, spotlight projects you’ve worked on, and include listings for open jobs. Make sure to fill this page out in as much detail as possible, and keep an eye on who starts “following” the business page. If they seem like high-quality candidates, they may be interested in working for you.
What other successful strategies have you found for recruiting candidates through LinkedIn? Share your thoughts in the comments.