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A Powerful CRM If Your Business Uses Gmail & G-Suites

A Powerful CRM If Your Business Uses Gmail & G-Suites

A CRM (customer relationship manager) is a management tool that enables you to store all of your customer information and sales / project status in one central place. A CRM is essential to maintain organization on revolving leads and current projects. Different CRM's have various features and integration abilities. G suites (from Google) is one of the most popular suites of apps used for business. Gmail, G-sheets, Drive, Docs, Calendar etc. are some of the tools that are included, and used day to day by many businesses that utilize G Suites as their central manager. At Upwird, we set out to find the best tools to integrate with new or existing systems your business may be using. And today we'll discuss the best CRM for businesses that use Gmail and G-Suites. Streak Streak is a CRM that was specifically designed for businesses that use Gmail and Google apps. The Streak system enables Gmail to become a common ground for team members to manage projects with each other, and run a smooth and consistent communication process with leads and customers. Anyone that knows a thing about sales will agree that a lead is one of the most valuable and urgent assets to a business, and a proper follow up strategy is integral to keeping a lead active and ultimately closing a deal. Having an established process in place to handle leads and manage customers saves time, improves organization and produces results! Sharing information on a lead or project between team members is super important too, and Streak makes it possible to share emails, call logs, notes, timelines, tasks and much more between your team. Often, when taking over a lead from another team member, you may not have a feel of the prospects personality, by having access to a few of their previous emails, you can gain a better understanding of how that person reacts to certain prompts or if they would appreciate a witty line... or not. The ability to customize filtered prospect groups is a feature worth mentioning, say you want to send a reminder or maybe limited time offer to leads who haven't responded to any emails in a week, you can locate just these prospects (or filter the list more) and send a targeted promo or follow up to that specific category of prospect. This is a much better way to handle mass follow ups (which save time) but still have a targeted relevance (more effective). Maintaining relationships with existing or past customers takes consistency, it is easy to forget about a past customer, but past customers that feel connected to your business become repeat customers. Having a scheduled, occasional greeting and friendly check-in can be the best way to secure future deals with a past customer. Setting these reminders or automated check-ins are very simple to implement with Streak. In addition to dealing with customers, Streak can also be used to manage other internal operations such as hiring / staffing, managing support tickets, logistics management and more, you can really customize any kind of flow management system. If your business uses G Suite apps, Streak will make everything operate like clockwork, the ease of integration with all of your Google tools is seamless. Tracking / updating projects, communicating, and following up with customers is all centralized, leaving no cracks for valuable leads to fall through. Plans Streak does offer a free version, it will give you access to some features like the basic CRM with limited data entry and limited mass emailing (50 per day) this can work if you are looking for a personal workflow manager, but it is not ideal for a business CRM as you won't be able to share info with co-workers and have limited access to the powerful integration tools. For businesses, we recommend the PRO plan, while there is one plan above this one (the Enterprise plan) the Pro plan is very affordable and really has all the features needed to create a perfect CRM for your team, they do offer a free 14-day trial so you can get a feel for the system and decide if it will work for you. To get started with Streak or to learn more about them, you can visit their site here.

A Free Tool for Small Businesses to Send & Receive Money - Stop Paying Bank Transfer Fees! - Veem

A Free Tool for Small Businesses to Send & Receive Money - Stop Paying Bank Transfer Fees! - Veem

Seeking a solution for your business to pay and get paid? Are your bank wire transfers costing too much? Need money sent and received faster? We got you! After rummaging through many business payment solutions, trying to find the most secure, quickest and affordable one for our company, we found a perfect solution, and we want to share it with you! We introduce you to Veem. What is Veem? Veem is a payment network that enables businesses to send and receive money, similar to a bank transfer, but way faster, way cheaper and more flexible. A payment network enables you to make transactions directly to your network without having to deal with your bank, this speeds up the payment process and cuts costs tremendously. You can look at it like CashApp or Venmo but with features and integrations that make it work with your business Backed by industry leading investors like Google Ventures and Silicon Valley Bank, Veem is guaranteed to be secure and reliable, and their rates speak for themselves. . There is no subscription with Veem, and it costs $0 to get set up. Sending Payments With Veem Paying vendors, manufacturers, suppliers, and contractors is made so easy with Veem. As fast as you can send an email, you can send a payment. Payments can be made domestically or internationally and if your international payment recipient accepts a different currency, Veem can exchange the payment to the required currency (at a much better rate than any traditional bank!) Their fee compared to bank fees are night and day, for example, to send a US domestic payment, their fee is.... $1! In comparison, sending the same payment through a bank transfer would typically cost $20-$40. Receiving Payments With Veem Receiving payments with Veem is seamless, you can send customers / clients invoices directly through Veem and have them pay the Invoice with a click. Accepting domestic payments is absolutely free for the recipient. If you do need to send an international payment where the currency has to be exchanged, there is a $20 fee, banks typically charge $50+ for a payment of like this, plus Veem has fantastic currency exchange rates. Software Integrations Veem can easily be integrated with common accounting softwares such as Quickbooks, Xero and Netsuite and has an API to integrate payments directly into an online marketplace or payroll system. Veem really is a great payment tool to have, it is free to set up and offers such a smooth, professional payment experience, the affordability blows any bank transfer method out of the water and the software integrations make it that much more convenient and action ready! Sign Up For Veem

