The HBS Blog offers insight on Delaware corporations and LLCs as well as information about entrepreneurship, start-ups and general business topics.
Starting a business can sometimes be an overwhelming process, especially when it comes to your federal tax responsibilities, but this is something you really want to get right from the start. Below are the top tips the IRS wants you to know if you plan on opening a new business this year.
At Harvard Business Services we like to see entrepreneurs helping each other. Scott Gerber at Entrepreneur.com agrees with this notion and is sharing a fantastic list of ten tips he wish he had known before he started his first business. Below is an excerpt:
Delaware's Secretary of State recently put out a report recapping the 2008 year as a whole for the Division of Corporations.
Some of the notable statistics are:
In Autumn 2008 there was one domestic entity per Delawarean
Delaware remained the chosen home of 64% of Fortune 500 companies
67% of the new formations were LLC’s
24% were Corporations
9% were either a LLP/LP or a Trust
121,628 new Delaware entities were created in 2008
40,154 less Delaware entities we’re created in 2008 versus 2007
882,000 active entities are in Delaware
Even with the decrease of over 40,000 entities from one year to another, Delaware Division of Corporations is still a driving force in generating income for the State of Delaware. Roughly 30% of the State of Delaware's income as a whole comes from the Secretary of State Division of Corporations office.
Delaware is not immune to the economic downturn other states of the nation are facing. To combat a huge budget deficit, many of the fees associated with an amendment, renewal, Good Standing Certificate, Certified Copy, Apostille have gone up drastically. The late fee for all Delaware Franchise tax payments has increased from $100 to $200.
One thing that will not change is Delaware’s reputation for having the best corporate law structure in the nation!
To view the entire report click here: http://corp.delaware.gov/2008AR.pdf
The Wall Street Journal ran a great article entitled "Three Best Ways to Create a Brand Name" by Raymond Flandez. For many people, naming their company is a hard task on the path of entrepreneurship, but it is an important step so it's good to spend the time brainstorming in order to get it right the first time. Below is an excerpt from the article:
Three Best Ways to Create a Brand Name
Creating a great brand name is almost half the battle in establishing your company or your product. But getting there involves the kind of creative thinking that might be outside a small-business owner's purview. If you're having trouble, branding experts say the first step is to pinpoint your strengths. Why are you the best? And what do you deliver that's unique? Then, consider the customers whom you're targeting and what they value most, such as social responsibility, authenticity or customization. Then, think about how you can best express these principles effectively through words.
Here are the three best ways to come up with a brand name:
1. Take inspiration from everywhere. Write down the first few ideas that come to mind when you think about your business' service, product and personality; try using symbols, metaphors and word variations, says Michelle Adelson, owner and creative director, of brand agency Copia Creative Inc., of Santa Monica, Calif.
That's what Dan Kim, chief executive of Red Mango Inc., a frozen yogurt franchise in Dallas, did while trying to name the flavors of his frozen yogurt and iced tea drinks. He wanted names that would give customers "an emotional experience" and appeal to their sense of adventure. For a tangerine-and-mango yogurt, he combined the flavors with the word "pandemonium" to create Tangomonium. For iced tea drinks, he wanted customers to hear the "tea" sound when they order, so he named drinks Fanteasia (a wild berry hibiscus tea) and Mysteaque (vanilla black tea with hints of bourbon flavor). "We embrace having fun with the names," Mr. Kim says.
Running a business, large or small, requires keen communication and decision-making skills. Sometimes we know just what to say, how to say it and what to do. In other cases, it is in your best interest to gather information and ideas from others. Below, we suggest our top ten diplomatic phrases to inspire a collaborative conversation. These tips could set you up for success!
I have observed...
When you acknowledge that your observation is a subjective truth, rather than an absolute one, you allow people to share their thoughts without having to overturn your version or perspective.
I have interpreted X to mean…
With this phrase, you send a message that the same information can engender remarkably different interpretations and conclusions.
Would you consider…
When you use the verb "to consider" in earnest, you are speaking diplomatically.
By trading in the ubiquitous "yes, but," you allow an idea to evolve, instead of dissolve, and in doing so, you change the way the team functions.
I have a different perspective…
With this phrase, you fully express your opinion while affirming the premise on which collaboration is based—the necessity of multiple perspectives.
What if we…
The important "if" lowers the stakes of a given solution, thus creating a space for imaginative activity.
I believe it would benefit us to…
This steers the group’s focus toward what can benefit the whole, and away from what is usually more palpable, fear of change.