The Best Accounting Software For Small to Medium Sized Businesses

The Best Accounting Software For Small to Medium Sized Businesses

One of the first things you should take care of when launching or growing your business is setting up an accounting system that works for you. Keeping track of all your expenses, purchase orders, open invoices, taxes, etc. is a lot to manage. Even if your business is straightforward and simple, having an accounting software will at some point, without a doubt save you from major headaches. That being said, you don't want to "over-arm" yourself with a high performance accounting program if you don't need one. After researching and weighing many entry-level accounting tools for small businesses, we found one that that just seemed one big step ahead! Quickbooks Simple Start Quickbooks is a very popular player in the accounting software industry, many small and medium size businesses use Quickbooks products for their ease of use and integration abilities with other software and banking tools. But their Simple Start plan is really all you need to get started. Tracking income and expenses is made very simple by allowing you to connect data automatically from your bank, credit cards, paypal, etc. as well as upload receipts directly into your expense report . They have small features that really help, like a driving mileage tracker, connected to GPS so you can calculate travel expenses. Their tracking systems make tax time much easier and offers quick and easy insights on your business. Customer Estimates and Invoices. The Quickbooks Simple Start plan makes it easy to create, send and manage customer estimates and invoices in a clean and professional manner. Estimates are super easy to create, you can add products to your Quickbooks 'catalog' which enables you to quickly add info like pricing and descriptions to the quotes without having to re-write it every time. Estimates can be sent directly to the customer and approved or revised. Once a estimate is approved you can instantly create an Invoice for it. A fantastic feature with this plan allows you to accept payment directly when you send your customer an Invoice. Meaning, they can pay with a credit card or bank info instantly when they open your Invoice in their email! Taxes. Nobody likes them, but we just gotta do it... With the Simple Start plan, Sales tax is automatically added to your estimates and invoices, you can over-ride this feature for whatever reason. They really put a lot of thought into making tax time easy and tracking tools ready to help you maximize your tax deductions. You can create reports and export information to share with your accountant (if you have one). The Quickbooks Simple Start Plan is ideal if you are a small business selling products or services and need a simple solution to track money in and out, send estimates / invoices and create reports for taxes. Quickbooks offers other plans with additional features that may or may not be useful to your business. You can see their small business plan comparison here. Keep in mind you can always start with a lower plan and upgrade if needed.

About Crowdfunding For Your Business - Rapid Read

About Crowdfunding For Your Business - Rapid Read

Crowdfunding can potentially be an effective way to raise capital and you can often double dip by marketing your business and getting your name out there. There are a few factors to note and hopefully help you decide if crowd funding is a route worth taking and if so which crowdfunding model will work best. We'll discuss three models of crowdfunding in this article. While there are other models, these three will give you a good idea of what to start looking for as a fundraiser. - Debt: Debt crowdfunding (also known as peer to peer lending) raises money from investors with intent to pay them back at a later date with interest. This can be a good strategy to raise funds for an established business's as well as startups. Your business has to be appealing to investors, putting together an attractive investor package that portrays your company's mission and personality will help you onboard investors. Many peer to peer crowdfunding platforms offer investors to start with small investments which is appealing to your potential investors. Maintaining a consistent relationship with your investors can lead to further investments from them. Publicizing a weekly or monthly update on how your business is doing and informing your investors on the goals and milestones you've reached can go a long way and lead to further funding on your campaign. All investors want to know how their investments are doing and that they are in good hands, nobody wants to feel like their money is left in the dark. There are a few online platforms out there to start a campaign, WeFunder for example, is an easy to navigate platform both for the fundraiser and investor. As a fundraiser, you will create a profile, there are a few different structures, a debt fundraiser is an option they support! - Equity: Similar to crowdfunding debt, peer to peer lenders can invest in your business but with an equity model, they will gain a piece of your company. The downsize offering equity, obviously is that you give up a part of your business. However, many investors seek equity investments and this can be more appealing to them. Another potential advantage is that your investors may feel more a part of your company and actually help you promote. You can reach out to your investors and encourage them to help you promote! Make it easy for them, provide them with attractive material to post on their social media and send to their network. Again, they are now apart of your company and want to see it succeed! There are a few online platforms that specialize in equity crowdfunding, again WeFunder is a smooth platform and an equity investment structure is an format they support, you will set a minimum investment, provide compelling material and start promoting it! - Donations: This will typically be a strategy for non-profits or an organization that is backing a social cause, this will not be an proper strategy for raising funds for typical business capital. However, if you want to gain publicity for your business and give back to your community, you can consider starting a program that pledges to use raised funds for assisting a cause. Keep in mind, you must be completely transparent with why you are fundraising and where the money will be going, and make sure that if you are marketing a cause, all the funds go where the donors intended. For example, a client of ours needed a creative way to publicize their construction company to their community, we encouraged them to start a program that offered home repair assistance to victims of a hurricane that hit their town the previous year. They completed a successful fundraiser that enabled them to help dozens of local families and also became a well known contractor in the community as a result. It truly was a win-win. Their intentions were pure and all the money raised went to help families. If this idea is something you would be interested in, you should consult with a CPA on how to handle donations for tax purposes. Bottom line is, while crowd funding can be an effective strategy to raise capital, you must make it appealing to potential investors. This is not a bank loan where your credit score and business history / standing are prime factors. You are proposing your business to individual investors, often people flipping through profiles looking for a business, product or idea that they believe can make them a return. Good luck!

Business Term Loans - Rapid Read

Business Term Loans - Rapid Read

A traditional term loan is a common business funding source. There are many different types of term loans, but what distinguishes them the most is the length of the term. Depending on what you plan on using the loan for, there are three basic categories. Let's briefly summarize the basic terms and when they are typically utilized. Short term loans typically have a repayment timeline of 3-18 months. While interest rates are usually significantly higher with a short-term loan, the approval time can be very quick, and may have less requirements for approval. Short term loans are often utilized for unforeseen business expenses, immediate assistance with cash-flow or for a time sensitive investment opportunity. Always weigh your options, you can call local money lenders near you or search on online platform like Fundera to find the best option. Medium term loans usually have a repayment period of 2-5 years. Typically to be eligible for a medium term loan, your business should be active, producing revenue and have at least average credit. If borrowing through a bank, some sort of collateral may be required. This kind of loan is usually pretty flexible with what it can go towards and small businesses looking to grow often go this route. Banks are often a good place to start but online funding has become more popular recently and rates through online lenders are often similar to bank rates Fundera can help connect you to a great online mid term lender. Long term loans offer potential for the lowest interest rates. A long term loan requires strong qualifications. Business history and credit play a major role in approval and startups will typically not be approved. Long term loans are often used to purchase expensive equipment, machinery, buildings or pay for renovations of buildings or property. While online funding companies can work well for small or medium term loans, long term loans are usually acquired through banks, it is recommended to start looking for a long term loan though your business's main financial institution, and then go from there, shop around and thoroughly weigh your options. Hopefully our rapid read provided some you with some helpful information, to learn more about term loans you can visit Fundera's Term Loan Page.

About Business Lines of Credit - Rapid Read

About Business Lines of Credit - Rapid Read

A line of credit can be an ideal funding source for your businesses. With a line of credit, you only pay interest on the amount you borrow, a major benefit that a conventional term loan doesn't offer. Similar to a credit card, a line of credit has a lot of flexibility with usage but depending on what you are looking to fund, it may have some drawbacks. Why consider a line of credit over a loan? If your business is in need of funding for cash flow purposes a can be very helpful, if you need funding for a specific large purchase, a traditional loan may be a better option as you will have more time to pay it down in smaller increments. A line of credit is revolving, meaning once you pay back what you borrowed, the cash is available again, instantly, no need to re-apply for funding. This can be leveraged for every day business expenses and help with cash flow. Here are two general examples of where a line of credit would come in handy. Scenario 1: You sell a product and a customer places a large order and their terms are Net 30 (payment due 30 days after delivery) you need to pay your vendor / manufacturer up front. If you have a line of credit you can tap into it to fulfill the order without having to apply for any further funding. Scenario 2: It is slow season for your business and you are a few bucks short for payroll, being prepared with a line of credit could help tremendously. These two scenarios are common and while a line of credit may not be a go-to source for keeping a proper cash flow, there are definitely times where they can save your business from paying high-interest on hard money loans when you need cash quickly. Keep in mind that the occasions when a line of credit is needed most can often be a difficult time to get approved for a loan, getting a line of credit preemptively rather than when it's crunch time is a good idea. To sum it up, a line of credit is easy and affordable to set up (assuming your credit is good) and can be an incredibly handy resource for your business to have access to. Finding the right line of credit is made easy by our funding partner Fundera, they can help you find the best Line of Credit for your business quickly, check them out here. Our sponsored partners are trusted and used by Upwird.

About SBA loans. Is it worth looking into? - Rapid Read

About SBA loans. Is it worth looking into? - Rapid Read

How it works The Small Business Administration (SBA) works with partnered lenders to make funding available to small business's who are having trouble receiving financing from typical banks or lenders. The SBA is not lending directly, but is in a sense "co-signing" on the loan from a funding partner, by doing this, they increase your chances of getting funding because they are now partially responsible for debt should the borrower default. What's it for The funding is provided for almost any expense pertaining to the business including real estate, general capital, office equipment, inventory, consolidating debts etc. Requirements and eligibility Note that receiving an SBA loan is not quick and easy, there is a lengthy application and waiting period and no guarantee of approval. In order to be eligible, you must meet the following requirements. - Be a for-profit business - Do business in the U.S - As an owner, have invested your own time and money into the business - Have been unable to receive funds from any other financial lender Typical requirements to qualify - 4+ years in business - $180+ in annual revenue - 680+ credit score Types of SBA loan - SBA7(a) Loan Program is the most common as it is the most flexible in regards to what the capital can be used for. Essentially any business expense can be covered by this loan. - SBA CDC/504 Loan Program is more specific, lending towards fixed assets such as a new building, building improvements, building renovations such as furniture and interior construction, long term machinery etc. - SBA Microlaon Program This loan is typically for small or disadvantaged business's that are loaned through a intermediary non-profit. Pros - SBA backing - low down payment - fair interest rates - provided for wide range of business purposes Cons - typically not available to new or low-credit score business's - long approval times - a lot of paperwork To learn more about Small Business loans or to apply for one, you can visit our funding partner Fundera

Should you form as a S - Corporation?

Should you form as a S - Corporation?

Content provided by BizFilings, a trusted partner of Upwird S Corporations A subchapter S corporation is a standard corporation that has elected a special tax status with the Internal Revenue Service (IRS). S corporations carry the same benefits as C corporations, such protecting the shareholders’ (or owners’) personal assets from the debts and liabilities of the business, unlimited life and tax deductibility of certain business expenses. The primary differences between S corporations and C corporations are the way they are taxed and also the ownership restrictions S corporations face. When deciding which entity structure is most appropriate for their business, small business owners often view the potential double taxation of profits associated with C corporations as the primary disadvantage to forming a standard corporation. With C corporations, the profits are taxed first at the corporate level, and then taxed again at the individual level if they are distributed to shareholders in the form of dividends. Shareholders must report dividends as personal income and pay taxes on that income. Double taxation can be eliminated by completing the S corporation election with the IRS. S corporations are taxed as pass-through taxation entities, similar to general partnerships and most limited liability companies. While the profits of an S corporation are reported at the corporate level, taxes are not paid at the corporate level. Instead, the profits are passed-through to the individual tax returns of the shareholders and are taxed at the individual rate. If the S corporation reports a loss, the amount of the loss is also passed-through and reported on tax returns of the shareholders. Keep in mind, not all C corporations can make the S corporation election with the IRS, as the IRS has placed restrictions on S corporations. Current restrictions include: Shareholders must number fewer than 75, and all shareholders must consent in writing to the S corporation election. Shareholders must be individuals, estates, or certain qualified trusts. Shareholders cannot be non-resident aliens. S corporations can have only one class of stock(disregarding voting rights). To be classified as an S corporation, a corporation must make a timely filing of Form 2553 with the IRS. IRS instructions indicate that the form must be completed and filed: At any time before the 16th day of the 3rd month of the tax year if filed during the tax year the election is to take effect, or At any time during the preceding tax year. An election made no later than 2 months and 15 days after the beginning of a tax year that is less than 2 ½ months long is treated as timely made for that tax year. An election made after the 15th day of the 3rd month but before the end of the tax year is effective for the next year. For example, if a calendar tax year corporation makes the election in April 2005, it is effective for the corporation’s 2005 calendar tax year. For questions on whether the S corporation structure is best for your particular business, it is best to seek the advice of an attorney or accountant. To start filing to become a Corporation, you can visit BizFilings.

Should you form as a C - Corporation?

Should you form as a C - Corporation?

Content provided by BizFilings, a trusted partner of Upwird C Corporations The standard corporation, also called a C corporation, is a very common business structure. Corporations are separate legal entities that are owned by shareholders. Conversely, sole proprietorships and partnerships are not separate legal entities. They are considered to be the same as the owner(s). In order to form a corporation, the appropriate formation documents, usually called the articles of incorporation or a certificate of incorporation, must be filed with the state and the state filing fees be paid. The primary advantage of incorporating a business is the limited liability the corporate entity affords its shareholders. Typically, shareholders are not personally liable for the debts and obligations of the corporation; thus, creditors will not come knocking at the door of a shareholder to pay debts owed by the corporation. In a partnership or sole proprietorship the owner’s personal assets may be used to pay debts of the business. Other advantages of incorporating a business include: Incorporating may establish credibility for a new business with potential customers, employees, vendors, and partners. The ownership of a corporation is easily transferable through the sale of stock. Corporations have unlimited life extending beyond the illness or death of owners. Certain expenses, such as insurance, travel, and qualified retirement plans are typically tax-deductible. Additional capital can be easily raised through the sale of stock (shares) in a corporation. The main disadvantage to forming a C corporation is often considered to be the potential for double taxation. C corporations are considered separately taxable entities by the Internal Revenue Service (IRS), and taxes must be paid on the profits of the corporation. If a corporation then distributes its profits to shareholders in the form of dividends, the dividend income is also taxed as regular income to the shareholders. In this case, the corporation’s profits are taxed twice, first as income to the corporation and second as dividend income to the shareholder, creating the “double-tax.” However, not all income a shareholder receives from a C corporation is subject to the double tax. For example, if the shareholder is also an employee of the corporation, that shareholder will most likely receive a salary payment from the corporation. As long as the salary paid to the shareholder is considered by the IRS to be reasonable (or similar to the market salary rates for that position), it is treated as a business expense and is deductible to the corporation. This helps reduce the amount of taxable income the corporation has. In order to eliminate the possibility of double taxation, C corporations can elect to be taxed as an S corporation with the IRS. With S corporations, the profits and losses of the corporation are reported on the individual tax returns of the shareholders, and any necessary tax is paid at the individual level. This taxation method is called "pass-through" taxation, since the profit or loss of the corporation is passed through to the shareholders. Other aspects of C corporations that can be considered disadvantages include: Corporations are more expensive to form than sole proprietorships and partnerships. There are more corporate formalities, such as annual paperwork, and more state and federal rules and regulations, than with sole proprietorships and general partnerships. When evaluating whether the corporate structure is right for your particular business, it is advisable to first determine the goals of your business, and then to assess the advantages and potential disadvantages of the different business structures in relation to those goals. You may also wish to seek the advice of an attorney or accountant. To start filing to become a Corporation, visit BizFilings.

When to form as a Non-Profit?

When to form as a Non-Profit?

Content provided by BizFilings, a trusted partner of Upwird A nonprofit, or non-profit corporation, is a company or organization formed for purposes other than making a profit. Like standard for-profit corporations, nonprofits provide limited liability protection. The personal assets of directors and officers typically cannot be used to satisfy the debts or liabilities of the nonprofit. To start a non-profit organization, non-profit Articles of Incorporation must be filed with the state and applicable state filing fees paid. 
Advantages of a nonprofit corporation
Nonprofit corporations typically offer certain benefits: Limited liability protection. Directors and officers are typically not personally responsible for the nonprofit’s debts and liabilities. Tax-exempt status. Nonprofits can apply for both federal and state tax-exempt status. Access to grants. Some nonprofits are eligible to receive public and private grants, making it easier to get operating capital. Tax-deductible donations. With 501(c)(3) nonprofits, donations made by individuals to the nonprofit corporation are tax-deductible. Forming a tax-exempt nonprofit corporation?
Tax-exempt non-profits follow state laws that are very different from those of standard corporations — but the business formation process is very similar. In order for your non-profit corporation to become tax-exempt, Form 1023 must be filed with and approved by the IRS. Some states also require a state-level tax-exempt status filing.
Key Benefits
Outside of providing limited liability protection, non-profit incorporation can lend additional credibility to your organization, as others may feel you are “more legitimate” because you have taken the steps to formalize your non-profit with the state. Keep in Mind
Some people think that just by creating a nonprofit corporation, the nonprofit is tax-exempt. That is not the case. Incorporating a nonprofit merely establishes it in the state of formation. To become a tax-exempt nonprofit, you must file for tax-exempt status with the IRS and be approved.

Essential Considerations
Since regulations differ across state and local jurisdictions, the registrations required for your business are unique depending on the location and your business operations. However, payroll tax and sales tax are common registrations for businesses in many state and local jurisdictions. To start filing to become a nonprofit, visit BizFilings.

When should your business be a Sole Proprietorship?

When should your business be a Sole Proprietorship?

Content provided by BizFilings, a trusted partner of Upwird Why choose a sole proprietorship?
Sole proprietorships are often the results of accidental entrepreneurs and new business owners beginning a business without really intending to start a company. As soon as your enterprise has revenue, it’s a business. With a sole proprietorship, there is no state filing to begin the business. On the flip side, there is no separation between the assets of the business and those of the owner. Therefore the sole proprietor‘s personal assets can be used to satisfy business debts and liabilities.
Advantages of sole proprietorships
Typical advantages of a sole proprietorship include: Ease of creation. Owners can establish a sole proprietorship instantly, easily and inexpensively. No state paperwork. There is no state filing required to create a sole proprietorship. No separate tax filing. There is no separate business income tax filing. Business income or loss is reported on the sole proprietor’s personal tax return, and any tax is paid at the individual level. Few ongoing formalities. Sole proprietorships face few, if any, ongoing requirements or formalities, such as state annual report or ownership meeting requirements as with C corporations, S corporations and LLCs. Key Benefits of a Sole Proprietorship
Sole proprietorships do not face the same ongoing formalities and requirements that corporations or LLCs face. There are no annual reports to file with and fees to pay to the state, no required annual meetings, etc. However, depending on the type of business, as a sole proprietor, you will still need business licenses and permits. Sole Proprietorship: Keep in Mind
As a sole proprietor, unless you file a DBA (doing business as) your company name will be your personal name. In order to open a bank account, most banks require sole proprietors to have a DBA name. You may also find that potential customers and vendors feel your business is more legitimate with a DBA name. To file for a DBA or a Business License Report, visit BizFilings.

Why choose a Limited Liability Partnership (LLP) structure for your business?

Why choose a Limited Liability Partnership (LLP) structure for your business?

Content provided by BizFilings, a trusted partner of Upwird Why choose a limited liability partnership (LLP)?
Typically only business owners in professions that require a state license in order to practice, such as accountants, architects, attorneys, chiropractors, doctors, dentists, etc., are allowed to form LLPs. An LLP is similar to an LLC: all partners have limited liability for business debts, but be aware that in many states the protection of limited liability partnerships are less than what LLCs or corporations receive.
Advantages of limited liability partnerships
With LLP formation, typical advantages include: Limited liability protection. Partners are not held personally responsible for business debts and liabilities (the limited liability partnership does not protect against liability for partners’ actions, however). Pass-through taxation. No tax is paid at the business level. Profits or loss are reported on the partners’ tax returns, and any tax due on business income is paid at the individual level. Conversion from general partnership. LLPs typically offer easier conversion from a general partnership to an LLP than to a LLC or corporation. Flexible management. Partners have more flexibility in management structure and can determine which partners are responsible for the day-to-day operations. Few formal requirements. A limited liability partnership has fewer formal requirements and annual paperwork than corporations. How is an LLP formed?
In order to register a business as an LLP, formation documents must be filed with the appropriate state agency, and necessary filing fees paid. LLP Key Benefits
Unlike the limited partnership (LP) all partners in a limited liability partnership are typically not personally responsible for the debts and liabilities of the business or practice. LLPs more closely resemble LLCs in that regard; however, LLPs are often required to have insurance policies to cover personal liability.

Essential Considerations
Since regulations differ across state and local jurisdictions, the registrations required for your business are unique depending on the location and your business operations. However, payroll tax and sales tax are common registrations for businesses in many state and local jurisdictions. To form a Limited Liability Partnership and get free 6 months of registered agent service visit BizFilings.